Crude oil prices slumped to a 10-month low Monday morning before rebounding at midday, adding to the volatility that has dogged the Canadian energy sector recently.
The benchmark West Texas Intermediate plunged by as much as US$5 in the early part of the day, trading as low as US$75 in reaction to a Wall Street Journal report saying Saudi Arabia and other OPEC-plus countries may increase oil output by up to 500,000 barrels per day at their Dec. 4 meeting.
Such a move would be an about-face for OPEC plus, which earlier this fall agreed to cut production by two million barrels per day. If it happens, a production hike would help to offset new European Union sanctions on Russian oil, which are set to take effect Dec. 5.
Oil prices have been unravelling in recent days, with the WTI benchmark losing eight per cent of its value last week alone. Traders have been worried about the impact of a possible global recession on oil demand, as well as rising COVID cases in China and their potential for slowing the economy in that country.
While crude prices did rebound by midday Monday to make up much of the day's losses, oil has still lost close to 30 per cent of its value since its June peak, when WTI hit an eye-popping US$110 per barrel.
That's weighing on Canadian energy stocks, said Rory Johnston, energy analyst and founder of the Commodity Context newsletter.
"If you remember back to the beginning of this year, or even that April to June period, there was pretty much this solid thesis underpinning all oil companies, and specifically Canadian oil companies . . . which is that 'we know things are going to get tighter, we know prices are going to stay high,' " Johnston said.
"But this volatility is going to make anyone who wasn't certain about that thesis in the first place take a step back."
The S&P/TSX capped energy index was down 2.17 per cent as of midday Monday, while the S&P/TSX composite was down 0.32 per cent, weighed down by energy sector losses.
The S&P/TSX capped energy index has declined approximately 10 per cent since June. However, many Canadian oil and gas companies have said they can still earn healthy profits with a WTI price in the US$70 range.
With oil prices as high as they've been this year, Canadian energy companies have been investor favourites for much of 2022.
A ranking released in September of the best-performing stocks on the TSX showed that 14 of the 30 top spots by that point in 2022 were oil and gas companies.
This report by The Canadian Press was first published Nov. 21, 2022.
The death toll from Hurricane Helene inched up to 227 on Saturday as the grim task of recovering bodies continued more than a week after the monster storm ravaged the Southeast and killed people in six states.
A driver suffered only minor injuries after going airborne in a residential neighbourhood in Maple Ridge, B.C., on Friday, the car eventually landing on its roof in someone鈥檚 backyard.
Donald Trump returned on Saturday to the Pennsylvania fairgrounds where he was nearly assassinated in July, holding a sprawling rally with thousands of supporters in a critical swing state Trump hopes to return to his column in November's election.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
Vanderbilt takes down AP poll No. 1 Alabama 40-35 in historic college football victory.
A driver suffered only minor injuries after going airborne in a residential neighbourhood in Maple Ridge, B.C., on Friday, the car eventually landing on its roof in someone鈥檚 backyard.
Demonstrators converged on downtown Ottawa Saturday afternoon as part of a global day of action to protest Israel's military actions in the Middle East.
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Ontario Provincial Police have laid stunt charges against a driver caught speeding 75 km/h over the speed limit on Highway 417 in Ottawa's west end.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
Powerful new explosions rocked Beirut's southern suburbs late Saturday as Israel expanded its bombardment in Lebanon, striking a Palestinian refugee camp deep in the north for the first time as it targeted both Hezbollah and Hamas fighters.
Donald Trump returned on Saturday to the Pennsylvania fairgrounds where he was nearly assassinated in July, holding a sprawling rally with thousands of supporters in a critical swing state Trump hopes to return to his column in November's election.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
French authorities said four migrants, including a two-year-old child, died Saturday in two separate incidents as they attempted to cross the English Channel toward Britain.
A rural Colorado county courthouse beefed up security Friday after threats were made against staff and a judge who sentenced former county clerk Tina Peters to nearly nine years behind bars for her role in a data breach scheme catalyzed by the lie that the 2020 election was stolen from former President Donald Trump.
Prime Minister Justin Trudeau repeatedly reiterated calls for a ceasefire in the Middle East on Saturday as he blamed Hamas, Hezbollah and Israel for a staggering number of civilian deaths.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
Hollywood star Keanu Reeves made his professional auto racing debut on Saturday in an event in which 'The Matrix' star spun out at famed Indianapolis Motor Speedway.
