World & Canadian Oil & Gas

Oil Pares Weekly Gain as China, IEA Signal Slower Growth at Bloomberg.  This is the chief reason oil is lower this morning:  IEA sees oil demand growth slowing further in 2013 at Reuters.

OPEC sees downside risk to 2013 oil demand outlook at ReutersSaudi cuts oil output to 9.8 mln bpd in July at Reuters.

Meanwhile, Canadian Natural says oil sand capex requires $80 oil:  AMP.

“In Alberta alone, new fracking techniques have in the past two years brought 175,000 barrels a day of unexpected light oil production – the equivalent of two large oil sands facilities…”  Seems the Canadians are way behind!  Globe and Mail

Canada on cusp of new oil era: Canadian Natural’s LautFinancial Post.

The refinery trade has been strong:  Fuel Fix.

“In 2008, Marcellus production barely registered on national energy reports. In July, the combined output from Pennsylvania and West Virginia wells was about 7.4 billion cubic feet per day…”  Marcellus will be the nation’s No. 1 producer at Philly.

To export or not export? That’s the question at Fuel Fix.  “A group of 10 Democrat and 34 Republican members of Congress from Arkansas, Louisiana, Oklahoma and Texas on Tuesday sent a letter to Secretary of Energy Steven Chu urging him to expedite the approval process for liquefied natural gas (LNG) export facilities.”  Rigzone

The relative strength of energy stocks looks to have turned the corner:  Bespoke.