Followed by a tough October, November also proved to be challenging for the energy industry – not just within Canada, but globally too. Certainly, Canada is dealing with its own challenges right now; however, WTI prices were down 22.0% month-over-month to the end of November whereas Canadian oilfield service equities were only down 9.4% over that same period. While it is easy to be pessimistic in the near term, we are optimistic that over the long term some of the challenges the industry, and notably Canada, have been facing will be resolved.
Ultimately, the energy industry is a vital part of Canada’s economy and, frankly, it’s great to start hearing companies and individuals vocalizing their support in favour of the industry.