Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks. U.S. West Texas Intermediate (WTI) crude futures rose 88 cents, or 1.6%, to $53.16. Brent crude oil futures rose 87 cents, or 0.5%, to $58.71 a barrel by 0450 GMT "Asia will probably see some buying emerge over the session as traders hedge potential [Read more]
Headlines
Syncrude oil sands project cuts October sales by 1.4 million barrels
The Syncrude oil sands project in northern Alberta has cut October synthetic crude sales by 1.4 million barrels because planned maintenance at the plant has been extended, three market sources said on Thursday. Syncrude is a joint-venture bitumen mining and upgrading project, majority owned by Suncor Energy . Syncrude did not immediately respond to a request for comment. The 350,000 barrel-per-day Syncrude plant had maintenance planned for the third and fourth quarters of 2019, according [Read more]
U.S. natgas futures rise as cooler weather view offsets stock build
U.S. natural gas futures reversed course to turn positive on Thursday as forecasts for cooler weather this month drove expectations of increased demand for the fuel, offsetting a slightly bigger-than-expected storage build. Gas futures for November delivery on the New York Mercantile Exchange rose 2.8 cents, or 1.3%, to $2.275 per million British thermal units as of 11:31 a.m. EDT (1531 GMT). The U.S. Energy Information Administration (EIA) said utilities added 112 billion cubic feet [Read more]
Oil slides 2% as U.S. inventories build, weak economic data weighs
Oil prices fell more than 2% on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global financial markets. U.S. West Texas Intermediate (WTI) crude futures fell 98 cents, or 1.8%, to settle $52.64 a barrel. Brent crude futures settled down $1.20, or 2%, at $57.69 a barrel. Wall Street’s main indexes tumbled more than 2% as data suggested fallout from the [Read more]
PrairieSky Royalty Appoints New Independent Director
James Estey, Chair of the Board of Directors of PrairieSky Royalty Ltd. (“PrairieSky”) (TSX: PSK), is pleased to announce the appointment of Mr. Robert Robotti to the company's Board of Directors. Mr. Robotti’s appointment is effective October 3, 2019. "On behalf of the Board, I am pleased to welcome Mr. Robotti as our newest independent director," said Mr. Estey. "Bob is an experienced investor and corporate director. As an energy investor he has a depth of knowledge across the North American [Read more]
Local Medicine Hat fabrication shop complete dispersal auction
Medicine Hat, Alberta Absolute Public Online Auction Bidding Starts Closing: Tuesday, October 8th, 2019 at 10:00 am (MDT) Featuring: Wheel Loaders, Rough Terrain Forklifts, Scissor Lifts, Paint Shop Sandblasting Equipment, CNC Equipment, Welders and Welding Equipment, Tools, & Much More! VIEW & BID LOTS Viewing Location: 502 Mitchell St N Redcliff, Alberta VIEW MAP Viewing & Inspection: Thursday, October 3rd – Friday, October 4th, 2019 9:00 am – 4:00 [Read more]
Climate change debate polarization shows lack of leadership, says oilsands CEO
CALGARY - The CEO of oilsands producer MEG Energy Corp. says polarization of the climate change debate as it relates to the role of the Canadian energy industry indicates an "extreme" lack of leadership from all political parties in Canada. Speaking at the Natural Resources Summit in Calgary, Derek Evans says he's frustrated by the wide gulf in views exhibited by parties in the run-up to the Oct. 21 election. With polls showing the front-running Liberals and Conservatives in a close race, [Read more]
Bellatrix Announces Strategic Process and a Court-Supervised Restructuring Proceeding
CALGARY, Alberta, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX: BXE) announces the commencement of a sale and investment solicitation process (the “Strategic Process”) to identify and pursue potential strategic options and alternatives with respect to Bellatrix to maximize value for the benefit of the Company’s stakeholders. The Strategic Process will explore a broad range of strategic options and alternatives that may be available to the [Read more]
Cenovus Energy raises dividend, trims capital spending guidance for 2019
CALGARY - Cenovus Energy Inc. is raising its dividend by 25 per cent. The Calgary-based energy company says it will now pay a quarterly dividend of 6.25 cents per share, up from a nickel. Based on the company's closing share price of $12.05 on Tuesday, it will have an annual yield of nearly 2.1 per cent. Cenovus also says it believes it will have capacity for further dividend increases at a potential growth rate of five to 10 per cent annually. The increased [Read more]
Blast Up the Learning Curve on the Emerging Clearwater Oil Play
Is the Clearwater going to be the next Big Oil Play in the WCSB? Sprinkled across a massive 400 km swath running from Jarvie through Marten Hills and Nipisi to Golden, the industry has quietly drilled over 1,100 horizontal laterals into the play that are now producing over 16,000 bopd. The shallow depth, high storage and novel multi-lateral pad drilling provide eye opening economics and suggest the play is “clearly” promising. Canadian Discovery (CDL) has taken a multi-disciplinary approach [Read more]