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Norway's oil industry raises 2020 investment forecast – SSB – Financial Post

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5 years ago

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OSLO — Norwegian oil and gas investments, the key driver of the country’s economy, will rise more than previously expected this year before declining in 2021, an industry survey by the national statistics agency (SSB) showed on Thursday.

The survey is closely watched by Norway’s central bank, which has raised interest rates four times since September 2018 as oil investment rebounded from a 2015-2017 slump, but has put further rate hikes on hold.

Based on data from oil and gas companies working in Norway, the forecasts saw 2020 investments rising to 185.4 billion Norwegian crowns ($19.9 billion), up from a projection in November of 182.6 billion crowns.

The estimate could rise further in the coming quarters as companies are expected to add more projects, including Equinor’s Breidablikk and Aker BP’s Hod redevelopment, SSB said.

Previous forecasts for 2020 did not include Vaar Energi’s 19.6 billion crown Balder field redevelopment project, which was submitted to the Norwegian authorities in December.

Next year, oil firms expect investments to be at 152 billion, down about 18% from 2020, according to initial forecasts.

However, adjusted for expected new field developments, the real decline was seen at about 4%, which would not have a significant impact on Norway’s economic growth, analysts at Nordea bank said in a note.

“We view today’s investment survey as in line with Norges Bank’s Monetary Policy report from December. Hence, oil investments will not affect the March rate path,” Nordea added.

Oil and gas investments stood at 177.5 billion last year, 17% higher than in 2018, SSB said. ($1 = 9.3051 Norwegian crowns) (Reporting by Nerijus Adomaitis Editing by Edmund Blair and Helen Popper)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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6 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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