This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 75 cents to $47.39 on the New York Merc, while Brent for September lost $1.15 to $53.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.85 to WTI ($31.54), up from a discount of $15.90. Natural gas for August added 1.3 cents to $2.789. The TSX energy index lost 5.03 points to close at 174.18.

The world's oil giants have shelved about $200-billion (U.S.) worth of new projects since crude prices began plunging last summer, according to a new report by consulting group Wood Mackenzie. (This story was first reported by the Financial Times and quickly picked up by Bloomberg and others.) According to the report, 46 major oil and gas projects, containing 20 billion barrels of oil equivalent of reserves, have been deferred. The largest affected country is Canada, where the development of about 5.6 billion barrels of reserves -- almost entirely in the oil sands -- has been put on hold. Wood Mackenzie figured that the number of major oil and gas projects worldwide that will be approved by companies in 2015 can likely be counted "on one hand."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS