Newspaper article The Canadian Press

Prep-Business Report

Newspaper article The Canadian Press

Prep-Business Report

Article excerpt



North American stock markets sustained heavy losses to end a poor week as uncertainty over the trade war resurfaced with severe new threats to investments by American and Chinese companies.

The S&P/TSX composite index was down 51.04 points at 16,739.36.

In New York, the Dow Jones industrial average was up 84.13 points at 26,975.25.

The S&P 500 index was up 4.27 points at 2,981.89, while the Nasdaq composite was down 2.72 points at 8,027.94.

The Canadian dollar traded for an average of 75.64 cents U-S compared with an average of 75.41 cents on Thursday.

The November crude contract was down 50 cents at US$55.91 per barrel and the November natural gas contract was down 3.9 cents at US$2.40 per mmBTU.

The December gold contract was down US$8.80 at US$1,506.40 an ounce and the December copper contract was up two cents at US$2.60 a pound.



Energy analysts at the Global Business Forum in Banff say Canada missed its chance to be a "first responder" after the drone attacks on Saudi Arabian oil facilities two weeks ago.

They also say Canada is missing opportunities to be the "advantaged supplier" to North Asia for both crude and natural gas because of delays in building pipelines to get oil to market and in building LNG facilities.

Matt Rogers of McKinsey and Company says North Asia's refineries have been built to use heavy oils with high sulphur content like those produced in the oilsands and the traditional supplier, Venezuela, isn't keeping up with demand.

Meanwhile, he says liquefied natural gas can be produced more cheaply in Canada than in LNG hubs like Australia because the average temperature is much lower, while Canada also has an advantage because it is closer. (The Canadian Press)



Oil and gas industry insiders say they believe the intentions of protesters at massive climate change protests today are good but their goals are unrealistic.

Earl Hickok, chair and founder of Advantage Energy Services, says he believes young people taking part in the climate change strike are being manipulated and misled by what describes as radical environmentalists. …

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