Canadian Energy Services Newsletter
Keyera Corp. (TSX:KEY) announced the $1.215B acquisition of the remaining 50% non-operating interest in the Key Access Pipeline System (KAPS) from Stonepeak. The KAPS is a 575-km pipeline transporting NGL from the Montney and Duvernay to Fort Saskatchewan.
Toronto based The Conrex Group of Companies, a manufacturer of pressure vessel heads, announced the acquisition of Milton, FL based Formweld Fitting Inc., a manufacturer of pipe fittings and accessories to expand manufacturing capabilities and expertise across North America.
Keyera Corp. (TSX:KEY) announced a $1B senior unsecured notes offering. The offering consists of $400MM at 3.942% due 2031 and $600MM at 4.638% due 2036.
South Korean company Hanwha Ocean Co., Ltd. announced a non-binding MOU with Vancouver based Kanata Clean Power & Climate Technologies Corp. for the proposed development of the Kanata LNG export project at Prince Rupert, BC. The proposed US$15.7B project is expected to have a capacity of up to 12 MTPA.
Norwegian company Equinor will make a decision in early 2027 on whether to proceed with the proposed Bay du Nord oil project off the east coast of NL. The project has an estimated reserve of 550MM bbls.
The U.S. and Iran reached a memorandum of understanding that will cease military operations against each other and for the Strait of Hormuz to reopen last Friday. However, conflicting reports were released where Iran closed the Strait again citing Israeli and U.S. violations of the interim peace agreement. The U.S., on the other hand, disputed the closure.
According to Stats Canada, May inflation was 3.2% compared to 2.8% in April. Gas prices rose by 33.2 per cent year over year due to the U.S.-Iran war in the Middle East. In addition, grocery inflation was 4.3 per cent, outpacing headline inflation for the 16th consecutive month.
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 19-Jun-26 | 12-Jun-26 | 19-Jun-25 | |||
| Canada | |||||
| Active Rig Count | 210 | 190 | 10.5% | 148 | 41.9% |
| Rig Fleet Size | 335 | 335 | - | 373 | (38) |
| Utilization Rate | 63% | 57% | 6.0% | 40% | 23.0% |
| USA | |||||
| Active Rig Count | 563 | 562 | 0.2% | 555 | 1.4% |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 12-Jun-26 | 5-Jun-26 | 12-Jun-25 | |||
| Crude | |||||
| Production (kbpd) | 13,806 | 13,799 | 0.1% | 13,428 | 2.8% |
| Storage Level (kbbl) | 418,222 | 426,485 | (1.9%) | 432,415 | (3.3%) |
| Injection/(Withdrawal) (kbbl) | (8,263) | (7,227) | |||
| Natural Gas | |||||
| Storage Level (Bcf) | 2,759 | 2,686 | 2.7% | 2,707 | 1.9% |
| Injection/(Withdrawal) (Bcf) | 73 | 108 | (32.4%) | 109 | (33.0%) |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 19-Jun-26 | 12-Jun-26 | 20-Jun-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 76.78 | 84.33 | (9.0%) | 74.05 | 3.7% |
| Brent | 80.38 | 86.80 | (7.4%) | 77.32 | 4.0% |
| WCS | 63.50 | 72.53 | (12.5%) | 61.49 | 3.3% |
| Discount to WTI ($) | 13.28 | 11.80 | 12.5% | 12.56 | 5.7% |
| Discount to WTI (%) | 17.3% | 14.0% | 3.3% | 17.0% | 0.3% |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 3.25 | 3.14 | 3.5% | 3.90 | (16.7%) |
| Aeco ($C/MMBtu) | 1.31 | 1.24 | 5.6% | 0.93 | 40.9% |
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