North American markets endure wild ride, bounce back from deep losses

North American markets endure wild ride, bounce back from deep losses
TORONTO — North American investors endured a wild ride as markets rebounded from deep declines in trading on broad-based weakness led by the energy sector. The S&P/TSX composite index closed down 66.85 points to 14,728.28 after hitting a triple-digit decline in earlier trading. In New York, the Dow Jones industrial average was up 34.31 points at 24,423.26. The S&P 500 index was up 4.64 points at... Read More

Junior oil firms cut dividends, output despite crude oil price rebound

Junior oil firms cut dividends, output despite crude oil price rebound
CALGARY — Prices for western Canadian oil continued to strengthen on Friday as markets adjusted to a plan by the Alberta government to eliminate a glut of oil that has plagued producers for months. After hitting highs of more than US$52 per barrel in October, the discount on Western Canadian Select bitumen-blend crude versus New York-traded West Texas Intermediate settled at about... Read More

Junior oil firms cutting dividends, output as prices remain ’embarrassingly low’

Junior oil firms cutting dividends, output as prices remain ’embarrassingly low’
CALGARY — A pair of junior Calgary oil companies are cutting payouts to shareholders and reducing production because of current steep discounts on western Canadian oil prices. Both Cardinal Energy Ltd. and Granite Oil Corp. say they can’t afford to wait and see if production cuts imposed by the Alberta government starting Jan. 1 will work to drain a glut of... Read More

First ministers’ meeting likely to be most fractious, least productive for PM

First ministers’ meeting likely to be most fractious, least productive for PM
MONTREAL — Manitoba’s Brian Pallister is warning that nothing will be accomplished at today’s first ministers’ meeting if premiers insist on expanding the agenda to discuss a laundry list of issues. “That’s the trick isn’t it? When you’ve got a few hours to discuss things and there are many things,” Pallister said on his way into a meeting of first... Read More

Canadian trade deficit grew in October as oil prices weighed on exports

Canadian trade deficit grew in October as oil prices weighed on exports
OTTAWA — Falling oil prices took a bite out of exports in October as Canada’s merchandise trade deficit increased to roughly $1.2 billion in October compared with $891 million in September, Statistics Canada said Thursday. Economists had expected a deficit of $700 million, according to Thomson Reuters Eikon. “October’s surprise disappointment in the trade deficit adds to weakness from the... Read More

New Brunswick premier still hopes to convince Quebec of Energy East benefits

New Brunswick premier still hopes to convince Quebec of Energy East benefits
FREDERICTON — The premier of New Brunswick says he believes he can convince Quebec’s skeptical premier of the benefits of reviving the Energy East pipeline project. Higgs, along with a number of premiers and federal politicians, are pressing for a restart of the $16 billion Energy East pipeline project to get oil from Alberta to refineries in Eastern Canada and... Read More

Oilsands firm Canadian Natural cuts $1 billion from budget due to low oil price

Oilsands firm Canadian Natural cuts $1 billion from budget due to low oil price
CALGARY — Oilsands producer Canadian Natural Resources is setting its 2019 capital budget at $1-billion less than its “normalized” range but says it will ramp up spending if heavily discounted oil prices in Western Canada rebound. The Calgary-based company says it is targeting a 2019 base capital program of $3.7 billion, about 20 per cent below its preferred range of $4.7... Read More

Enbridge sells distribution business in N.B. to Algonquin Power and Utilities

Enbridge sells distribution business in N.B. to Algonquin Power and Utilities
CALGARY — Enbridge Inc. has signed a deal to sell its natural gas distribution business in New Brunswick to Algonquin Power and Utilities Corp. for $331 million in cash. Enbridge Gas New Brunswick operates and maintains more than 1,200 km of natural gas distribution pipeline in 12 communities in New Brunswick with 12,000 customers. The company says employees, customers, partners... Read More

France suspends fuel tax, but protesters vow to fight on

France suspends fuel tax, but protesters vow to fight on
PARIS — The French government’s decision to suspend fuel tax and utility hikes Tuesday did little to appease protesters, who called the move a “first step” and vowed to fight on after large-scale rioting in Paris last weekend. In a major U-turn for the government, Prime Minister Edouard Philippe announced in a live televised address that the planned increases, which... Read More

Gluts, price differential: Six things to know about Canada’s oil-price gap

Gluts, price differential: Six things to know about Canada’s oil-price gap
EDMONTON — The Alberta government has ordered a mandatory cut to crude oil production next year to deal with historically low prices being paid for Canadian oil. Here are six things to know about Canada’s resource: Light or heavy: Each type of oil around the world has its own price. New-York-traded West Texas Intermediate (WTI), delivered at Cushing, Okla., is the benchmark price... Read More