A pumpjack extracts crude oil at an oil field in Emlichheim, Germany, on March 18, 2022. A report by Deloitte Canada forecasts crude oil prices will increase modestly over the next three months. THE CANADIAN PRESS/ AP/Martin Meissner

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.

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0015 Latus Viro
    0015 Latus Viro
  • 0054 SIMSA Energy Forum
    0054 SIMSA Energy Forum
  • 0053 Kingston Midstream Westspur Alameda
    0053 Kingston Midstream Westspur Alameda
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0043 ALX ten sizes
    0043 ALX ten sizes
  • 0039 Summit ESP Saskatchewan lower third
    0039 Summit ESP Saskatchewan lower third
  • 0041 DEEP Since 2018 now we are going to build
    0041 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
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002