Alberta will keep its oil production limit in January at 3.81 million barrels per day, the same level allowed in December, a government spokesman said.The province has been gradually easing curtailments on crude output but kept the January level unchanged due to external factors that have limited transportation, such as the temporary shutdown of TC Energy Corp's Keystone oil pipeline and a strike at Canadian National Railway Co , a spokesman for Alberta Energy Minister Sonya Savage [Read more]
Headlines
Oil gains as optimism returns to U.S.-China trade talks
Oil prices rose on Tuesday on hopes of progress towards a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw on U.S. crude inventories. West Texas Intermediate crude was up 55 cents at $58.44. Brent crude gained 58 cents to $64.14. Top U.S. and Chinese trade negotiators held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a so-called Phase 1 deal in a trade war that has [Read more]
Alberta’s Kenney, deputy PM Freeland meet in Edmonton to find common ground
EDMONTON - Alberta Premier Jason Kenney and Deputy Prime Minister Chrystia Freeland met up in Edmonton to try to find some common ground in a region that shut out the Liberals in the federal election. Freeland, also named intergovernmental affairs minister in Prime Minister Justin Trudeau's new cabinet, says she is here to listen and work to find solutions with Alberta. She is also to meet Tuesday with Saskatchewan Premier Scott Moe. Voters in Alberta and Saskatchewan did not elect any [Read more]
Teamsters say they have reached a tentative deal with CN to end strike
MONTREAL - Teamsters Canada says it has reached a tentative agreement with Canadian National Railway Co. to renew the collective agreement for over 3,000 conductors, trainpersons and yard workers. The union says normal operations at CN will resume Wednesday at 6 a.m. local time across Canada. More coming. [Read more]
Global oil consumption remains sluggish
Global oil consumption has apparently accelerated since mid-year as lower prices filter through the supply chain, increasing demand and avoiding a big increase in inventories. But all may not be as it seems. Much of the growth has come from China, where reported consumption is rising at rates inconsistent with the country’s slumping auto sales and slowing economy. China’s fuel distributors and consumers have most likely taken advantage of lower prices to boost the amount of products held [Read more]
Delphi Energy Corp. Announces Completion of Recapitalization Transaction
CALGARY - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce the completion of its previously announced recapitalization transaction (the “Recapitalization Transaction”). The Recapitalization Transaction was implemented pursuant to a plan of arrangement (the “Plan of Arrangement”) under the Canada Business Corporations Act (the “CBCA”). The Recapitalization Transaction included the following components: The existing issued and outstanding common shares of the Company [Read more]
‘No excitement at all’ as oilpatch interest wanes for drilling rights auctions
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]
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]