December 2010 Alberta Economic Fundamentals
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Alberta job growth to lead Canada in 2011
CALGARY ` Alberta`s employment sector is expected to lead the country next year with an increase of 2.3 per cent, up significantly from a `scant` 0.5 per cent in 2010, says a report released Wednesday by RBC Economics.
Its latest Provincial Outlook report said the anticipated increase represents the creation of 37,000 jobs and `will usher in the highest total of new employment opportunities since 2007 which should ultimately contribute to a boost in population growth.`
Download a copy of the report here.http://http://www.rbc.com/economics/market/pdf/fcst.pdf
`With interest in developing Alberta`s oilsands growing ever higher, the gush of capital spending on megaprojects is expected to continue next year and beyond,` said Craig Wright, senior vice-president and chief economist for RBC.
`This will pump tremendous activity into the provincial economy and act as a catalyst for both faster job growth and stronger migration from outside the province.`
Read the full article here.
CALGARY ` Alberta`s employment sector is expected to lead the country next year with an increase of 2.3 per cent, up significantly from a `scant` 0.5 per cent in 2010, says a report released Wednesday by RBC Economics.
Its latest Provincial Outlook report said the anticipated increase represents the creation of 37,000 jobs and `will usher in the highest total of new employment opportunities since 2007 which should ultimately contribute to a boost in population growth.`
Download a copy of the report here.http://http://www.rbc.com/economics/market/pdf/fcst.pdf
`With interest in developing Alberta`s oilsands growing ever higher, the gush of capital spending on megaprojects is expected to continue next year and beyond,` said Craig Wright, senior vice-president and chief economist for RBC.
`This will pump tremendous activity into the provincial economy and act as a catalyst for both faster job growth and stronger migration from outside the province.`
Read the full article here.
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Alberta looking to Asia for natural gas customers
EDMONTON - Alberta is keen to find offshore buyers for the province`s natural gas, and plans to join British Columbia and Saskatchewan in a cooperative effort to `sell the West` in Asian markets, says Energy Minister Ron Liepert.
`I think if we could show that there were long-term markets at the other end, the private sector here would find the money` to build the necessary pipelines and terminals, Liepert told The Journal in a year-end interview.
On Thursday, Liepert and energy ministers from B.C. and Saskatchewan will sign a memorandum of understanding aimed at cementing Canada`s international position as an energy supplier.
Liepert said the focus of the agreement is to work toward `clearing regulatory barriers` among the provinces, and `opening up new markets.`
With natural gas prices expected to remain low for the next three years, and growing supplies of U.S. shale gas killing the traditional market for Alberta producers, Liepert said, `there is a lot of pressure to see what we can do.
Read the full article ]here.
EDMONTON - Alberta is keen to find offshore buyers for the province`s natural gas, and plans to join British Columbia and Saskatchewan in a cooperative effort to `sell the West` in Asian markets, says Energy Minister Ron Liepert.
`I think if we could show that there were long-term markets at the other end, the private sector here would find the money` to build the necessary pipelines and terminals, Liepert told The Journal in a year-end interview.
On Thursday, Liepert and energy ministers from B.C. and Saskatchewan will sign a memorandum of understanding aimed at cementing Canada`s international position as an energy supplier.
Liepert said the focus of the agreement is to work toward `clearing regulatory barriers` among the provinces, and `opening up new markets.`
With natural gas prices expected to remain low for the next three years, and growing supplies of U.S. shale gas killing the traditional market for Alberta producers, Liepert said, `there is a lot of pressure to see what we can do.
Read the full article ]here.
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Fewer Calgarians received jobless benefits in October
CALGARY - Calgary experienced one of the biggest year-over-year declines in the country in October for the number of people receiving regular Employment Insurance benefits.
Statistics Canada reported Thursday that 11,600 people in the Calgary census metropolitan area received EI in that month - down by 6,870 from a year ago and by 37.2 per cent.
Elsbeth Mehrer, director of research, workforce and strategy at Calgary Economic Development, said the city has seen a decline in EI beneficiaries for seven straight months.
