KAMLOOPS, B.C. - Trans Mountain says it has reached another "key milestone" in the project to triple capacity of a pipeline moving oil from the Edmonton area to port in Burnaby, B.C. A statement says construction on a seven-kilometre section of the line has begun in Kamloops. It says a crew of up to 50 is preparing the area, but the workforce will grow to about 600 during peak construction later this summer or early fall. The federal Crown corporation says completion of the Kamloops [Read more]
Headlines
Oil prices slip as wary traders eye upcoming OPEC+ meeting
Oil prices fell nearly 1% on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. West Texas Intermediate (WTI) crude futures for July delivery were at $34.69 a barrel, down 49 cents. Brent crude fell 6 cents to $37.58 a barrel on the first day of trading in the contract with August as the front month. The price falls come after [Read more]
Lasting contango in oil: market spread to outlast supply-demand imbalance
While vast cuts by producer countries and renewed fuel consumption from easing coronavirus lockdowns may soon rebalance oil supply and demand, some analysts and traders see a glut in storage keeping the market in contango for much longer. A contango market structure means the current value is lower than it will be in later months and encourages traders to store oil to resell it in the future. An especially skewed spread for oil futures or "super-contango" emerged last month, prompting [Read more]
Pieridae graduates to the TSX
CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) is pleased to announce that its common shares have been approved for listing on the Toronto Stock Exchange (the "TSX") and are expected to commence trading on the TSX at the opening of the market on June 3, 2020. Concurrent with the TSX listing, the common shares of Pieridae are expected to be de-listed from the TSX Venture Exchange. Pieridae's trading symbol will remain "PEA". “This is a big step for our Company, [Read more]
Athabasca Oil Corporation announces renewal of its credit facility
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that it has completed the annual review of its credit facilities. The Company’s banking syndicate has renewed the reserve-based facility until November 30, 2020. The credit facility has been reduced to $42 million which reflects the currently outstanding letters of credit for long term transportation commitments and is secured by the Company’s cash balances. The Company continues to pursue [Read more]
Bonterra Energy Corp. announces extension of bank line redetermination date
CALGARY - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today confirms it has executed an agreement with its syndicate of lenders to extend the annual borrowing base redetermination date on its credit facility from May 29th to June 30th, 2020. This extension affords both the Company and its lending syndicate additional time to evaluate the impact of current market dynamics, including the proposed programs initiated by the Federal Government through [Read more]
Suncor CEO sees electric vehicles disrupting oil demand as much as coronavirus
The shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the coronavirus pandemic, Suncor Energy Inc's chief executive said on Monday. The comments are a stark prediction in an industry that frequently downplays the impact of electrification and points to forecasts of rising global oil demand to justify new investment and pipeline expansions. Canada is the world's fourth-largest oil producer and the sector accounts for 10.6% of [Read more]
Journey Energy Inc. provides banking update
CALGARY - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") announces an extension to its forbearance agreement with its banking syndicate. Journey previous reported on April 24 that it entered into a forbearance agreement with its syndicate of lenders in respect of its credit facility. The forbearance agreement expired on May 29, 2020. Journey is pleased to report that it has reached an agreement with the syndicate to extend the current forbearance until June 30, [Read more]
Fire extinguished on Suncor offshore oil vessel that faces uncertain future
A fire on the idled Terra Nova oil facility that Suncor Energy operates off the coast of Newfoundland & Labrador has been extinguished, the energy regulator for the province said on Saturday, even as the vessel faced an uncertain future. No one was hurt in the fire, the Canada-Newfoundland and Labrador Offshore Petroleum Board said in a statement. There was no oil or gas held onboard the vessel as it was not producing, the regulator said. Further details were not available and Suncor [Read more]
Russia has no objection to earlier OPEC+ meeting
Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting's preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. The lack [Read more]