Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis. Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet fuel, gasoline and diesel at sea, acting as floating storage, as on-land tanks are full or already booked, according to traders and shipping data. That adds to about 130 [Read more]
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New Oil and Gas Jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 19 Process Safety Engineer TC Energy Calgary Apr. 16 Senior Market Analyst TC Energy Calgary Apr. 16 Sales & Business Development Officer Roska [Read more]
Prairie Provident Provides an Update on Lending Facility
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces that, in light of the pronounced uncertainties affecting the oil and gas industry, with the COVID-19 pandemic continuing to drive a significant falloff in global energy consumption and deeply depressed oil prices, the Company has engaged with its lenders to agree to interim measures for near-term objectives. The Company suspended its capital program in response to the current economic [Read more]
No vacancy: Main U.S. oil storage in Cushing is spoken for
Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now. Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving [Read more]
Q&A: Oil prices go negative. What does that mean?
The world is awash in oil, there's little demand for it and we're running out of places to put it. That in a nutshell explains this week's strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal with the oil they were due to have delivered next month. The price of U.S. benchmark crude that would be delivered in May was selling for around $15 a barrel Monday morning, but fell as low as -$40 per barrel [Read more]
Chinook Energy Completes Plan of Arrangement
Calgary, Alberta - Chinook Energy Inc. (TSX: CKE) ("Chinook") is pleased to announce that it has completed its previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. acquired all the issued and outstanding common shares of Chinook ("Chinook Shares") for cash consideration of $0.0675 per Chinook Share or approximately $15 million in aggregate, exclusive of assumed debt. The Chinook Shares will be delisted from the Toronto Stock Exchange within two to [Read more]
Crude claws back into positive territory but historic crash spooks investors
U.S. crude oil bounced back into positive territory on Tuesday, after a historic plunge below zero that shocked investors and pushed down stock prices and Asian currencies. Futures for May delivery of West Texas Intermediate rose nearly $39 but were still just $1.76 a barrel, after a storage squeeze and collapsing fuel demand crushed prices to eye-popping lows. The contract expired at the end of trade on Tuesday, which pushed investors to clear them from their books at any price, and June [Read more]
A hunt for any storage space turns urgent as oil glut grows
The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling - they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices negative for the first time. Hundreds of millions of barrels of crude have gushed into storage worldwide in the past two months as the coronavirus-related lockdowns wiped out around a third of [Read more]
Chinook Energy Inc. Announces Shareholder and Court Approval for Plan of Arrangement
Calgary, Alberta - Chinook Energy Inc. (TSX: CKE) ("Chinook") is pleased to announce that today it received shareholder and court approval for the previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. ("Tourmaline") will acquire all the issued and outstanding common shares of Chinook. Pursuant to the Arrangement, Chinook shareholders will receive $0.0675 cash for each common share of Chinook held. The Arrangement was approved by shareholders of [Read more]
Oil crashes, ends negative for the first time in history
U.S. crude oil futures turned negative on Monday for the first time in history, ending the day at a stunning minus $37.63 a barrel as traders sold heavily because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. The May U.S. WTI contract fell $55.9, or 306%, to settle at a discount of $37.63 a barrel after touching an [Read more]