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Commodity prices are moving up. Cash flow levels and profits are growing. Benchmark West Texas Intermediate (WTI) oil prices shot up briefly to their highest point in six years earlier this week, before closing Friday at US$74.56 a barrel. Oil markets have rallied as energy demand has rebounded with travel resuming, economies reopening — and continued production discipline by OPEC+ countries and U.S. shale producers. Meanwhile, Western Canadian Select heavy oil prices reached their highest levels this week since late 2014, and closed Friday at US$61.84 a barrel, up $1.72 on the day. For Canadian natural gas producers, the outlook is also bullish. In Alberta, benchmark AECO natural gas traded at Cdn$3.63 per gigajoule, marking the strongest summertime prices seen since 2014, noted analyst Jeremy McCrea of Raymond James. Today, with the escalation of commodity prices, the Canadian industry is expected to generate $141 billion in total revenues this year, just shy of 2014 levels, according to ARC Energy Research Institute.

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