2023-05-15 18:31:25
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Biden and Republicans seek agreement on debt ceiling. US President Joe Biden and Republicans in Congress enter a critical week of debt ceiling negotiations, hoping to find common ground on spending levels and energy regulations to avoid a default that would devastating for the world’s largest economy.
• Wildfires in Alberta: Vermilion Energy cuts its production forecast. Vermilion Energy has lowered its production forecast for the current quarter due to a production disruption caused by wildfires in west-central Alberta.
• The fall in rates delayed by the recovery of the Canadian real estate market? Analysts believe signs of a recovery in the Canadian housing market following a tough year, as rising borrowing costs are expected to slow the rest of the economy, might push up inflation and delay a possible interest rate cut by the Bank of Canada.
• Energy and trade: the G7 is considering new sanctions once morest Russia. G7 leaders plan to tighten sanctions once morest Russia at their summit in Japan this week, with measures targeting energy and exports that help Moscow’s war effort, officials said. officials with direct knowledge of the discussions.
• US pipeline operator ONEOK extends US$18.8 billion for Magellan. ONEOK on Sunday agreed to buy U.S. pipeline operator Magellan Midstream Partners in a cash and stock transaction valued at approximately US$18.8 billion including debt, which will allow ONEOK, which concentrates on natural gas, to move into the transport of refined products and oil.
TRENDS BEFORE OPENING
Futures for the main Canadian equity index are ahead, following the rise seen on Wall Street. European stocks are trading in positive territory and the Japanese Nikkei hit a year-and-a-half high at the close. Oil prices are slightly ahead on optimism surrounding tighter supply by OPEC members and their allies, as well as in response to renewed U.S. buying to bail out the strategic reserve. Gold prices are recovering following three sessions of decline and the US dollar is down.
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TITLES TO FOLLOW
• TC Energy: the company announced on Friday that it had finished recovering oil from a rural Kansas creek where its Keystone pipeline spilled 14,000 barrels in December. The pipeline operator plans to remain on site until the third quarter of this year to complete the restoration of the Mill Creek shoreline, TC Energy said in a statement: “We continue to make progress in restoration activities along the shoreline of Mill Creek, and environmental monitoring continues”.
• Vermilion Energy: the company lowered its production forecast for the current quarter due to a production disruption caused by the forest fires in west-central Alberta. Canada’s main oil-producing province declared a provincial state of emergency earlier this month due to wildfires, leading several companies to temporarily halt operations. Due to the production shutdown during this period, the Canadian energy producer expects second quarter production to average between 80,000 and 83,000 barrels of oil equivalent per day, compared to a previous range between 84,000 and 86,000.
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