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Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.


TSX:WCP - Post by User

Post by 2021Gambleon Feb 28, 2023 7:31am
187 Views
Post# 35308929

Oil demand picking up ...cheers

Oil demand picking up ...cheers
Oil Market Driven by Sudden Changes in Assessments of Supply, Demand, Commerzbank Says
 
28 Feb 2023 07:27 ET  

07:27 AM EST, 02/28/2023 (MT Newswires) -- The oil market has recently been pulled back and forth by sudden changes in market participants' assessments of supply and demand, with a focus on oil supply from Russia and oil demand in China, Commerzbank said in a Monday note.

Western sanctions against Russia have had a noticeable impact on oil supply and shipping routes, with the EU having almost completely halted Russian oil imports and Russia having to reroute supply to Asia at steep discounts, the bank noted.

Meanwhile, China's oil demand is forecast to rise by 900,000 barrels per day on average for the year, according to the International Energy Agency, almost half of the expected increase in global oil demand.

Other signs that oil demand in China is picking up include Saudi Arabia raising official selling prices for oil shipments to Asia in March for the first time in six months, as well as China significantly increasing import quotas for crude, Commerzbank said. China appears to be making sure refineries can replenish stocks for an expected boom in demand, according to Commerzbank.

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