Oil prices rise on Saudi optimism over OPEC deal

Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed growing evidence of global oversupply and rising inventories, particularly in the United States. Saudi Energy Minister Khalid al-Falih said on Thursday he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September. Brent crude oil was up 60 cents at …

Wildfires in Alberta affect oil prices

While wildfires raging in northern Alberta have tempered Canadian production, a shocking increase in U.S. stockpiles counteracted a steep climb for oil stocks. U.S. crude stocks grew by 2.8-million barrels over the past week – significantly more than the 1.7-million boe expected. “Oil prices could receive support from the wildfires in the Canadian oil province of Alberta,” said Carsten Fritsch, …

Encana reports $379-m Q1 loss

Encana Corp. released first quarter results on Tuesday, reporting a $379-million loss. Despite the large deficit, it was actually less of a loss compared to the first quarter of last year when the company was down $1.71-billion. CEO Doug Suttles said, “It’s a tough environment out there for absolutely everybody and everyone, if you will, is doing their part to …

BP Announces First Quarter Results

British Petroleum announced an 80% reduction in first quarter profits over last year, dropping from $2.6-billion in 2015 to $532-million this year. The company said it will likely cut capital spending further from $17-billion this year, down about $2-billion. In 2015, BP reduced capital spending three times, cut nearly 10% of its 80,000 person workforce, and drastically worked to reduce …

Kuwait oil strike improves stocks

Striking oil workers in Kuwait have caused the price of oil to climb by more than 3%. The strike has nearly cut Kuwait’s oil production levels in half now that workers are in their third day off the job. Workers are protesting against planned public sector pay reform. In March, the country produced 2.8-million bpd. During the strike, output has …

Oil stocks drop as Doha deal falls apart

Talks between 18 oil exporting nations in the Qatari capital of Doha to stabilize oil prices fell apart due to conflict between Saudi Arabia and Iran. The Saudis insisted that Iran participate, however Iran has said it will not agree to reduce production levels until it reaches pre-sanction levels of output. German-based Commerzbank said in a statement, “Saudi Arabia intentionally …

Oil and Loonie rise

For the first time in nearly a month, oil prices have climbed above $40-USD per barrel. In the meanwhile, the Canadian dollar bounced back as well, reaching 77.53-cents US – its highest since October 15, 2015. The loonie dropped as low as  68-cents US in January 2016. “It now seems that among the oil producing countries, a sense of calm …

Canada’s economy grows for fourth month

Canada’s GDP has grown for the fourth straight month by 0.6% from the month previous. While the mining sector was down, oil and gas, manufacturing, and retail trades all expanded. Even the Canadian dollar rose, trading as high as 77.65-cents USD. (Written by: N. Reitmayer; Original information source: CBC  http://www.cbc.ca/news/business/january-gdp-economy-1.3514012)

Trader who predicted oil crash suggests oil rebound

The hedge-fund manager who predicted the collapse of the oil economy is now predicted a more positive future for the industry. Pierre Andurand, the chief investment officer of the London-based hedge fund Andurand Capital Management LLP, said he believes a “multi-year bull run” is in order. “After having been in an oversupplied market we expect inventory draws to start in …

Calgary Stampede canvas auction reflects oil patch lows

It is said that the state of Alberta’s oil and gas economy is reflected each year in one event: the Calgary Stampede Canvas Auction. Each year, companies bid on the advertising rights to the canvas covering the chuckwagons at the Calgary Stampede. When the economy is hot, bidding can reach record highs. This year, however, the auction raised just under …