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Foreign oil imports plummet in August

Foreign oil imports plummet in August

A sharp drop in foreign oil imports and increase in energy exports helped narrow Canada's trade deficit in August. According to Statistics Canada, overall exports increased 0.6% to $43.4 billion, reducing the national trade deficit from $2.2 billion in July to $1.9 billion in August.

Among the key highlights:

  • Non-US exports rose 7.7%, the largest monthly increase since May 2014. 
  • Exports to the United States decreased 1.6% to $32.4 billion. 
  • Exports of energy products rose 4.4% to $6.0 billion, the sixth consecutive monthly increase. Volumes rose 3.4% and prices were up 1.0%. 
  • Exports excluding energy products were unchanged from the previous month. 
  • After 5 consecutive monthly increases, imports of energy products fell 16.6% to $2.2 billion due to lower volumes (-13.5%) and lower prices (-3.6%).
  • Imports of crude oil decreased 16.3% to $1.3 billion on lower volumes (-8.7%) and prices (-8.3%). 
  • Imports of refined products declined 23.4% to $573 million, mostly on lower volumes. 

The August data was much better than expected. August marked the 24th consecutive month of trade deficits for the country.

COURTESY STATISTICS CANADA

COURTESY STATISTICS CANADA

Engineering salaries dip slightly in 2016 but layoffs and cutbacks largely over

Engineering salaries dip slightly in 2016 but layoffs and cutbacks largely over

Canadian energy patch losses expected to reach $10 billion this year

Canadian energy patch losses expected to reach $10 billion this year

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