"That certainly on the surface appears to be good news but the reality is that as we're continuing to see slow job recovery that doesn't necessarily mean re-employment for all of these individuals - certainly not in the highly-desirable full-time permanent jobs," she said.
The data also reflects the expiration of benefits for a number of city claimants, she added.
Read the full article ]here.
CALGARY - Calgary experienced one of the biggest year-over-year declines in the country in October for the number of people receiving regular Employment Insurance benefits.
Statistics Canada reported Thursday that 11,600 people in the Calgary census metropolitan area received EI in that month - down by 6,870 from a year ago and by 37.2 per cent.
Elsbeth Mehrer, director of research, workforce and strategy at Calgary Economic Development, said the city has seen a decline in EI beneficiaries for seven straight months.
"That certainly on the surface appears to be good news but the reality is that as we're continuing to see slow job recovery that doesn't necessarily mean re-employment for all of these individuals - certainly not in the highly-desirable full-time permanent jobs," she said.
The data also reflects the expiration of benefits for a number of city claimants, she added.
Read the full article ]here.
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Oil & Gas sales in Alberta set new records
Speaking in a news release, Alberta Energy Minister Ron Liepert says this year's historic land sales to the oil and gas industry "solidify Alberta's status as the jurisdiction for industry to invest."
Christine King, with Alberta Energy, says the province smashed the previous record of $1.83 billion set back in 2005 by netting over $2.39 billion in land sale revenue this year.
"One of the factors we certainly contribute are the changes; the updates that we made to the royalty structure that certainly opened the way for new technologies," remarked King. "And our understanding is that with these new technologies companies were certainly able to go ahead and bid on these parcels of land."
The province also established a new high for the average price per hectare.
Read the full article ]here.
Speaking in a news release, Alberta Energy Minister Ron Liepert says this year's historic land sales to the oil and gas industry "solidify Alberta's status as the jurisdiction for industry to invest."
Christine King, with Alberta Energy, says the province smashed the previous record of $1.83 billion set back in 2005 by netting over $2.39 billion in land sale revenue this year.
"One of the factors we certainly contribute are the changes; the updates that we made to the royalty structure that certainly opened the way for new technologies," remarked King. "And our understanding is that with these new technologies companies were certainly able to go ahead and bid on these parcels of land."
The province also established a new high for the average price per hectare.
Read the full article ]here.
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Does Peak Oil even matter?
It is easy to become befuddled by the current discourse on peak oil. Peak oil is defined generally as the point at which the flow rate of oil to society has reached a maximum. But this simple definition has issues too, such as what should be considered "oil." Take, for example, the following sentences from the executive summary of the International Energy Agency`s recent publication of the World Energy Outlook (WEO) 2010[1]:
According to this data, a peak in the production of conventional crude oil occurred in 2006, but a peak in total `oil` production (including unconventional resources such as tar sands, natural gas liquids, etc.) may not occur for some time. So, should we consider this a confirmation of peak oil or not?
Read the full article ]here.
It is easy to become befuddled by the current discourse on peak oil. Peak oil is defined generally as the point at which the flow rate of oil to society has reached a maximum. But this simple definition has issues too, such as what should be considered "oil." Take, for example, the following sentences from the executive summary of the International Energy Agency`s recent publication of the World Energy Outlook (WEO) 2010[1]:
According to this data, a peak in the production of conventional crude oil occurred in 2006, but a peak in total `oil` production (including unconventional resources such as tar sands, natural gas liquids, etc.) may not occur for some time. So, should we consider this a confirmation of peak oil or not?
Read the full article ]here.
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Total, Suncor agree on oilsands deal worth $1.75B
PARIS ` France`s Total said on Friday it would spend $1.75 billion to forge a partnership with Suncor Energy in Canada`s oil sands, the latest foreign push into a booming new source of oil wealth.
The French oil giant and Canada`s largest energy company announced deals encompassing three projects in Alberta, where Asian investors have already been pouring funds into tarry deposits which have opened a new frontier in oil supplies.
