Energy Financial

Alberta-based oilfield services co. Lonestar West sells to American firm Clean Harbors

Alberta-based oilfield services co. Lonestar West sells to American firm Clean Harbors

Lonestar, located in Sylvan Lake, has 160 workers, 12 operating centres throughout Canadian, US markets Alberta vacuum services provider Lonestar West will be sold to multinational oilfield firm Clean Harbors in an all-cash transaction valued at $44.1CDN million, according to a press release. Lonestar says it board of directors unanimously agreed to to the deal, which will see Lonestar shareholders receive $0.72CDN […]

Oil prices slip slightly after hitting one-month lows Wednesday

Oil prices slip slightly after hitting one-month lows Wednesday

Oil prices “hardly likely to make any lasting recovery”: Commerzbank Oil prices ended slightly down on Thursday after hitting one-month lows earlier in the session.  Prices fell 5 per cent on Wednesday after the US Energy Information Administration reported a surprise increase in US crude stocks and the return of Nigerian crude. Data from the EIA showed a […]

Oil prices drop 5 per cent on rising US crude, gasoline inventories

Oil prices drop 5 per cent on rising US crude, gasoline inventories

Oil prices down to lowest level since May 4 Oil prices dropped over 5 per cent on Wednesday after data from the US government showed an unexpected increase of crude and gasoline stocks. The US Energy Information Administration (EIA) reported that crude inventories in the United States rose by 3.3 million barrels last week to 513 million […]

Oil prices fall on fears of higher US drilling rates after Paris Accord withdrawal

Oil prices fall on fears of higher US drilling rates after Paris Accord withdrawal

Oil prices down 1 per cent on Friday Oil prices fell 1 per cent in trading on Friday and were heading for a second straight week of losses as investor worried that US President Donald Trump’s decision to leave the Paris Climate Accord could result in more US oil drilling which would increase already bloated global crude stocks. Brent […]

Exxon investors push to discuss climate with company

Exxon investors push to discuss climate with company

Exxon investors vote for studies on technology, climate-related risks Over fifty groups of Exxon investors looking for answers on climate-related risks associated with the company will push to meet with Exxon officials this summer to discuss the elements of a climate-impact analysis. The request comes after a shareholder proposal filed by 54 groups, including financial, religious and corporate governance activists, […]

Oil prices up on big crude drawdown oversupply fears tamed

Oil prices up on big crude drawdown oversupply fears tamed

Oil prices up 1 per cent Oil prices were up about 1 per cent in trading on Thursday after the US Energy Information Administration reported a significant drawdown of crude stocks, which helped calm investor skepticism concerning the efficacy of the OPEC-led supply cut agreement. According to the EIA, US crude inventories fell by 6.4 […]

Oil prices drop to three-week low; OPEC crude output up

Oil prices drop to three-week low; OPEC crude output up

Oil prices down 3 per cent Oil prices dropped 3 per cent on Wednesday, landing at a three-week low, after data showed output from Libya and Nigeria increased this month, boosting OPEC production for the first time this year. Despite an expected drop in US crude stocks this week and an extension of the OPEC-led output cuts, […]

Oil prices fall on oversupply concerns despite OPEC cuts

Oil prices fall on oversupply concerns despite OPEC cuts

Oil prices down over 1 per cent Oil prices fell in trading on Tuesday as investors weighed concerns about the global over supply of crude and increasing US and Libyan production against the extended OPEC supply cut agreement.   Brent crude fell 76 cents to $51.53/barrel by 1:00 p.m. and US light crude was down 46 cents to […]

Oil prices flat in quiet trading, US drilling activity concerns investors

Oil prices flat in quiet trading, US drilling activity concerns investors

Oil prices up Monday Oil prices were relatively flat on Monday as trading in the United States, Britain and China was subdued as the three nations each celebrated public holidays. Despite the calm, markets remain restless on uncertainty about whether the impact of the OPEC supply cut on the global crude glut would be enough to support prices.   […]

Oil prices pare losses, but end week lower on OPEC cuts disappointment

Oil prices pare losses, but end week lower on OPEC cuts disappointment

Oil prices up over 1 per cent Friday Oil prices rose over 1 per cent on Friday, but Brent crude ended the week down almost 3 per cent lower after investors were disappointed the OPEC supply cut reduction did not cut deeper. Trading was light on Friday after the Thursday sell-off and ahead of long […]