The Daily Chase: Oil slips below US$90; Limits on convoy funding crackdown
BNN Bloomberg
The price of West Texas Intermediate crude slipped below US$90 per barrel today for the first time this week.
The price of West Texas Intermediate crude slipped below US$90 per barrel today for the first time this week. Geopolitics continue to be at play, now with a bit of hope on the Russia-Ukraine diplomacy front after the U.S. State Department said Secretary Antony Blinken is planning to meet with his Russian counterpart next week. Separately, for those who may be worried that shale producers won’t be able to resist the urge to drill, check out this quote from Scott Sheffield, who leads Pioneer Natural Resources: “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” he told Bloomberg Television. He also suggested U.S. President Joe Biden would be out of luck if he calls asking Pioneer to ramp up output: “I’ll tell him we have a pact. It’s all about the shareholders.”
FOLLOW (A BIT LESS OF) THE MONEY
After some initial arrests late yesterday, Ottawa Police has been serving notice overnight on Twitter, including a warning that checkpoints remain in place for travel within the secured area. Meanwhile, the crackdown on funding may not be quite as far-reaching as initially thought: Bloomberg News is citing a government official who said the measures only apply from 9 p.m. ET Tuesday onward – meaning the millions upon millions of dollars that were raised prior to then apparently won’t be under the microscope.
‘UNMISTAKABLE SIGNS OF REVIVAL’
Those are the words of Air Canada President and Chief Executive Michael Rousseau, as the airline swung to positive adjusted EBITDA in the fourth quarter and reported revenue that exceeded expectations at $2.73 billion, compared to just $827 million a year earlier. But in a sign that the industry is still a long way from a complete rebound, Air Canada said it’s planning to boost capacity 243 per cent in this quarter from a year earlier; however, that will still leave capacity 44 per cent below the comparable pre-pandemic quarter. And in a pain point, note the fuel cost that Air Canada faced in the quarter: 83.9 cents per litre, compared to 50.4 cents a year earlier.
‘COORDINATED AND CRIMINAL ATTACK’ ON COASTAL GASLINK
