Rob Roach, ATB Economics 

Oil and gas capital spending better but far from great

As expected, oil and gas extraction capital spending in Canada has improved since the lows reached last year due to the oil price crash and the onset of the pandemic.

Seasonally adjusted spending by oil and gas companies in the second quarter was 46.4% higher than during the same period last year for an increase of $1.8 billion.

There is still some catching up to do with spending over the first half of the year down by 10.3% ($1.3 billion), but forecasts suggest that the difference will be made up over the second half of the year.

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