The differential on Canadian heavy crude remained at tight levels compared to the North American benchmark on Tuesday, despite easing production limits in Alberta. * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $13 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange, unchanged from Friday's settlement. * Canadian crude markets were closed on Monday for a Canadian holiday. * The continued tight [Read more]
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U.S. natgas output, demand seen rising to record highs in 2019
U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day (bcfd) in 2019, breaking last year's record of 83.39 bcfd, the Energy Information Administration said in its Short Term Energy Outlook (STEO) on Tuesday. The latest output projection for 2019 was down from EIA's 91.35 bcfd forecast in July. EIA also projected U.S. gas consumption would rise to 84.65 bcfd in 2019, beating the record-high of 82.07 bcfd a year ago. The 2019 demand projection [Read more]
U.S. crude output in 2019 slightly below previous forecast – EIA
U.S. oil output is expected to rise 1.28 million barrels per day to 12.27 million bpd this year, the U.S. Energy Information Administration said in a monthly report, slightly lowering its annual growth forecast from 1.40 bpd last month. The agency increased its forecast for production growth in 2020 to 990,000 bpd from 900,000 bpd previously. [Read more]
Enbridge to keep gas pipe shut for at least a week after Kentucky blast
Enbridge Inc said it plans to keep the section of its Texas Eastern pipe in Kentucky shut through at least Aug. 12 after it exploded on Thursday, killing one person. Enbridge said in a notice to customers Monday afternoon that it is working with federal and state officials investigating the incident. The company has not estimated when the damaged section of pipe will return to service. The blast near Danville, Kentucky was the second so far this year on the Texas Eastern system following [Read more]
Canada rig count up 10, still lags last year’s activity
Canada's fleet of active drilling rigs increased by 10 from last week according to data from Baker Hughes. Total drilling count was 137 at August 2. 91 rigs were drilling for oil; 46 for natural gas. Counts are still well below the activity levels from one year ago, when 223 rigs were working. Both oil and gas drilling are down considerably from last years counts by 61 and 25 respectively. Historically, drilling activity levels are steadily active from summer until the end of the year. [Read more]
Oil hovers around $55 as U.S.-China trade tensions weigh
Oil prices rebounded slightly on Tuesday from big falls in recent sessions. Prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports and China making further moves against U.S. agricultural cargoes. The United States also responded to a decline in China's yuan on Monday by branding the country a currency manipulator. West Texas Intermediate crude futures rose 25 cents to $54.94 per barrel. International benchmark [Read more]
International Petroleum Corporation Second Quarter 2019 Financial Results
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2019. Financial and Operational Highlights Average net production of 46,100 barrels of oil equivalent (boe) per day (boepd) for Q2 2019, a four percent increase from Q1 2019. Operating costs per boe of USD 12.6 for Q2 2019, slightly better [Read more]
CEOs take an acceptable risk airing their energy views
Three Canadian energy companies took out full-page ads in 30 newspapers across the country on Thursday, asking voters to "join us in urging Canada’s leaders of all political stripes to help our country thrive by supporting an innovative energy industry.” It was a bold move for the companies – Canadian Natural Resources, Cenovus and MEG Energy – ahead of the October federal election. Ordinarily, sending messages that stray into the political domain would be left to their trade associations. [Read more]
Alberta creates two industry panels to help reduce regulatory red tape
Alberta is moving into the next phase of its plan to cut regulatory red tape. Premier Jason Kenney's government announced Friday that two industry panels tasked with advising it on redundant and ineffectual rules will begin meeting next week. One panel is composed of oil and gas leaders, and the other is made of up of people in the tourism and hospitality industries. Grant Hunter, the associate minister in charge of the file, will chair both panels. The oil and gas panel includes Tim [Read more]
Toscana Energy Announces Second Quarter 2019 Results
CALGARY, Alberta, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2019. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2019. This news release [Read more]