BOE Report

Headlines

US natgas prices edge up 1% ahead of weekly storage report

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U.S. natural gas futures edged up about 1% to a nine-week high on Thursday on forecasts for more demand this week than previously expected. That increase came ahead of a federal storage report expected to show a near-normal build last week and forecasts for milder weather and less demand next week than previously expected. Analysts forecast U.S. utilities added 88 billion cubic feet (bcf) of gas into storage during the week ended Sept. 22. That compares with an increase of 103 bcf in the [Read more]

Healing and Building Bridges – ELM

ELM Recognizes National Truth and Reconciliation Day, September 30th. The day reminds us of the children who never returned home and survivors of residential schools. Public commemoration of the tragic and painful history and impacts of Canada’s 140 residential schools is a vital component of reconciliation. This day coincides with Orange Shirt Day, an Indigenous-led initiative intended to raise awareness of the inter-generational impacts of residential schools, and to promote the concept “Every [Read more]

U.S. oil futures surge as Cushing stocks evaporate: Kemp

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U.S. crude futures prices have surged higher and the curve has moved into an increasingly severe backwardation as inventories drain away from around the futures delivery point at Cushing in Oklahoma. There is no doubt the global petroleum market has tightened since the start of the third quarter as a result of Saudi and Russian production cuts as well as an improving economic outlook in the U.S. But it has probably not tightened anything like as fast or as far as the sudden depletion of [Read more]

Well of the Week – We interrupt this Second White Specks series already in progress

I originally intended to follow up last week’s Petro Ninja – Enlighten Geoscience Well of the Week with a further discussion on how we could rescue the reputation of the Second White Specks.  But before I could submit the article, I attended a Gulf Canada alumni reunion and memorial for a recently passed friend.  It was a wonderful time to see old many old friends and mentors again.  And I thought it worthwhile to pre-empt the Second White Specks series. The Well of the Week started as a way [Read more]

Hemisphere Energy provides operations update and declares a special dividend

Vancouver, British Columbia--(Newsfile Corp. - September 28, 2023) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to provide an operations update and declare a special dividend to shareholders. Operations Update Hemisphere recently completed its 2023 summer drilling program in the Atlee Buffalo area. Eight wells were drilled with six wells planned as producers, one well designated as an injector, and one well to be produced for several [Read more]

US oil jumps $1 on crude draw, tight global supply

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U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia. U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT. Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not [Read more]

Gear Energy Ltd. announces initiation of a strategic repositioning process and an operational update

Calgary, Alberta--(Newsfile Corp. - September 27, 2023) - Gear Energy Ltd. ("Gear" or the "Company") (TSX: GXE) (OTCQX: GENGF) is pleased to announce the initiation of a strategic repositioning process and an operational update. STRATEGIC REPOSITIONING PROCESS Gear's Board of Directors (the "Board") have commenced a formal process to explore, review and evaluate strategic repositioning alternatives with a view to enhancing shareholder value (the "Strategic Process"). With Gear's top tier [Read more]

US judge refuses to overturn Exxon permit denial to truck crude oil in California

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A U.S. judge on Wednesday refused to overturn a California county's decision to block Exxon Mobil Corp from using tanker trucks to ship crude oil from coastal facilities to inland refineries while a ruptured pipeline is fixed. U.S. District Judge Dolly Gee in Los Angeles denied Exxon's bid to reverse the Santa Barbara County Board of Supervisors' denial of a trucking permit in early 2022, saying the board's decision was substantially supported by evidence that transporting crude oil by tanker [Read more]

Review of Alberta regulator’s response to tailings leak shows poor communication

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A third-party review of the Alberta Energy Regulator's (AER) handling of a months-long toxic tailings leak at Imperial Oil's Kearl oil sands mine has highlighted the need for clearer communication. Imperial, a unit of Exxon Mobil, first spotted discolored water pooling near its Kearl site in May last year. The company informed the AER and local Indigenous communities, but failed to tell those communities the water contained tailings until February, after a second leak. Tailings, a toxic [Read more]