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Canadian gas prices drop for third straight week - THE CANADIAN PRESS
Gas prices fell on average across Canada for a third straight week, according to data from Kalibrate. A litre of regular fuel dropped 2.8 cents on average nationwide over the past seven days.
Lloydminster, a city straddling the Alberta-Saskatchewan border, booked the biggest weekly price drop, at 5.1 cents per litre. North Bay, Ont. and Thunder Bay, Ont., saw the largest price increases between Oct. 24 and Oct. 31.
On Thursday, Canadian gas station giant Parkland (PKI.TO) slashed its 2024 profit guidance due in part to weak fuel margins. (That's the selling price, minus input costs like crude, freight, and operating expenses.) The Calgary-based company also blamed a 13-week refinery outage for the weaker outlook.
Parkland's gas station brands include Pioneer, On the Run, and Chevron.
Meanwhile, earnings have started to roll in for Canada's biggest oil and gas companies.
Canadian Natural Resources (CNQ.TO)(CNQ) reported "another flawless quarter" on Thursday, according to RBC Capital Markets. Cenovus Energy (CVE.TO)(CVE) shares took a hit after the company booked less than half the profit in the same quarter a year ago. Veren (VRN.TO)(VRN) shares crashed as much as 17 per cent after the oil company cut its production forecast.