Total said it would buy 19.2% of Suncor`s interest in the Fort Hills project, raising to 39.2% its stake in the mining project. Suncor, with a 40.8% stake, will remain operator of the venture near Calgary.
Suncor will acquire 36.75% of Total`s interest in the Joslyn project, where operator Total will retain 38.25%.
Total is buying 49% of the Suncor-operated Voyageur project near Fort McMurray, where construction stopped in 2008.
Read the full article ]here.
PARIS ` France`s Total said on Friday it would spend $1.75 billion to forge a partnership with Suncor Energy in Canada`s oil sands, the latest foreign push into a booming new source of oil wealth.
The French oil giant and Canada`s largest energy company announced deals encompassing three projects in Alberta, where Asian investors have already been pouring funds into tarry deposits which have opened a new frontier in oil supplies.
Total said it would buy 19.2% of Suncor`s interest in the Fort Hills project, raising to 39.2% its stake in the mining project. Suncor, with a 40.8% stake, will remain operator of the venture near Calgary.
Suncor will acquire 36.75% of Total`s interest in the Joslyn project, where operator Total will retain 38.25%.
Total is buying 49% of the Suncor-operated Voyageur project near Fort McMurray, where construction stopped in 2008.
Read the full article ]here.
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Drilling rights fetch record $23.9 billion
CALGARY - Investors in future exploration and development of oil and gas in Alberta have paid out more than ever for drilling rights, registering a 2010 total of $2.39 billion.
The burgeoning land auction results bode well for the Alberta economy in 2011 and come as drilling rig activity grows, leading to a severe shortage of skilled labourers to replace those who left the business during the slow years of 2007-09.
In the final land sale of 2010, on Wednesday, Alberta raised $202 million, the second-best sale of the year. That brings the total well above the record for non-oilsands rights of $1.8 billion set in 2005.
Greg Stringham, a vice-president with the Canadian Association of Petroleum Producers, said it's clear Alberta has regained its fiscal competitiveness.
"It's a strong ending to an already record year," he said. "While natural gas continues to struggle due to the surge in North American supplies, oil is driving new interest and investment."
Read the full article ]here.
CALGARY - Investors in future exploration and development of oil and gas in Alberta have paid out more than ever for drilling rights, registering a 2010 total of $2.39 billion.
The burgeoning land auction results bode well for the Alberta economy in 2011 and come as drilling rig activity grows, leading to a severe shortage of skilled labourers to replace those who left the business during the slow years of 2007-09.
In the final land sale of 2010, on Wednesday, Alberta raised $202 million, the second-best sale of the year. That brings the total well above the record for non-oilsands rights of $1.8 billion set in 2005.
Greg Stringham, a vice-president with the Canadian Association of Petroleum Producers, said it's clear Alberta has regained its fiscal competitiveness.
"It's a strong ending to an already record year," he said. "While natural gas continues to struggle due to the surge in North American supplies, oil is driving new interest and investment."
Read the full article ]here.
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Edmonton Rental Market Report - Dec 2010
Knowing what a potential revenue property will rent for is the most important and most difficult part of establishing a rental portfolio that has positive cash-flow and creates serious passive income. To help out my clients, readers and all you investors, I`ve teamed up with several investors, Realtors and property managers to come up with some ballpark numbers which should help make your lives a little easier.
Here`s the basic info for you. A screenshot follows and you can download the whole report free of charge. You can signup to recieve future updates here.
There`s a significant variation between the different areas of Edmonton, and within the different property types. Here are the highlights.
Read the full article ]here.
Knowing what a potential revenue property will rent for is the most important and most difficult part of establishing a rental portfolio that has positive cash-flow and creates serious passive income. To help out my clients, readers and all you investors, I`ve teamed up with several investors, Realtors and property managers to come up with some ballpark numbers which should help make your lives a little easier.
Here`s the basic info for you. A screenshot follows and you can download the whole report free of charge. You can signup to recieve future updates here.
There`s a significant variation between the different areas of Edmonton, and within the different property types. Here are the highlights.
