A report by Deloitte Canada forecasts crude oil prices will increase modestly over the next three months.
The report by the firm’s resource evaluation and advisory group says lower supply will begin to drain global crude inventories.
Production cuts, including Saudi Arabia’s recent announcement of an additional cut of one million barrels a day, should help to prop up prices despite weaker demand, the report says.
Deloitte also says that seasonally high natural gas storage levels in Europe combined with lower demand due to warmer than expected winter weather have pushed down natural gas prices and reduced demand for liquid natural gas imports.
It says the lower global demand and higher production in North America have created volatile prices for Canadian natural gas over the past quarter.
Deloitte suggests this could be exacerbated this summer by higher-than-usual maintenance activities that will temporarily close some pipeline segments.
This report by The Canadian Press was first published July 6, 2023.
- 0062 TED_EPAC_Technology_300062 TED_EPAC_Technology_30
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0060 Arizona Lithium Lease building0060 Arizona Lithium Lease building
- 0059 Southeast College Heavy Equipment Operator0059 Southeast College Heavy Equipment Operator
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0015 Latus Viro0015 Latus Viro
- 0052 Predator Inspections0052 Predator Inspections
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior