Global Investment In Oil And Gas Soars
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1. Canada Wildfires Curb Gas Output
– Canada’s constant state of emergency triggered by rampant wildfires across the province of Alberta. It is taking a heavy toll on gas production in the country. It is now shedding some 15% from production levels in April.
– Seven oil and gas producers announced production curtailments totaling 319,000 barrels of oil equivalent per day. This is considering the shut-ins of gas processing plants.
– The decline in natural gas production is pushing Canadian gas prices higher. This is in both Alberta and British Columbia. Both are up 60-70 cents per mmBtu in comparison to last week and trading around 2.5 per mmBtu.
– Simultaneously, Canadian gas exports to the US have been dropping from 5.2 BCf per day to 3.9 BCf per day. This is even though there has been some upside, supplies into the Pacific Northwest depend on the weather in Alberta.
2. Lithium Merger to Create Battery Metal Major
– The $10.6 billion merger of two lithium-focused mining companies Australia’s Allkem. and the US-headquartered Livent, is set to create the world’s third-largest lithium miner.
– Livent CEO Paul Graves will become chief executive of the new company, to be US-based and listed on NYSE, while Allkem’s non-executive chairman will be its chairman.
– The deal has buoyed shares of other lithium producers as more M&A deals are now on the table, in a bid to consolidate production lines and ease sourcing for EV carmakers globally.
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Source: Oil Price
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