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- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Nov 23, 2022 · By 2020, with annual average WTI 4 prices at US$40 per barrel, Canadian oil and gas investment fell to $24 billion, a level not seen since 2002. Investment in 2020 was down more than two-thirds from 2014’s peak, when WTI prices averaged US$90 per barrel. Also in 2020, Canadian oil and gas investments’ share of total industrial investment ...
Oct 8, 2020 · The group estimates Canada’s output fell to 5 million bpd in 2020, compared to 5.4 million bpd in 2019, and it will gradually rise to 5.6 million bpd by 2025, and rising to 6.2 million by 2045. Canada is projected to remain the second-largest tight oil producer behind the U.S., with supply growing to peak output around 0.6 million bpd, OPEC ...
Aug 16, 2023 · Canada imported its lowest amount of crude oil Definition * in more than 30 years in 2022, continuing a trend that started in 2020 during the COVID-19 pandemic. Crude oil imports decreased 1% to 467,000 barrels per day (b/d) in 2022, down from 473,000 b/d in 2021 and 227,000 b/d less than 2019 before the pandemic.
- Oil at $80 Sows The Seeds of Volatility in Supply and Demand
- Cruising Altitude: Physical Tightening Hits Top of The Price Band
- Draws Roll on in 4q21 - 2022 Balances Reflect A More Delicate Dance
- Us Crude Oil at The Heart of Global Deficits
- Delta Fatigue: Deep Lockdown Risk Fades, But Regional Divides Grow
As markets approach normalization, higher prices breed reactivity in fundamentals, with supply gradually eclipsing the demand story 1. After the demand surge. Oil markets are objectively in a good place with a clear path towards structural tightening for the first time since the 2014 crash. Physical market tightening picked up pace as the vaccine-i...
Momentum has nudged prices higher, but global deficits may be at their peak with no change to structural price determinants in 2022 1. Short-term momentum pushes 3Q2021 prices higher, but we see no catalyst for a revision to our 2022 outlook. As a result of recent upside pressure and physical indicators, we have lifted our outlook for 3Q2021 prices...
Short term tightening to endure, but 2022 looks less clear cut. The relative slowdown in the rate of tightening in the first quarter gave way to a sharp acceleration in draws over the second quarte...
Perfect storm strikes US crude storage tanksThe acceleration in global crude market tightening over the past couple of months has played out most visibly in weekly US statistics, particularly for c...The combination of high exports and high runs (90+% capacity utilization) have been the main drivers of the nearly 50 MMbbl in crude stock draws over the past three months, yet some of the math is...WTI is now more expensive than (or at parity with) 2nd month DME futures for Mideast medium sour crude and ~$1.60 cheaper than its Atlantic Basin cousin light sweet ICE Brent, yet exports remain ro...Global oil demand recovery plays out according to plan, but variants and slow vaccination outside of developed markets mean hopes of a swift boom in “pent-up” demand above 2019 levels looks unlikel...In our base case outlook, refined fuels consumption blossoms 4.6 MMb/d between June and December. Light distillates account for 2.3MM b/d of this forecast and are on their way to meet expectations...One quarter of this increase is in jet fuel and kerosene, concentrated in the US, Asia (ex. mainland China), Latin America and Europe. The delta variant increasingly puts this consumption at risk,...Jun 18, 2020 · Global oil and gas demand may take as long as 24 months to recover from the impact of the COVID-19 pandemic, which virtually shut down the oil and gas industry as it took cars off the road and jet airplanes out of the sky, severely impacting the use of fossil fuels, Artem Abramov, Rystad Energy’s head of shale research, told the BMO Capital Markets Energy conference.
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Sep 27, 2023 · Balance sheet. In 2022, Canada's oil and gas extraction companies reported total assets of $489.8 billion, up 8.2% from 2021. Capital assets increased 2.4% in 2022 to $389.0 billion. Total liabilities (the sum of current liabilities, long-term debt and other liabilities) decreased slightly by 0.2% to $275.9 billion in 2022.
