Canada crude – Prices fall on ample supply, Whiting delays
7event By Shaun Al-Shatti @shaunalshatti on Oct 2 2013, 6:06p 3 WSOF Less than a year into its existence, World Series of Fighting is taking the next step towards global expansion. The promotion announced its acquisition of Canada’s Aggression Fighting Championship on Wednesday. AFC, which has staged 29 events since its inception in 2009 and been home to several current UFC fighters including Jesse Ronson and Sarah Kaufman , is expected to re-launch as World Series of Fighting Canada on December 7, 2013 with a show at Vancouver’s PNE Agrodome . Light heavyweight bruisers Anthony Johnson (15-4) and Mike Kyle (20-10-1, 2 NC) have been tapped to headline the event, which will also feature a rescheduled middleweight tourney bout between Elvis Mutapcic (13-2) and Jesse Taylor (26-9). “The launch of World Series of Fighting Canada is an incredibly exciting announcement for our promotion,” WSOF President Ray Sefo said in a statement. “From the beginning, we have maintained our desire to bring our elite-level mixed martial arts action to Canada and the great MMA fans that live there, as well as markets around the globe. We embrace this new division of our company that will allow us to make great strides into Canada, which has long proven to have one of the most passionate and knowledgeable MMA fan bases in the world.” As with prior events, WSOF 7 will air live on NBC Sports Network. In addition to the two announced bouts, promotion officials vowed to line WSOF 7’s card with “some of Canada’s brightest prospects.” “This is an incredible opportunity for us to showcase our Canadian fighters on a massive platform with NBC Sports Network as well as other network partners,” said WSOF Canada COO Darren Owen. “Our fans will be getting the chance to see world-class MMA fights, and they will be able to enjoy exciting events across our great country. We couldn’t be more excited for both our fighters and fight fans across Canada. We are thrilled to become part something as big as the World Series of Fighting Canada.” Latest From MMA Warehouse
Western Canada Select heavy blend for November delivery last traded at $32.90 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. That compares with a settlement price of $31.90 per barrel below the benchmark on Tuesday. Market players said increasing production volumes at Imperial Oil’s Kearl oil sands project were pushing the differentials wider. In addition, a planned overhaul of a crude distillation unit at Whiting has been moved back from October to November, sources said. The refinery is undergoing a $4 billion revamp to enable it to run cheaper heavy crude from Canada’s oil sands but the project, due to finish by the end of 2013, has been beset with delays. “There will be some further delays with the start-up of Whiting. People were looking at late October or November and now we have got supply coming that we thought would be taken up,” said Martin King, analyst at FirstEnergy Capital in Calgary. Light synthetic crude from the oil sands for November delivery also fell, trading $11.75 per barrel below WTI, compared with a settlement price on Tuesday of $10.60 per barrel below the benchmark. It was the widest differential for synthetic crude since the first quarter of 2012, according to Reuters data. Synthetic prices have dropped steadily since the summer, when they were trading at a premium to WTI, as production has risen at Syncrude’s northern Alberta oil sands project. Canadian Oil Sands Ltd, the largest-interest owner in Syncrude said oil sands operations produced an average of 291,000 barrels per day (bpd) in September, 38.6 percent higher than in August.
Air Canada Tops on S&P/TSX Ahead of Traffic Data
A day after The Democratic-led U.S. Senate voted to kill Republicans’ latest attempts to modify an emergency government funding bill, hopes the debt crisis would be resolved soon began to dwindle. The uncertainty spurred a jump in gold, which is seen as a safe-haven asset, as investors placed bets on the commodity. Gold stocks gained as a result. “The market continues to say: ‘This is a temporary blip, don’t get too distracted by it, but drive on, ‘” said Robert McWhirter, president and portfolio manager at Selective Asset Management Inc. Investors will start to panic only if the shutdown extends beyond a few weeks, he added. The Toronto Stock Exchange’s S&P/TSX composite index closed down 8.44 points, or 0.07 percent, at 12,839. Five of the 10 main sectors on the index were in the red. The financial group fell 0.4 percent. Royal Bank of Canada , the country’s biggest lender, dropped 0.5 percent to C$66.35. Toronto Dominion Bank gave back 0.3 percent to C$92.04. Energy shares shed 0.8 percent, with Canadian Natural Resources Ltd falling 1.8 percent to C$32.23 and having the biggest negative influence on the market. Suncor Energy Inc lost almost 1 percent to C$36.81.
WSOF acquires Canada’s AFC, launches World Series of Fighting Canada with Dec. 7 event
Air Canada (AC/A) rose 4.3 percent to C$3.90 at the close in Toronto today, the highest since Nov. 7, 2008, according to data compiled by Bloomberg. The Montreal-based carriers rally since August has pushed it to the top of the Standard & Poors/TSX Composite Index, ahead of second place Valeant Pharmaceuticals International Inc., which has gained 91 percent this year. August numbers were very, very strong and theres an expectation that September will also be strong, Cameron Doerksen , an analyst with National Bank Financial, said today in an interview. The airline usually reports traffic data in the first week of the month. Recent financings by Air Canada have lowered interest expenses and strong second-quarter financial results may be repeated in the third quarter, Doerksen said. Air Canada shares have also gained since being added to the benchmark index on Sept. 20. A message left with Peter Fitzpatrick , spokesman for the airline, wasnt immediately returned. Air Canada has had a great move, Chris Damas, an analyst at BCMI Research in Barrie, Ontario, said in a note. However, Id be selling into the strength today because we havent seen the September traffic numbers. To contact the reporters on this story: Doug Alexander in Toronto at firstname.lastname@example.org ; Caroline Chen in New York at email@example.com To contact the editors responsible for this story: David Scheer at firstname.lastname@example.org ; David Scanlan at email@example.com More News: