Producers still cautious despite higher Q2 expectations on stronger oil prices [Business News Network (BNN) Energy & Resources (Canada)]
Suncor Energy Inc. (SU)
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Source: Business News Network
Producers still cautious despite higher Q2 expectations on stronger oil prices CALGARY -- Higher oil prices are expected to boost cash flow for the large Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil prices steadied in comparison with U.S. benchmarks in the three months ended June 30 following two quarters of volatility blamed on the failure of pipeline capacity to match growing oilsands output and Alberta's decision to impose production limits starting in January. "Despite the increase in the commodity prices and constructive outlook for the second half of 2019, with expected inventory drawdowns to further support crude, producers remain cautious and are unlikely to increase spending imminently," said analyst Nick Lupick of AltaCorp Capital. "Looking to attract investors back into the Canadian explorer and producer space, management teams are focusing on fr
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