WorldOil Enbridge cuts jobs, defers capex spend as falling demand limits oil flows Enbridge Inc., North America’s largest pipeline operator, is cutting jobs, lowering executive pay and deferring some capital spending as measures to fight the Covid-19 virus reduce oil flows on its system and slow down construction. Canadian heavy crude surges on output cuts, new storage options Canadian heavy crude surged to its strongest price versus futures since at least 2008 as producers curtailed output and Enbridge Inc. agreed to open part of its pipeline system for storage. Some Canadian crude costs more to ship than to buy Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations. Canadian operators cut nearly $2.5 billion from 2020 budgets Canadian oil and gas companies are cutting C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from their budgets for this year as low prices make most production unprofitable. Teck cancellation in Alberta may signal the end of oil sands mining The cancellation of Teck Resources' Frontier project in northern Alberta - which envisaged producing more crude than OPEC member Gabon - epitomizes the struggles of an industry that has already seen most foreign investors flee... Oil sands capital spending set for first gain since 2014 crash Capital spending in the world’s third-largest crude reserves is projected to rise 8.4% to C$11.6 billion ($8.8 billion) this year, according to the Canadian Association of Petroleum Producers, the industry’s main lobbying group. Ovintiv faces investor test on shale after rebranding from Encana Now based in Denver, Ovintiv Inc. will update investors Wednesday on its progress for the shale oil assets in Oklahoma it amassed after the $5.5 billion acquisition of Newfield Exploration Co. in 2018. The last barrel Hope for the Canadian oil industry? Cold blast freezes Canadian oil sands solid, forcing lower prices Temperatures of -30 degrees Celsius (-22 Fahrenheit) and lower have descended on Alberta and Saskatchewan -- cold enough to render the region’s viscous oil rock solid. Canadian gas prices rise after new pipeline rules dampen volatility Canadian natural gas is trading at the highest price relative to U.S. benchmarks in about 10 months after producers cut back on drilling and a rule change on a key Alberta pipeline system last year helped better manage flows of the fuel.