By Jocelyn Aspa
Oil production in Alberta has slowed due to the Fort McMurray wildfires, impacting the price of oil as oilsands based producers were forced to stop operations.
Mining.com reported that a wildfire in northeastern Alberta has forced the evacuation of staff at two oil sands facilities, which together represent about 9 percent of Alberta’s oil production.
Encouragingly, Scotiabank’s Patricia Mohr believes prices for the fuel have already bottomed.
In May, US Energy Secretary Ernest Moniz said that the Obama administration is considering lifting the country’s crude export ban. Interestingly, a report from IHS suggests that the US could stand to reap multiple benefits from the rule change, including the addition of up to nearly 1 million jobs in
The death of Hugo Chavez and the prospect of a regime change in Venezuela are likely to attract investor interest in the short term.
The world’s two biggest economies continued to show signs of recovery this week, helping lift resource prices.
The Commodity Investor highlights the best ways to get started on investing in Kazakhstan’s oil industry.
The US and Chinese economies continued to show signs of recovery this week, but that wasn’t enough to support resource prices.
The Wall Street Journal reported that ExxonMobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), BP plc (LSE:BP) and TransCanada Corp. (TSX:TRP) have agreed to merge two competing natural gas pipeline projects into a single pipeline that will export natural gas from Alaska’s North Slope to Asia.
Forbes reported that Alaska has given ConocoPhillips (NYSE:COP), ExxonMobil Corp. (NYSE:XOM) and BP plc (LSE:BP) until the end of October to develop a plan to transport natural gas from the state’s North Slope to a port where it will be condensed into liquefied natural gas and exported to Asian markets.
The Financial Post reported that India’s Oil and Natural Gas Corp. denied that it, along with Oil India Ltd. and Indian Oil Corp., made a $5 billion bid for Canadian oil sands assets owned by ConocoPhillips (NYSE:COP). ConocoPhillips has not commented on the situation.
Reuters reported that a group of three Indian oil companies — Oil and Natural Gas Corp., Oil India Ltd. and Indian Oil Corp. — bid $5 billion for stakes in oil sands assets owned by Canada’s ConocoPhillips (NYSE:COP). Canada is currently completing a study of its capacity for foreign investment
Commodities traders shrugged off disappointing US GDP data as expectations of central bank intervention increased. Hopes that the European Central Bank will buy bonds are particularly high and speculation that the Fed will provide quantitative easing is on the rise; both could boost longer-term commodities demand.
China’s lackluster economic performance is raising hopes that Beijing will intervene to spur steady growth. That in turn would boost global growth, which is leading to a rise in commodities prices in the near term. Longer-term risks persist nonetheless not least concerns about Europe’s outlook.