IMO - Canada oil and gas spending seen rising 14% in 2021

Capital investment in Canada's upstream oil and gas industry will rise 14% this year to C$27.3B (US$21.44B), the Canadian Association of Petroleum Producers says, thanks to improved economic activity and energy demand as COVID-19 vaccines roll out, as well as government support for Canada's oil and gas sector.Still, the forecast is 23% below 2019 investment and just a third of the industry's peak spending of C$81B in 2014.Canadian capital investment hit a record low C$24B in 2020 as producers canceled projects and shut in existing production to conserve cash.Several Canadian oil producers trade at least 2% lower today, including [[VET]] -2.6%, [[CVE]] -2.5%, [[ERF]] 2.1%, [[IMO]] -1.7%, [[SU]] -1.6%.Separately, Precision Drilling ([[PDS]] +3.0%) is up 8% in two days after Raymond James double upgraded shares to Strong Buy from Market Perform, as the firm raises estimates across the contract drilling and completions groups to reflect the higher WTI crude strip

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Canada oil and gas spending seen rising 14% in 2021