Canada Oil Dominates U.S. Markets – Companies Cut capital spending Producers advised to spend nothing on drilling as oil price hovers at US$25 amid COVID-19 pandemic

The list of Canadian companies cutting 2020 capital spending plans grew longer Thursday with Paramount Resources Ltd. reducing its budget range to between $185 million and $250 million, compared with earlier guidance for between $350 million and $450 million.

Fellow Calgary-based producer Tamarack Valley Energy Ltd., meanwhile, slashed its 2020 budget to about $100 million from $175 million. @ https://globalnews.ca

Meanwhile, Ultra Cheap Canadian Oil Dominates U.S. Markets. Crude imports from Canada have more than doubled due to the price and refinery operational advantages, the U.S. Energy Information Administration (EIA) said on Thursday.

Crude oil imports from Canada of 3.8 million b/d were more than seven times greater than those from Saudi Arabia (500,000 b/d) and more than six times greater than crude oil imports from Mexico (599,000 b/d). @ https://www.eia.gov