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
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.
- 0135 SASPO-2988_Self serve_2026_YouTube0135 SASPO-2988_Self serve_2026_YouTube
- 0121 Ministry of Energy and Resources April 20260121 Ministry of Energy and Resources April 2026
- 0134 SASPO-2956_ Safety 20260134 SASPO-2956_ Safety 2026
- 0133 LC Trucking hiring Class 1A Payden0133 LC Trucking hiring Class 1A Payden
- 0132 UMWA 20260132 UMWA 2026
- 0129 Turnbull drivers operators0129 Turnbull drivers operators
- 0128 OSY Rentals updated0128 OSY Rentals updated
- 0126 Steel_Reef_Promo_0126 Steel_Reef_Promo_
- 0118 IBEW 30 sec0118 IBEW 30 sec
- 0114 Prospera Bold Vision0114 Prospera Bold Vision
- 0113 Miller Epic Cinematic Hollywood trailer0113 Miller Epic Cinematic Hollywood trailer
- 0102 Lori Carr Coal Extended0102 Lori Carr Coal Extended
- 0099 Mryglod Steel 1080p0099 Mryglod Steel 1080p
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001