- The survey receieved responses from companies and individuals managing 744 units, with specific data for properties rented out in the past 30 days. Some additional data has been gathered by conversations with property managers. There are still gaps, so if you can contribute to the next edition of this report, please feel free to contact me.
The greatest variance is seen in 4-bedroom houses, from $1400-1800/month, likely owning to the wider variety of product quality.
Read the full article ]here.
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Poll: Oil price will rise for 2011
LONDON ` Oil will rise to a higher average over US$86 a barrel next year, a Reuters poll showed, almost US$3 up from last month`s poll on the expectation of declining inventories and quickening demand growth.
The third consecutive month of higher poll predictions was due to strong demand from Asia and more modest spare output capacity growth, analysts said.
`We anticipate that oil prices will remain robust in 2011 as demand from thirsty developing nations continues and inventories are tapped,` said Lloyds Bank Corporate Markets` senior oil analyst Simon Cooke-Yarborough.
Most of the 33 analysts, banks and government agencies who contributed lifted their forecasts, with U.S. prices expected to average US$86.36 a barrel in 2011, up from US$83.66 a barrel in November`s poll.
Read the full article ]here.
LONDON ` Oil will rise to a higher average over US$86 a barrel next year, a Reuters poll showed, almost US$3 up from last month`s poll on the expectation of declining inventories and quickening demand growth.
The third consecutive month of higher poll predictions was due to strong demand from Asia and more modest spare output capacity growth, analysts said.
`We anticipate that oil prices will remain robust in 2011 as demand from thirsty developing nations continues and inventories are tapped,` said Lloyds Bank Corporate Markets` senior oil analyst Simon Cooke-Yarborough.
Most of the 33 analysts, banks and government agencies who contributed lifted their forecasts, with U.S. prices expected to average US$86.36 a barrel in 2011, up from US$83.66 a barrel in November`s poll.
Read the full article ]here.
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Calgary annual house price growth of 5-7% predicted in short term
CALGARY - Short-term year-over-year house price growth in Calgary is expected to be in the range of five to seven per cent, says the Conference Board of Canada.
In its Metro Resale Index released Monday, the board said the average MLS sale price in the city in November was $397,239, up one per cent from October.
Also, on a seasonally-adjusted basis MLS sales in November increased by 8.6 per cent from October to 21,017.
Realtor Christina Hagerty, with Re/Max Realty Professionals in Calgary, said at the beginning of this year when first-time buyers were entering into the market industry experts felt a ripple effect was bound to happen.
That led to a surge of sales in the $400,000-$500,000 range which allowed for a third quarter spike in the luxury market as well.
Read the full article ]here.
CALGARY - Short-term year-over-year house price growth in Calgary is expected to be in the range of five to seven per cent, says the Conference Board of Canada.
In its Metro Resale Index released Monday, the board said the average MLS sale price in the city in November was $397,239, up one per cent from October.
Also, on a seasonally-adjusted basis MLS sales in November increased by 8.6 per cent from October to 21,017.
Realtor Christina Hagerty, with Re/Max Realty Professionals in Calgary, said at the beginning of this year when first-time buyers were entering into the market industry experts felt a ripple effect was bound to happen.
That led to a surge of sales in the $400,000-$500,000 range which allowed for a third quarter spike in the luxury market as well.
Read the full article ]here.
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South African energy group eyes Alberta sites
EDMONTON ` South African energy and chemical group Sasol, which said Monday it will pay Talisman Energy $1 billion for half of its Farrell Creek shale gas assets in B.C., has already identified sites in Alberta for a gas-to-liquids (GTL) facility.
`The potential site for a GTL facility in North America is yet to be defined, but certain locations within the Alberta province have been identified,` said Sasol spokesman Nothemba Noruwana in an e-mail from Johannesburg.
A feasibility study will begin in the next few months and take more than a year to complete, he added.
Alberta`s Industrial Heartland (AIH), northeast of Edmonton near Fort Saskatchewan, would be a logical choice, said Neil Shelly, executive director of the AIH association of local municipalities.
`We`ll definitely be contacting this company to see if we can be of assistance,` he said.
