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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery added $1.39 to $47.78 on the New York Merc, while Brent for March added $1.04 to $49.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI ($34.08), up from a discount of $14.25. Natural gas for February added 14.3 cents to $2.97. The TSX energy index added 6.46 points to close at 211.85.
Waves of budget cuts continued to roll in. Low oil prices will cause oil companies to spend $23-billion or one-third less in 2015 than they did in 2014, estimates the Canadian Association of Petroleum Producers (CAPP). It forecast today that capital spending in Western Canada, including the oil sands, will be just $46-billion this year, down from $69-billion last year. Oil production will still go up (to 3.6 million barrels a day in 2015 from 3.5 million barrels a day in 2014), but not as much as CAPP thought (in June, it forecast 2015 production of 3.7 million barrels a day). Interestingly, spending and production in the oil sands are expected to hold up relatively well. CAPP forecasts that oil sands spending will be $25-billion in 2015, down from $33-billion in 2014, for a decrease of just 24 per cent. Production is still estimated at 2.3 million barrels a day, same as the June figure. This is because of projects coming on stream from prior-year spending.
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