'Gravy to get to 80' — As oil prices charge higher, outlook brightens for producers and province yyc yycbiz Column by ChrisVarcoe:
The sudden rebound in oil prices this summer arrives as a series of companies are set to release second-quarter financial reports over the next week, including Tamarack Valley Energy, Whitecap Resources, Crescent Point Energy, Imperial Oil and Cenovus Energy.Article content
Oil producers will benefit from the narrowing discount facing Western Canadian Select heavy oil prices during the spring, relative to benchmark WTI crude, he added. “We have seen a pretty good bump from $68 . . . If I were betting, I’d say we set a floor at $70, and we will probably break through $85 sometime in the back half of the year.”Article content
The EIA’s short-term energy outlook cited anticipated production cuts from OPEC+ members — including a pledge by Saudi Arabia to make an additional voluntary reduction of one million barrels per day in July and August — and higher global demand causing inventory levels to fall between July and the end of 2024.
“It does appear the market is tightening and that dovetails nicely with what we’re seeing in the price movement. The big question is still: Is this durable?”
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