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One year after crude turned negative, oilpatch relishes first-quarter profit outlook

The negative close was caused by a mix of technical commodities market factors and concerns about oversupply as storage tanks grew dangerously close to full amid a collapse in demand fuelled by pandemic lockdowns and short-lived price war between Saudi Arabia and Russia, said senior commodity analyst Martin King of RBN Energy in Calgary. Everyone was very, very negative on oil and oil demand, he recalled in an interview, adding the remarkable level of stabilization since shows how resilient the oilpatch can be. So the market essentially wound up balancing itself out and we had a recovery from the depths of hell to not quite to heaven in terms of current prices, but certainly a very large scale recovery.

Saudi arabiaUnited statesMichael harveyAlex pourbaixMartin kingHusky energy incNational bank financialInternational energy agencyCenovus energy incEnergy in calgaryPrairiesky royalty ltdWest texas intermediateNorth americaNational bankHusky energyCanadian press

One year after the price of crude fell to the depths of hell, Canada s oil patch can cheer first-quarter profit outlook

One year after the price of crude fell to ‘the depths of hell,’ Canada’s oil patch can cheer first-quarter profit outlook Dan Healing Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer Jeff McIntosh/The Canadian Press One year after oil prices crashed to their first and only negative close during a perfect storm of energy demand bad news, Canada’s oil patch is poised to report a first-quarter gush of cash flow thanks to a dramatic recovery in global demand.

Saudi arabiaUnited statesJeff mcintoshMichael harveyAlex pourbaixMartin kingHusky energy incNational bank financialInternational energy agencyCenovus energy incEnergy in calgaryPrairiesky royalty ltdWest texas intermediateNorth americaNational bankHusky energy

Oilpatch upbeat a year after crude turns negative

Winnipeg Free Press By: Dan Healing, The Canadian Press Posted: Save to Read Later CALGARY - One year after oil prices crashed to their first and only negative close during a perfect storm of energy demand bad news, Canada s oilpatch is poised to report a first-quarter gush of cash flow thanks to a dramatic recovery in global demand. Pumpjacks draw oil out of the ground in a canola field near Olds, Alta., Thursday, July 16, 2020. One year after oil prices crashed to their first and only negative close during a perfect storm of energy demand bad news, Canada s oilpatch is poised to report a first-quarter gusher of cash flow thanks to a dramatic recovery in global demand. THE CANADIAN PRESS/Jeff McIntosh

Saudi arabiaUnited statesJeff mcintosh pumpjacksJeff mcintoshMichael harveyAlex pourbaixMartin kingHusky energy incNational bank financialInternational energy agencyCenovus energy incEnergy in calgaryPrairiesky royalty ltdWest texas intermediateNorth americaNational bank

One year after crude turned negative, oilpatch relishes first-quarter profit outlook

One year after crude turned negative, oilpatch relishes first-quarter profit outlook
estevanmercury.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from estevanmercury.ca Daily Mail and Mail on Sunday newspapers.

Saudi arabiaUnited statesMichael harveyAlex pourbaixMartin kingHusky energy incNational bank financialInternational energy agencyCenovus energy incEnergy in calgaryPrairiesky royalty ltdWest texas intermediateNorth americaNational bankHusky energyCanadian press

One year after crude turned negative, oilpatch relishes first-quarter profit outlook

One year after crude turned negative, oilpatch relishes first-quarter profit outlook
cbc.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbc.ca Daily Mail and Mail on Sunday newspapers.