Crude oil futures prices turn negative for the first time in history

April 20 2020 8:06pm For the first time ever the price for a barrel of oil closed the day in negative territory. As provincial affairs reporter Tom Vernon explains, the plunge was caused by a dramatic drop in demand. ‘…

Oil prices are in the negative: COVID-19 rules to stay home played a huge part

As oil prices dropped to unprecedented negative levels Monday, experts say it is all the result of an oversupply problem that was pushed to this point due to stay-at-home orders related to COVID-19. Related News Crude oil prices hit their…

How does Western Canadian Select oil pricing work?

Western Canada’s oil price woes are often illustrated by references to the Western Canadian Select benchmark crude oil price. Alberta Premier Jason Kenney over the weekend released a tweet warning WCS is “now trading at negative prices,” with an illustration…

Despite OPEC agreement, Canadian oilpatch cutbacks expected to continue

By Staff The Canadian Press Posted April 13, 2020 12:48 pm Smaller font Descrease article font size –A Larger font Increase article font size A+ Energy market analysts say Canadian oil wells will likely continue to be shut down amid…

Alberta oilsands struggling as Western Canadian Select plunges to $5 per barrel

Oil and gas producers in Alberta may very well be facing their toughest challenge to date, as the price of Western Canadian Select closed at US$5.29 Wednesday. Experts have attributed the price drop to the ongoing COVID-19 pandemic, as well…

Cenovus ramps crude-by-rail volumes to 120,000 bpd without provincial contracts

Crude-by-rail shipments by oilsands producer Cenovus Energy Inc. jumped to 120,000 barrels per day in January from 106,000 in December but the company says it did it without buying any Alberta provincial rail contracts. On Tuesday, the United Conservative government…

Producers still cautious despite higher Q2 expectations on stronger oil prices

Higher oil prices are expected to boost cash flow for the large Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil…

Oil producers call for oil curtailment easing in return for rail commitments

Canada’s largest oil producers are calling on the Alberta government to reward companies that commit to adding crude-by-rail capacity by easing their oil curtailment levels. Suncor Energy CEO Mark Little says the proposal makes a lot of sense because it…

Alberta raises oil quotas for August as rail exports grow, storage levels slip

The Alberta government says it will ease its oil production curtailment program by 25,000 barrels per day in August. The province is citing growing crude-by-rail capacity, declining oil inventory levels and improved efficiencies in export pipelines for the move. Last…

Crude by rail shipments from Western Canada rise by 34,000 bpd in May

Genscape says crude-by-rail shipments from Western Canada continued to rise in May after falling in February to a nine-month low. The U.S. company, which monitors western Canadian rail terminals handling about 80 per cent of typical volumes, reports average rail…