The dip came as a new COVID-19 strain sparked fears of renewed lockdowns and demand destruction
World crude oil markets crashed on Friday by more than 10 per cent. For the first time since late September, West Texas Intermediate, the U.S. crude, tumbled below $70 a barrel, while the global benchmark, Brent, slumped to less than $75 a barrel. This crash wasn’t anticipated. The relief didn’t just come from the co-ordinated…
The world is learning the hard way that the global economy still relies on fossil fuels
With the UN-sponsored Climate Change Conference (COP26) climate talks in Glasgow over, it is important to review some of the agreements and implications that have resulted from this process and assess the impact on Canada’s energy resources sector. Putting the rhetoric in context One can take seriously the undeniable threat posed by climate change while…
Energy sector created more than 20,000 jobs and nearly $7 billion in GDP in 2017 alone
By Ven Venkatachalam and Lennie Kaplan Canadian Energy Centre Next year will mark 30 years of offshore oil and natural gas production in Atlantic Canada. In that time, Atlantic Canada has been the primary source of human capital for the oil and gas industry in other parts of Canada, while being a significant recipient of…
It was the only domestic location where Canadians lost their lives during the global conflict
Troy Media publisher Doug Firby was part of a group of Canadians who call themselves ConnecTour. Starting last May in British Columbia and ending in October in Newfoundland, they made an 8,000-km bicycle journey across the country, discovering how the COVID-19 pandemic has reshaped our lives and sense of community. Bell Island is a little…
According to Natural Resources Canada, at the end of 2018 Canada had 73 trillion cubic feet (tcf) of proven natural gas reserves
By Mark Milke and Lennie Kaplan Canadian Energy Centre In 2009, the eastern European country of Ukraine endured a twin lesson in geopolitics and energy security: Russia cut off its natural gas supply in mid-winter. Russia’s public reason was that it was engaged in a pricing dispute with Ukraine. In reality, it was an attempt…
ConnecTour cross-country cyclists finally reach their destination
Troy Media publisher Doug Firby is part of a group of Canadians who call themselves ConnecTour. Starting last May in British Columbia and ending in October in Newfoundland, they hope to make an 8,000-km bicycle journey across the country, discovering how the COVID-19 pandemic has reshaped our lives and sense of community. Watch for their…
From the Second World War to 9/11, Gander has a lot to be proud of
Troy Media publisher Doug Firby is part of a group of Canadians who call themselves ConnecTour. Starting last May in British Columbia and ending in October in Newfoundland, they hope to make an 8,000-km bicycle journey across the country, discovering how the COVID-19 pandemic has reshaped our lives and sense of community. Watch for their…
We're deluded if we believe that the consequences will only be borne by workers in the oil and gas sector
Shortly before the election was called, the federal government launched an engagement process to determine how Canadians want to implement a 'Just Transition' to a net-zero carbon economy. To the government, this means developing supports for the oil and gas workers whose livelihoods are being impacted by domestic climate policies. A 'Just Transition Advisory Body'…
A global energy crunch could help propel prices above US$100 a barrel
All eyes are focused on the Organization of Petroleum Exporting Countries and its allies in OPEC+ as they meet today. With crude oil prices touching US$80 a barrel and prospects of hitting US$100 this winter looming large, markets are on edge. The market trajectory is virtually impossible to delineate. A global energy crunch could help…
Capt. Stan Peet says while Newfoundland is definitely a part of Canada, it is a very distinct society
Capt. Stan Peet is the only of five siblings not born on Newfoundland. His father was serving in the military when his youngest son was born in Nova Scotia’s Annapolis Valley. Yet, he considers himself a true Newfoundlander. Canada’s most eastern province, he says, is every bit as much a distinct society as Quebec. Isolated…
The bull run is on
Is Brent crude oil heading toward US$80 a barrel? If the market signals and the pundits are to be trusted, the bull run is on. Oil prices headed to a third straight week of gains on Friday. Brent futures rose 84 cents, or 1.1 per cent, to settle at US$78.09 a barrel, while U.S. West…
If OPEC forecast turns out to be correct, oil prices could go much higher
A strong message is being sent to major global oil capitals: it’s time to cool down the markets. By urging the Organization of Petroleum Exporting Countries and their allies in OPEC+ to open taps – and endeavouring to impact the markets by selling crude oil from strategic reserves – the world’s major oil consumers are…
If the sector disappeared, taxes would have to be increased substantially to provide us with the services we have come to expect
By Mark Milke and Lennie Kaplan Canadian Energy Centre Between 1969 and 2019, Canadian parents received $499 billion in family allowance payments and children’s benefits from the federal government. That 50-year cost was matched by $505 billion in revenues to governments from the oil and gas sector – except that such taxpayer cash was collected…
Non-fundamental factors appear to be controlling crude oil market patterns
A number of major events weighed on global oil markets throughout last week. Those factors included: Hurricane Ida; the United States Federal Reserve delaying the tapering off of its economic stimulus; the decision of the Organization of the Petroleum Exporting Countries and its allies in OPEC+ to stick to their original output increments; the rising…
Asia’s market is softening
The crude oil rally is stuttering. Having ceded some 15 per cent in prices in recent months, the rally we saw earlier this year has lost steam. Despite talk of growing demand, tightening markets, galloping prices and the call by U.S. President Joe Biden to the Organization of Petroleum Exporting Countries and their allies in…