Headlines

Western Canada’s fleet of drilling rigs dropped this week to 170 actively drilling rigs according to data collected by Baker Hughes for the week of July 7. Drilling activity is still very active in comparison to last year’s count. From one week ago, Alberta rig counts dropped from 115 to 105, the Saskatchewan rig count went down – current count at 43 from 46. Oil drilling dropped to 105 rigs from 112; gas rigs dropped to 70 from 77. View a full breakdown of western Canada’s rig [Read more]

U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut. Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday. That compares with 351 active oil rigs during the [Read more]

EDMONTON - An agency is maintaining Alberta's credit rating but says the outlook for the long-term is negative because of the NDP government's unwillingness to tackle its deficit and growing debt. DBRS Limited says the rating remains at AA-high, but the trend on long-term ratings has been changed to negative from stable and the province could face a downgrade within a year. "The negative trend reflects that Alberta continues to erode its low debt advantage through sustained [Read more]

Oil prices fell by more than 1 percent on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures , the international benchmark for oil prices, were trading down 61 cents, or 1.3 percent, at $47.50 per barrel by 0638 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent. News of the production rise [Read more]