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Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
Dubai's Emirates airline has banned pagers and walkie-talkies from its planes, following last month's attacks on such devices carried by the Lebanese militant group Hezbollah.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the right bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.
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A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn鈥檛 a direct result of a major port strike Tuesday. It鈥檚 because of panic buying.
Vanderbilt takes down AP poll No. 1 Alabama 40-35 in historic college football victory.
Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.
Argentine star Lionel Messi was on the bench to start Inter Miami CF's game in Toronto on Saturday.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
One person is reportedly dead and two others are injured after a pickup truck hit a bench, striking people who were waiting for the bus in Surrey Saturday afternoon.
A massive fire broke out in downtown Langley Saturday morning, destroying a restaurant and forcing several other businesses to close.
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Leo Campana's stoppage-time goal gave Inter Miami a 1-0 win and left Toronto FC's playoff hopes hanging by a thread Saturday.
A Toronto police officer has been arrested after allegedly stealing three bottles of alcohol from a store.
Emergency crews are on scene of a multi-vehicle collision along northbound Deerfoot Trail near 17 Avenue Southeast.
The first anniversary of the October Seventh Hamas attack on Israel is Monday and that prompted several hundred people to attend a pro-Palestinian rally Saturday afternoon at city hall.
An investigation is underway into a Friday night collision in southeast Calgary that left one person dead.
Demonstrators converged on downtown Ottawa Saturday afternoon as part of a global day of action to protest Israel's military actions in the Middle East.
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Environment Canada has issued a frost advisory as temperatures across Ottawa and eastern Ontario are expected to dip near the freezing mark this evening.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Montreal police say they are increasing their presence across the city ahead of the one-year anniversary of the Oct. 7 start of the Israel-Hamas war.
Montreal police say a business in the city's Pointe-Saint-Charles neighbourhood was hit with Molotov cocktails two nights in a row.
Highway 39 near Warburg was closed Saturday after a serious crash involving a motorcycle and a van.
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Tropical Storm Milton has formed in the Gulf of Mexico. It is located 220 miles (355 kilometres) north-northeast of Veracruz, Mexico.
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The Saskatchewan Roughriders have clinched a playoff spot thanks to a win over the Edmonton Elks.
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The Huron Ontario Provincial Police said they responded to a 鈥渄owned airplane鈥 just after 11 a.m. Saturday.
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The Oktoberfest Parade is fast approaching and organizers are urgently seeking volunteers to fill the role of sign carriers.
The Saskatchewan Roughriders have clinched a playoff spot thanks to a win over the Edmonton Elks.
The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Fire crews in Greater Sudbury battled a large garage fire on Friday.
An organization who has assisted in locating 40 missing people since 2018, has its sights set on the Thames River near Cavendish Park in London, Ont.
Huron OPP say they were on the scene of a plane crash this morning, with a pilot finding themselves unable to halt before the end of a runway in Brussels.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
OPP are seeking assistance in their search for a 30-year-old man last seen in Orillia.
Provincial police are investigating a collision along Highway 400 in Tay Township Friday afternoon.
More than a thousand residents attended the Town of Innisfil's inaugural 'InnisFALL' festival on Saturday, which celebrated the spirit of fall with live music and entertainment at Innisfil Town Square.
The municipality issued a stern reminder for code violators, as both were fined following a warning issued by Leamington Fire Services.
According to police, the suspect entered and vandalized the property in the 700 block of Grand Marais Road Easton on September 28.
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NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Ever since Taylor Swift made thousands, if not millions, of loyal fans鈥 wildest dreams come true by announcing a three-show run in Vancouver this December, scammers have attempted, and sometimes succeeded, to take advantage of the scramble for tickets.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
While the summer may be over, construction season in Lethbridge is not.
Lethbridge police executed dozens of warrants and laid numerous charges in another targeted enforcement project in the downtown area.
A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.
The Ontario College of Family Physicians has presented awards to 750 doctors based on comments from patients, including eight physicians who are part of the Group Health Centre in Sault Ste. Marie.
Two teens, ages 14 and 19, have been charged with arson in connection with a July 14 fire in Cat Lake First Nation that destroyed $500,000 in construction materials.
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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