DALLAS - America's rediscovered prowess in oil production is shaking up old notions about the impact of higher crude prices on the U.S. economy. It has long been conventional wisdom that rising oil prices hurt the economy by forcing consumers to spend more on gasoline and heating their homes, leaving less for other things. Presumably that kind of run-up would slow the U.S. economy. Instead, the economy grew at its fastest rate in nearly four years during the April-through-June [Read more]
Headlines
Now near 100 million bpd, when will oil demand peak?
LONDON (Reuters) - Sometime in the next few weeks, global oil consumption will reach 100 million barrels per day (bpd) - more than twice what it was 50 years ago - and it shows no immediate sign of falling. Despite overwhelming evidence of carbon-fuelled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year. There is no consensus on when world oil [Read more]
Trump sets implied oil price target below $80
LONDON (Reuters) - The United States has sent mixed messages to OPEC and its allies over the last week about whether they need to do more to raise oil production and hold down prices. “The OPEC monopoly must get prices down now” President Donald Trump demanded on Twitter on Sept. 20. “We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices,” he complained. “We will remember,” the [Read more]
Feds launching review of oil tanker traffic in bid to renew pipeline approval
OTTAWA - The National Energy Board has less than six months to redo its environmental review of the Trans Mountain pipeline expansion, this time taking into account the impact of additional oil tanker traffic off the coast of British Columbia. Natural Resources Minister Amarjeet Sohi is making the announcement this morning in Halifax, where Canada is hosting environment and energy ministers at a G7 summit meeting. The federal cabinet has ordered the NEB to return with a new [Read more]
Velvet Energy Reminds Shareholders of Offer Expiry and Encourages Iron Bridge Shareholders to Tender Their Shares to Offer
Amended Offer of $0.845 per Iron Bridge share has unanimous support of Iron Bridge’s Board of Directors and largest shareholders Shareholders urged to tender their shares ahead of the deadline on September 24, 2018. at 5:00 p.m. Toronto time. Shareholders are reminded that most financial intermediaries have earlier expiry deadlines for processing tenders. Shareholders can tender today by contacting Kingsdale Advisors at 1-866-879-7650 or by e-mail at [Read more]
Natural gas says it’s no longer a transition fuel. It may be wrong: Russell
Natural gas is no longer merely a transition fuel between the past of dirty coal and crude oil and the future of renewables, according to an increasingly confident cross-section of the industry. A procession of senior executives of major companies, including Royal Dutch Shell and Exxon Mobil Corp , espoused this view while speaking at this week's GasTech event, the industry's biggest annual gathering. While the industry has plenty to be buoyant about, including rapid and sustained Chinese [Read more]
Tamarack Valley Energy Ltd. Announces Operational Update, Production Guidance Increase and Inclusion in TSX Composite Index
TSX:TVE CALGARY, Sept. 20, 2018 /CNW/ - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce that, due to exceptional 2018 drilling results, current production is ahead of forecast. As a result, the Company is pleased to provide its second guidance increase for 2018 annual and exit production and preliminary 2019 annual production guidance. The Company also announces that it will be added to the TSX Composite Index and its sub-indices effective September 24, [Read more]
Column: If Canadian dairy was petroleum
If dairy was petroleum, the scene playing out in the NAFTA negotiations would be quite the sight to see. The Trudeau government would be rushing to emulate their ever so tactful strategy, a strategy based upon principles so perverse that you couldn’t make it up. Unless of course, you were talking about a regionalized power struggle in an already deeply divided country that can only lead to one thing. One of the key principles would be to begin the phasing out of dairy production in Canada by [Read more]
Vancouver Island partners sign hull design contract for floating LNG project
VANCOUVER - The developer of a floating liquefied natural gas export facility proposed for Vancouver Island says it has a deal with a Korean shipbuilder for the design of two large at-shore hulls. Steelhead LNG and partner Huu-ay-aht First Nations say the agreement was signed at the Gastech Conference in Barcelona with Hyundai Heavy Industries to engineer and design the equipment for the Kwispaa LNG Project. The LNG export project, which features floating production and storage units, is [Read more]
U.S. Midwest refinery maintenance outages to weigh on Canadian oil prices
CALGARY - A maintenance shutdown at the refinery that is the largest buyer of Canadian heavy oil in the United States is expected to extend and possibly worsen the price discounts on crude from north of the border. Analysts at AltaCorp Capital in Calgary say the planned turnaround at the 430,000-barrel-per-day BP Whiting refinery in Indiana — which buys about 250,000 bpd of heavy crude from Canada — will reduce demand over the next month and a half. They say the shutdown adds to [Read more]