CALGARY - A key indicator of future oil and gas drilling activity in Western Canada is sliding lower as the industry deals with a lack of pipeline capacity, Alberta oil production curtailments and difficulty accessing capital markets. Sales of Crown drilling rights — needed to allow energy exploration on land where mineral rights are held by the province — have fallen off dramatically in B.C., Alberta and Saskatchewan this year. "When drilling rights are going well, it tends to mean [Read more]
Headlines
Oil holds above $57 on U.S.-China trade talks optimism
Oil prices held above $63 per barrel on Monday as positive comments from the United States and China rekindled hopes in global markets that the world’s two largest economies could soon sign an interim deal to end their trade war. West Texas Intermediate (WTI) crude was flat at $57.70. Brent crude futures were up 12 cents at $63.51 a barrel. “It is still all about trade talks,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It seems to be dominating markets [Read more]
Energy Auctions Expanded Services
Energy Auctions Inc is pleased to announce their expansion of services to include ‘Business Brokerage Services’. If you have an Oil & Gas Service Company and you are interested in divesting, please call us. We will come in and give you a free consultation of the process we use to help you and your exit. Below are our current listings, any questions on the particulars for these please call us. Facility & Pipeline Construction Company – Alberta Hydrovac Services Company 65% Civil [Read more]
U.S. natgas futures fall over 5% on forecasts for less cold weather in mid December
U.S. natural gas futures fell over 5% on Monday on forecasts for the weather to moderate during the second week of December even though temperatures were expected to be a little colder than previously expected during the next two weeks. Meteorologists currently forecast the weather over much of the U.S. Lower 48 states will remain near normal through Nov. 30 before turning colder than usual from Dec. 1-6 and then moderate again starting Dec. 7. On its second to last day as the front-month, [Read more]
Pembina Pipeline Corporation is Shipping Propane to Ease Quebec’s Fuel Shortage
CALGARY - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is driven by doing what is right for the country and fellow Canadians. While being understanding of the circumstances of the ongoing rail strike, the Company took swift action to help avert the potential hardships of a propane shortage by working together with our customers to prepare shipments of propane for parts of Canada, including to the people, farms and organizations in Quebec, where supply is [Read more]
Canada weekly rig count up 3 to 137
Canada’s fleet of active drilling rigs grew from 134 to 137 since last week according to data from Baker Hughes. Total drilling count was 137 at November 22. 86 rigs were drilling for oil; 51 for natural gas. The drilling activity in Alberta increased, growing from 90 to 91. Saskatchewan’s drilling remained stagnant at 31. View a full breakdown of Western Canada’s rig activity. [Read more]
‘He listened:’ Alberta’s energy minister meets with federal counterpart in Calgary
CALGARY - Alberta's energy minister says she had a productive meeting with Canada's newly appointed natural resources minister. Sonya Savage met with Seamus O'Regan, an MP from Newfoundland, this week during his first official visit to Alberta. She says he listened and appeared to understand the frustrations in Alberta. Savage says there are many issues that need to be addressed in the near future. Her priority is dealing with the CN rail strike, which she says is preventing 170,000 [Read more]
U.S. oil drillers cut rigs for fifth week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling. Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. The oil rig count, an early indicator of [Read more]
Oil drops from 2-month high on U.S.-China trade talk uncertainty
Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude [Read more]
U.S. natgas futures rise on forecasts for more cold and heating demand in December
U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week [Read more]