Home / Tag Archives: crude

Tag Archives: crude

Brent crude drops below $40 for first time in almost 7 years

1208crude.jpg

Brent crude fell below US$40 a barrel for the first time in almost seven years after OPEC effectively abandoned any limits on crude output, prompting speculation that a record global glut will continue. Prices fell to the lowest since Feb. 20, 2009, dropping for a third day after the Organization …

Read More »

Tax hikes, carbon caps and now $37 crude: For Canada’s oilpatch, the bad news just keeps coming

oil.jpg

For Canada’s oil industry, the bad news won’t stop. With OPEC’s decision on Friday to keep pumping oil in the face of a glut and prices for the commodity falling to their lowest level since 2009, Canadian producers are once again faced with the now-familiar problem of how to make …

Read More »

Costs to produce crude in oilsands finally drop after 15 years of sharp inflation

1216oilsands.jpg

CALGARY – After a 15-year period of sharp and continuous inflation, the cost to produce crude from northern Alberta’s oilsands dropped this year, according to a new report from IHS Energy. “Costs will continue to come down, but that’s true of all sources of (oil) supply in the world and …

Read More »

Oil hits lowest since 2004 with Goldman Sachs predicting $20 crude before we’re done

gasprice.jpg

LONDON — Brent crude prices hit their lowest in over 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year. Oil production is running close to record highs and, with more barrels poised to enter the market from the …

Read More »

Canadian crude — the world’s cheapest oil — falls to record low as slump deepens

0106crude.jpg

A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more production coming offline. Spot prices for Western Canadian Select fell to US$19.81 a barrel on Wednesday, the lowest since tracking …

Read More »

Crude prices are getting slammed, in wild day for oil market

wild-oil-day.jpg

Crude oil is getting slammed on Monday, with front-month contracts for Brent and West Texas Intermediate each down more than 6 per cent at their lows of the day. Meanwhile, Western Canadian Select, a heavier blend of crude, trades at US$16.32 per barrel. A supply response to lower prices continues …

Read More »

Crude awakening: What will the worst oil rout since 1970 mean for the global economy?

oil.jpg

The current oil rout is now worse than any since 1970, with the price of Brent crude slumping from $115 a barrel in the summer of 2014 to an 11-year low beneath $32 in recent days. Oil could sink to $20 a barrel because of this unexpected foe, warns Morgan …

Read More »

Canadian dollar, crude oil plunge in tandem to lowest levels in 13 years

loonie1.jpg

CALGARY – Crude oil prices and the Canadian dollar nosedived in tandem on Tuesday, bringing Canadian stock prices down with them, with the S&P/TSX Composite Index falling to its lowest point since 2013, before recovering on the back of a late-day rally in bank stocks. Loonie set for unprecedented plunge …

Read More »

Brent crude oil drops below US$30 for first time since April 2004

oil-price.jpg

Brent oil dropped below US$30 a barrel for the first time since April 2004 on speculation Iranian shipments will soon climb. Crude fell as much as 2.9 per cent in London on signs that the nuclear deal between Iran and world powers may be implemented by the time markets open …

Read More »

Rebound in crude prices helps loonie break through 70 cents U.S.

0121loonie.jpg

TORONTO — Strengthening oil prices helped the commodity-sensitive loonie punch through the 70-cent U.S. mark, closing at 70.03 cents U.S. That’s an increase of 1.02 cents from Wednesday’s close. The Canadian dollar hasn’t closed above 70 cents U.S. in more than a week. Colin Cieszynski, chief market strategist at CMC …

Read More »