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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 32 cents to $65.24 on the New York Merc, while Brent for August added five cents to $67.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $11.70. Natural gas for July lost 14 cents to $3.26. The TSX energy index added a fraction of a point to close at 267.49.

The Alberta energy sector saw nine-year record spending in 2024 and is on track for rising production and investment over the next decade, according to the Alberta Energy Regulator's (AER) latest annual Alberta Energy Outlook. The 215-page report includes a review of 2024 statistics and a 10-year forecast for province-wide energy resources -- not just oil and gas, but also "emerging resources" such as hydrogen, geothermal, helium and lithium.

"In 2024, Alberta continued to hold its strong position as Canada's energy cornerstone," declared the AER in a press release unveiling the report. Eighty-four per cent of Canada's total oil equivalent production came from Alberta during the year. Bitumen alone made up two-thirds of Canada's oil equivalent output and is "projected to remain the main driver of supply growth over the next decade," predicted the report's authors. They see Alberta's oil equivalent production reaching 4.7 million barrels a day in 2034, rising from 4.3 million in 2024 (which itself was a 5-per-cent jump over 2023).

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