Read the full article ]here.
EDMONTON ` South African energy and chemical group Sasol, which said Monday it will pay Talisman Energy $1 billion for half of its Farrell Creek shale gas assets in B.C., has already identified sites in Alberta for a gas-to-liquids (GTL) facility.
`The potential site for a GTL facility in North America is yet to be defined, but certain locations within the Alberta province have been identified,` said Sasol spokesman Nothemba Noruwana in an e-mail from Johannesburg.
A feasibility study will begin in the next few months and take more than a year to complete, he added.
Alberta`s Industrial Heartland (AIH), northeast of Edmonton near Fort Saskatchewan, would be a logical choice, said Neil Shelly, executive director of the AIH association of local municipalities.
`We`ll definitely be contacting this company to see if we can be of assistance,` he said.
Read the full article ]here.
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Albertans lead all of Canada in retail spending growth: StatsCan
CALGARY - Retail sales in Alberta soared in October and grew on an annual basis by the highest rate in the country among all provinces - close to doubling the national average.
Statistics Canada reported Tuesday that retail sales in Alberta were just over $5 billion in October, up by 0.7 per cent from the previous month and by six per cent from a year ago.
"Alberta continues to be insulated from the retail sales doldrums evident in other regions across Canada," said Michael Kehoe, an Alberta retail specialist with Fairfield Commercial Real Estate Inc. "There are now two distinct retail economies - Alberta's and the rest of Canada. Solid economic fundamentals and high levels of consumer confidence across the province will continue to fuel Alberta's retail sales into the foreseeable future."
Marcos Arcentales, who operates the Tierra Sol kiosk in the North Hill Centre shopping mall, was busy Tuesday afternoon selling hand-craft products from South America.
Read the full article ]here.
CALGARY - Retail sales in Alberta soared in October and grew on an annual basis by the highest rate in the country among all provinces - close to doubling the national average.
Statistics Canada reported Tuesday that retail sales in Alberta were just over $5 billion in October, up by 0.7 per cent from the previous month and by six per cent from a year ago.
"Alberta continues to be insulated from the retail sales doldrums evident in other regions across Canada," said Michael Kehoe, an Alberta retail specialist with Fairfield Commercial Real Estate Inc. "There are now two distinct retail economies - Alberta's and the rest of Canada. Solid economic fundamentals and high levels of consumer confidence across the province will continue to fuel Alberta's retail sales into the foreseeable future."
Marcos Arcentales, who operates the Tierra Sol kiosk in the North Hill Centre shopping mall, was busy Tuesday afternoon selling hand-craft products from South America.
Read the full article ]here.
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Total shelves Fort Saskatchewan bitumen upgrader plans
EDMONTON ` French oil giant Total has shelved plans for a bitumen upgrader project near Fort Saskatchewan that was recently approved by the Energy Resources Conservation Board.
In a joint venture deal announced Friday, Total E&P Canada said it would form an alliance with Suncor Energy, swapping interests in the Fort Hills and Joslyn North Mine projects.
Total will also take a 49-per-cent share of Suncor's unfinished Voyageur upgrader north of Fort McMurray.
Bitumen from those mines will go to the upgrader.
"This was not our initial plan, but we have been given a fantastic opportunity in this alliance with Suncor," said E&P Canada president Jean-Michel Gires.
Read the full article ]here.
EDMONTON ` French oil giant Total has shelved plans for a bitumen upgrader project near Fort Saskatchewan that was recently approved by the Energy Resources Conservation Board.
In a joint venture deal announced Friday, Total E&P Canada said it would form an alliance with Suncor Energy, swapping interests in the Fort Hills and Joslyn North Mine projects.
Total will also take a 49-per-cent share of Suncor's unfinished Voyageur upgrader north of Fort McMurray.
Bitumen from those mines will go to the upgrader.
"This was not our initial plan, but we have been given a fantastic opportunity in this alliance with Suncor," said E&P Canada president Jean-Michel Gires.
Read the full article ]here.
