Canadian Energy Services Weekly Update
New York based FTAI Energy Partners LLC, dba Jefferson Energy Companies, a provider of midstream energy transport, storage and logistics infrastructure, acquired a 50% interest in the Diluent Recovery Unit in Hardisty from a subsidiary of USD Group LLC.
Calgary based Atlas Energy Corp. (TSXV:ATLE) acquired a gross overriding royalty investment on the working interest of Calgary based Caledonian Midstream Corp., a producer with O&G assets in the Southwest Alberta Foothills, for $15MM. The assets currently produce 2,900 boed of hydrocarbons over 45,230 gross acres.
The federal government approved the expansion of the Tilbury LNG facility in Delta, BC. The expansion project includes the addition of a large new storage tank and equipment to produce up to 7,700 tonnes of LNG per day.
The federal government aims to extend the federal gas tax pause from September 7, 2026 until January 2027.
US total oil and gas rig count increased to 599 during the week of September 25, the highest since May 2024. Total rig count was 9% higher year over year.
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 25-Sep-26 | 18-Sep-26 | 25-Sep-25 | |||
| Canada | |||||
| Active Rig Count | 229 | 222 | 3.2% | 191 | 19.9% |
| Rig Fleet Size | 335 | 335 | - | 371 | (36) |
| Utilization Rate | 68% | 66% | 2.1% | 51% | 16.9% |
| USA | |||||
| Active Rig Count | 599 | 595 | 0.7% | 542 | 10.5% |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 18-Sep-26 | 11-Sep-26 | 18-Sep-25 | |||
| Crude | |||||
| Production (kbpd) | 13,939 | 13,944 | (0.0%) | 13,482 | 3.4% |
| Storage Level (kbbl) | 426,398 | 423,429 | 0.7% | 415,361 | 2.7% |
| Injection/(Withdrawal) (kbbl) | 2,969 | (640) | - | - | - |
| Natural Gas | |||||
| Storage Level (Bcf) | 3,351 | 3,298 | 1.6% | 3,433 | (2.4%) |
| Injection/(Withdrawal) (Bcf) | 53 | 44 | 20.5% | 90 | (41.1%) |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 25-Sep-26 | 18-Sep-26 | 26-Sep-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 92.46 | 96.08 | (3.8%) | 65.18 | 41.9% |
| Brent | 104.38 | 103.87 | 0.5% | 69.75 | 49.6% |
| WCS | 80.06 | 87.95 | (9.0%) | 53.37 | 50.0% |
| Discount to WTI ($) | 12.40 | 8.13 | 52.5% | 11.81 | 5.0% |
| Discount to WTI (%) | 13.4% | 8.5% | 4.9% | 18.1% | (4.7%) |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 3.21 | 2.91 | 10.3% | 2.86 | 12.2% |
| Aeco ($C/MMBtu) | 1.29 | 1.10 | 17.3% | 0.56 | 130.4% |
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