(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Karen Kwok LONDON, April 5 (Reuters Breakingviews) - Abu Dhabi is flipping the script. In recent years, the United Arab Emirates’ leading light has blazed a trail by offloading minority stakes in subsidiaries of the Abu Dhabi National Oil Company (ADNOC). Wednesday’s acquisition of KKR and BlackRock’s 40% stake in ADNOC’s oil pipelines, by domestic investment fund Lunate, goes in the opposite [Read more]
Brent settles above $90 for first time since October on geopolitical tension
Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S. West Texas Intermediate (WTI) futures for May settled up $1.16, or 1.4% to $86.59 a barrel. Both contracts closed on Thursday at their highest levels since October and continued to climb after the session ended, having received [Read more]
Heavy oil differential stays around $12 after Trans Mountain sets startup date
The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) traded in the $12 range on Thursday, little changed from the previous session. WCS for May delivery in Hardisty, Alberta traded between $12.40 and $12.60 below WTI, according to brokerage CalRock. On Wednesday, May WCS ended the day at $12.55 below WTI. Trans Mountain said its expanded oil pipeline would start operating on May 1. The project's progress has been [Read more]
Enbridge wins approval to commence service on Louisiana Venice natgas pipe project
Canadian energy company Enbridge's Texas Eastern Transmission subsidiary received approval on Thursday from U.S. energy regulators to commence service of a natural gas pipeline associated with its Venice extension project in Louisiana. The Venice extension was designed to supply gas to Venture Global LNG's Plaquemines liquefied natural gas (LNG) export plant in Louisiana, which is under construction and expected to enter service between 2024 and 2026. The U.S. Federal Energy Regulatory [Read more]
U.S. manufacturers emerge from slump, set to boost fuel use: Kemp
U.S. manufacturers have finally pulled out of the long, shallow slump that started in the middle of 2022, which will support petroleum consumption especially for diesel and other middle distillates in the months ahead. The Institute for Supply Management's purchasing managers index for the manufacturing sector climbed to 50.3 in March (34th percentile for all months since 1980) up from 47.8 (18th percentile) in February. For the first time in 17 months, the index rose above the 50-point [Read more]
May startup of Trans Mountain oil pipeline expansion surprises analysts
Trans Mountain's expanded oil pipeline system will start commercial operations on May 1, the Canadian government-owned company said late on Wednesday, surprising analysts with an earlier than expected commencement on the long-delayed C$34-billion ($25.2 billion) project. Trans Mountain previously said startup would happen in the second quarter. WHY IT'S IMPORTANT Canada is the fourth-largest oil producer but output has been capped by full pipelines. Expanding Trans Mountain will [Read more]
US natgas prices slip 2% to 1-week low on milder forecasts
U.S. natural gas futures slid about 2% to a one-week low on Thursday on forecasts for milder weather over the next two weeks than previously expected, a smaller output decline so far this month and ample amounts of gas in storage. The price decline came despite a federal report showing an expected bigger-than-usual storage withdrawal last week when cooler-than-normal weather boosted heating demand for the fuel, and bullish forecasts for more demand over the next two weeks than previously [Read more]
Russia halved railway gasoline exports in March after fuel embargo
Russia cut railway exports of gasoline by half in March after imposing a fuel embargo, with rising domestic demand and unplanned refinery outages tightening its home market, data provided by two market sources and Reuters calculations showed. At the end of February Russia imposed a six-month ban on gasoline exports from March 1 to keep prices stable amid rising demand from consumers and farmers and to allow for maintenance of refineries in the world's second largest oil [Read more]
Heavy oil differential trades in $12 range
The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) traded in the $12 range on Wednesday, similar to the previous session. WCS for May delivery in Hardisty, Alberta, started trading at $12.50 below WTI, moved to as little as $12.20 and ended the day at $12.55 below WTI, according to brokerage CalRock. On Tuesday, May WCS traded between $12.40 and $12.65 below WTI. Trans Mountain plans to finish building the final [Read more]
US oil and gas output was severely hit by winter storm: Kemp
U.S. oil production dropped sharply at the start of the year as exceptionally cold weather for ten days in the middle of January caused widespread freeze offs at oil wells. Nationwide crude and condensates output was down by almost 24 million barrels or 0.8 million barrels per day (b/d) in January 2024 compared with December 2023. The monthly decline was the largest since Winter Storm Uri in February 2021 and before that the first wave of the coronavirus epidemic in March and April [Read more]
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