Coronavirus to hit Canadian oil sector as energy project hangs in balance

OTTAWA/TORONTO - The spreading coronavirus outbreak will hit Canada’s already struggling energy industry, Finance Minister Bill Morneau said on Monday, just as Ottawa is set to decide the fate of a major new oil sands project.

“Just when it looked like investment might be coming back to the oil patch this renewed downturn in oil prices could stem the inflow of capital into the sector,” Guatieri said. Consumers, however, might benefit from lower gasoline prices, while bond yields, which help determine the level of mortgage rates, have fallen about 40 basis points since January. That may benefit people buying houses in major cities where demand is strong.

tar sand is energy n water wasting exercise It is a very costly way to produce oil by washing sand in hot water

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The coronavirus is a 'black swan' for oil and energy markets, says Ned Davis ResearchNed Davis Research said the coronavirus outbreak is a 'black swan' event for the oil and energy space, and that there could be more downside ahead. Efficiency has beaten demand. Inefficiency has beaten demand. Fracking and the EU. The coronavirus is a blackeyed pea. That's an opportunity that knocks only once or twice in a lifetime.
Source: CNBC - 🏆 12. / 72 Read more »