Energy Financial

Oil prices dip again as investors uncertain over OPEC deal extension

Oil prices dip again as investors uncertain over OPEC deal extension

Oil prices falling since mid-March Oil prices continued to slide in trading on Monday due to uncertainty over whether members participating in the OPEC-led supply cut deal would extend the pact into the second half of the year in an effort to reduce the global crude glut. Investors’ concerns were not calmed after the OPCE members and […]

By March 27, 2017 0 Comments Read More →
Hedge funds unwind record bullish position in oil, pressure prices

Hedge funds unwind record bullish position in oil, pressure prices

Enormous concentration of hedge fund positions that presaged sharp drop in oil prices seems to have dissipated By John Kemp LONDON (Reuters) – Hedge funds have unwound much of the concentration of bullish positions that contributed to a fall in oil prices this month, suggesting a broader range of views about where prices go next. […]

Oil prices steady but set weekly loss as glut weighs

Oil prices steady but set weekly loss as glut weighs

Oil prices little changed in thin trading Friday Oil prices were up slightly in thin trading on Friday and weekly losses for oil were on track for a drop of about 2 per cent as investors remained concerned over the crude glut. WTI crude futures were up 3 cents to $47.73 by 11:24 a.m. EDT, set for […]

By March 24, 2017 0 Comments Read More →
Oil prices slip as high inventories curb recovery

Oil prices slip as high inventories curb recovery

Oil prices well below this year’s highs Oil prices fell slightly in trading on Thursday as investors remained concerned that US crude inventory supplies were not being affected by OPEC-led production cuts. By 11:49 a.m., benchmark Brent crude oil was trading at $50.57/barrel, down 7 cents on the day, but holding above Wednesday’s drop to $49.71, the lowest […]

By March 23, 2017 0 Comments Read More →
Oil prices drop to lowest since November on increased US stocks

Oil prices drop to lowest since November on increased US stocks

Oil prices briefly fell below $50/barrel Oil prices slipped to almost four-month lows in trading on Wednesday after the United States Energy Information Administration released its report showing a larger-than-expected increase in US crude inventories. “The fact that this supply has increased almost 55 million barrels this year in the face of significant OPEC production […]

By March 22, 2017 0 Comments Read More →
Oil prices hit November lows despite OPEC output cut extension talk

Oil prices hit November lows despite OPEC output cut extension talk

Oil prices down, US crude inventory expected to rise Oil prices fell in trading on Tuesday to their lowest point since November week as the market discounted the possible effects of an extension to the OPEC supply cut agreement. The drop comes ahead of the release of weekly US crude inventory reports on Tuesday and Wednesday which are […]

By March 21, 2017 0 Comments Read More →
Pengrowth sells Alberta properties for $180 million

Pengrowth sells Alberta properties for $180 million

Pengrowth will use the sale to further reduce its level of debt Pengrowth Energy Corporation announced it entered into an agreement for sale of a portion of its Swan Hills assets in North Central Alberta for total cash consideration of $180 million, the company said in a press release. The sale of the Swan Hills assets […]

Opinion: Hedge funds rush for exit after oil trade becomes crowded

Opinion: Hedge funds rush for exit after oil trade becomes crowded

Hedge funds, money managers cut combined net long position by 153 million barrels in 7 days By John Kemp LONDON, March 20 (Reuters) – Hedge funds cut their bullish bets on oil by the largest amount on record in the week to March 14, according to the latest data published by regulators and exchanges. Hedge […]

By March 20, 2017 0 Comments Read More →
Oil prices steady, head for modest weekly rise

Oil prices steady, head for modest weekly rise

Oil prices finish week with modest gains After a drop of almost 10 per cent last week, oil prices were mostly steady on Friday and were expected to finish the week with some modest gains. Reuters reports crude traded in a narrow band this week, with Brent and WTI bouncing in a $2.50 range as […]

By March 17, 2017 0 Comments Read More →
Savanna Energy acquisition turns hostile as Total buys outstanding shares

Savanna Energy acquisition turns hostile as Total buys outstanding shares

Savanna Energy calls Total’s offer “inferior” to Western’s Total Energy Services Inc. announced in connection with its previously announced offer to purchase all of the issued and outstanding common shares of Savanna Energy Services Corp., it has purchased through the TSX, 35,000 Savanna Shares. All of the shares were purchased on March 16, 2017, according […]