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Alberta's community revitalization levy: Proposed downtown Edmonton arena district
In the first part of the series, we looked at Alberta`s CRL legislation, identifying how it works and what the process is for creating a new CRL. In the second part of the series, we looked at Alberta`s three existing CRL projects, to get an understanding of how the funding mechanism has been used in the province thus far. Now we`ll look at the proposed downtown Edmonton Arena District, to see how a CRL might be used for that project.
Introduction
I am by no means the first to write about a CRL in relation to the proposed arena. Last month, Andy Grabia of Why Downtown? wrote a popular post on the proposed CRL. The use of a CRL has been a frequently cited potential source of funding since at least August 2009, but it was mentioned long before that actually. Notably, in the City Shaping: Summary Report of the Leadership Committee for a New Sports/Entertainment Facility for Edmonton (PDF) from March 2008, there`s this statement:
At the time that statement was made, the Rivers District CRL (the first in Alberta) was less than a year old. The three current CRLs are being used to revitalize large areas, and they are not centered around any specific development like an arena. Only one of them has received full approval and moved on to full implementation. I don`t think it`s fair to say there`s precedent for the use of a CRL to enable the arena project now, and it certainly wasn`t an accurate statement three years ago.
Read the full article ]here.
In the first part of the series, we looked at Alberta`s CRL legislation, identifying how it works and what the process is for creating a new CRL. In the second part of the series, we looked at Alberta`s three existing CRL projects, to get an understanding of how the funding mechanism has been used in the province thus far. Now we`ll look at the proposed downtown Edmonton Arena District, to see how a CRL might be used for that project.
Introduction
I am by no means the first to write about a CRL in relation to the proposed arena. Last month, Andy Grabia of Why Downtown? wrote a popular post on the proposed CRL. The use of a CRL has been a frequently cited potential source of funding since at least August 2009, but it was mentioned long before that actually. Notably, in the City Shaping: Summary Report of the Leadership Committee for a New Sports/Entertainment Facility for Edmonton (PDF) from March 2008, there`s this statement:
At the time that statement was made, the Rivers District CRL (the first in Alberta) was less than a year old. The three current CRLs are being used to revitalize large areas, and they are not centered around any specific development like an arena. Only one of them has received full approval and moved on to full implementation. I don`t think it`s fair to say there`s precedent for the use of a CRL to enable the arena project now, and it certainly wasn`t an accurate statement three years ago.
Read the full article ]here.
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EIA's forecast in an energy fantasy land
The optimism typically found in the International Energy Agency`s annual World Energy Outlook report is strangely missing this year. Instead, the IEA is taking a far more sober perspective on the world`s oil-consuming future due to our ever-greater reliance on costly unconventional oil sources.
Output from currently producing fields is projected to fall precipitously, looking ironically like the steeply declining trajectory of peak oil`s Hubbert curve. (I say ironically because the IEA has historically denied the existence of peak oil.) According to the report, by 2035 three-quarters of currently operating oil fields won`t be producing anymore. In fact, current fields are only expected to account for less than one-fifth of that year`s production.
That leaves over 80 per cent of the IEA`s 2035 production projection coming from new oil fields, ones that either haven`t yet been developed or haven`t even been discovered. And the contribution from that undiscovered category alone is still far greater than the one from currently producing fields. That`s a tall order for new field discovery.
Read the full article ]here.
The optimism typically found in the International Energy Agency`s annual World Energy Outlook report is strangely missing this year. Instead, the IEA is taking a far more sober perspective on the world`s oil-consuming future due to our ever-greater reliance on costly unconventional oil sources.
Output from currently producing fields is projected to fall precipitously, looking ironically like the steeply declining trajectory of peak oil`s Hubbert curve. (I say ironically because the IEA has historically denied the existence of peak oil.) According to the report, by 2035 three-quarters of currently operating oil fields won`t be producing anymore. In fact, current fields are only expected to account for less than one-fifth of that year`s production.
That leaves over 80 per cent of the IEA`s 2035 production projection coming from new oil fields, ones that either haven`t yet been developed or haven`t even been discovered. And the contribution from that undiscovered category alone is still far greater than the one from currently producing fields. That`s a tall order for new field discovery.
