Canada: Oil and gas extraction industry facing highest prices since 2014 - NBF

Matías Salord FXStreet

According to Marc Pinsonneault, analyst at National Bank of Canada, the Canadian oil and gas extraction industry is facing the best prices since 2014 that could lead to juicy profits.

Key Quotes:

“According to Statistics Canada, oil and gas extraction and support activities realized on the Canadian territory experienced an operating loss of C$163 million in Q1 2018, following a C$125 million gain in Q4 2017.”

“This loss was mostly related to the enlargement of the light-heavy oil price differential (WTI-WCS spread), which reached US$25.73 on average in the first quarter.”

“When movements in the USDCAD exchange rate are factored in, the WCS price expressed in Canadian dollars is averaging C$66.29 so far in Q2, almost C$20 above Q1 level of C$47.00 in Q1. The last time we saw such a favorable WCS price was in Q3 2014, when the Canadian industry generated a multi-billion-dollar operating profit.”

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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