The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. "Prices are determined by the markets...If we see the market today we see that the demand is slowing down considerably," said IEA's Fatih Birol, in public comments made during a two-day energy conference in New Delhi. The IEA is revising its 2019 global oil demand growth forecast down to 1.1 [Read more]
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Trudeau says Ottawa open to proposals for B.C. refinery as gas prices soar
VICTORIA - Prime Minister Justin Trudeau says Ottawa is open to proposals from the private sector for a refinery in British Columbia, as a public inquiry into the province's soaring gas prices reviews possible solutions. The prime minister says he knows B.C. residents are struggling and the federal government is always open to hearing businesses cases and working with people to find solutions so they can pay their bills. He made the comments in Victoria today following a joint announcement [Read more]
Suncor Energy releases 2019 Report on Sustainability
All financial figures are in Canadian dollars CALGARY, Alberta, July 18, 2019 (GLOBE NEWSWIRE) -- Suncor today released its annual Report on Sustainability which details the company’s environmental, social and economic performance. Suncor’s perspective on the challenges and opportunities of climate change, and the transition to a low-carbon economy are contained in its third Climate Risk and Resilience Report available within the Report on Sustainability and as a stand-alone downloadable [Read more]
Oil falls nearly 3% as U.S. Gulf production returns
Oil fell nearly 3% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region. Crude rose earlier in the session after Iran said it had seized a foreign tanker in the Gulf. Prices pulled back after it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling. Prices were further weighed down after the U.S. equities market opened [Read more]
Canada’s 220,000-bpd Hibernia oil platform halts production for second day after spill
Production was shut down for a second day at the 220,000-barrel-per-day Hibernia oil platform off the coast of Atlantic Canada as crews worked to clean up an oil spill into the ocean, Hibernia's largest shareholder ExxonMobil Corp said on Thursday.A sheen was first spotted on the water near the platform on Wednesday and production was halted to deal with the spill, a mix of oil and water, estimated to total around 75 barrels.ExxonMobil spokeswoman Lynn Evans said the company could not [Read more]
U.S. natgas futures little changed after near normal storage build
U.S. natural gas futures were trading near flat on Thursday after paring earlier gains after the release of a government report showing a near normal storage build last week allowed the market to focus on forecasts for cooler weather and lower demand next week than previously expected. Traders noted prices had been up more than 1% before the U.S. Energy Information Administration (EIA) released the storage report on concerns the report could show a much smaller than expected build and on [Read more]
U.S. summer natgas prices on track to be lowest in over 20 years -EIA
U.S. spot natural gas prices this summer at the Henry Hub benchmark in Louisiana were on track to be the lowest since 1998 due to relatively mild weather in June, according to a forecast by the U.S. Energy Information Administration (EIA). That cooler weather early in the summer led power generators to burn less gas than expected to keep air conditioners humming, which allowed utilities to inject more of the fuel into inventories for the winter heating season when demand peaks, EIA said in a [Read more]
ARMOUREE Launches First Mobile App
ARMOUREE App - Mobile energy equipment cataloguing, inventory management & P2P energy equipment platform Previously, Fuelled announced the acquisition of PNG Equipment and subsequent rebrand to ARMOUREE. The release of the ARMOUREE mobile app is a major milestone for ARMOUREE and a significant upgrade to the existing platform. The ARMOUREE app allows energy producers and energy service companies to catalogue, track and promote energy equipment both internally and [Read more]
Enbridge delays open season for bids on Mainline oil pipeline system -sources
Enbridge Inc has delayed the start of an open season to solicit bids for contracted space on its Mainline oil pipeline system, North America's largest oil-shipping network, three market sources told Reuters on Wednesday. The reason for the delay was not immediately clear. Canadian pipeline company Enbridge plans to turn the Mainline system from a common carrier system in which shippers submit monthly bids for capacity, to one that is mostly contracted for up to two decades. The open [Read more]
Prairie Provident Announces Continued Drilling and Operational Success and Provides Select Preliminary Q2 2019 Highlights
CALGARY, Alberta, July 17, 2019 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") is pleased to provide an operational update outlining the successful initial results from a new well, which supports the Company’s established asset base within the southern portion of its core Princess area. In addition, the Company is pleased to share select preliminary Q2 2019 unaudited financial and operating highlights. Full Q2 2019 results are expected to be [Read more]