Read the full article ]here.
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[quote user=Ally]
Alberta job growth to lead Canada in 2011
Download a copy of the report here.http://http://www.rbc.com/economics/market/pdf/fcst.pdf
wrong link .. the correct report is actually here: http://www.rbc.com/economics/market/pdf/provfcst.pdf
Alberta job growth to lead Canada in 2011
Download a copy of the report here.http://http://www.rbc.com/economics/market/pdf/fcst.pdf
wrong link .. the correct report is actually here: http://www.rbc.com/economics/market/pdf/provfcst.pdf
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Unwrapping the gift of oil and gas prices
Being confident about 2011 oil and gas prices is a bit like being sure about what`s in a box under the Christmas tree.
The consensus of most industry professionals is that the box contains low natural gas prices (hardly a gift) and rising oil prices (a gift that will have to be returned if too generous).
It`s not only economists and analysts that believe they have figured out what the box marked `commodity prices` holds for 2011. Oil and gas companies have peeled back some of the wrapping paper and based on what they see have rebranded themselves as oil companies only. As part of the `get oily` process, corporate executives are dropping any mention of natural gas in their strategic investor presentations, just like uninviting a disagreeable relative to Christmas dinner.
Yet there should always be a nagging feeling that a surprise may be in the box, especially when its weight doesn`t quite match what we`re expecting. For sure, questions should always be asked when consensus approaches unanimous and confidence blurs into hubris.
Read the full article here.
Being confident about 2011 oil and gas prices is a bit like being sure about what`s in a box under the Christmas tree.
The consensus of most industry professionals is that the box contains low natural gas prices (hardly a gift) and rising oil prices (a gift that will have to be returned if too generous).
It`s not only economists and analysts that believe they have figured out what the box marked `commodity prices` holds for 2011. Oil and gas companies have peeled back some of the wrapping paper and based on what they see have rebranded themselves as oil companies only. As part of the `get oily` process, corporate executives are dropping any mention of natural gas in their strategic investor presentations, just like uninviting a disagreeable relative to Christmas dinner.
Yet there should always be a nagging feeling that a surprise may be in the box, especially when its weight doesn`t quite match what we`re expecting. For sure, questions should always be asked when consensus approaches unanimous and confidence blurs into hubris.
Read the full article here.
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Alberta job market gains 'healthy': Report
Alberta's labour market is looking up -- but barely. The Conference Board of Canada's Help-Wanted Index, released Wednesday, showed the Alberta index rose by a "healthy" 4.7 points in November, which more than offset the declines of the previous two months.
And nationally, following two consecutive declines, the Help-Wanted Index rose 2.47 points to 103.1 in November.
The index is based on seasonally adjusted numbers of new, unduplicated jobs posted online during the month across 79 Canadian job-posting websites.
"Still, despite the increase, the recent declines in the index suggest that the slowdown in the labour market will continue for the next few months at least," the conference board said of the national data. "Indeed, employment gains have been modest in recent months, and we do not expect to see significant gains in the months ahead."
Only two provinces -- New Brunswick and Prince Edward Island -- posted declines in their indexes in November.
Read the full article here.
Alberta's labour market is looking up -- but barely. The Conference Board of Canada's Help-Wanted Index, released Wednesday, showed the Alberta index rose by a "healthy" 4.7 points in November, which more than offset the declines of the previous two months.
And nationally, following two consecutive declines, the Help-Wanted Index rose 2.47 points to 103.1 in November.
The index is based on seasonally adjusted numbers of new, unduplicated jobs posted online during the month across 79 Canadian job-posting websites.
"Still, despite the increase, the recent declines in the index suggest that the slowdown in the labour market will continue for the next few months at least," the conference board said of the national data. "Indeed, employment gains have been modest in recent months, and we do not expect to see significant gains in the months ahead."
Only two provinces -- New Brunswick and Prince Edward Island -- posted declines in their indexes in November.
Read the full article here.