Canadian Oil Sands Trust has posted significantly lower second-quarter earnings, hurt by lower crude oil prices and lower output in the quarter, but raised its distribution on confidence in Syncrude operations, strengthening crude oil prices and an improved liquidity position. For full story, click here
Canadian Stocks gained for the first time this week, led by oil companies, as crude climbed to a seven-month high after a U.S. government report showed supplies unexpectedly slipped. For full story, click here
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Canadian Seedrock Capital Partners Inc. will be in Tuzla in early September to define conditions with the canton government for oil exploration in the region. Abdulah Basic, a professor of the local mining college, said: The offer the Canadians made was the best – initial EUR 40 million, and exploration work starting in 2009. It was the [...]
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