Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units. The workforce reductions would primarily impact people working in Calgary and Houston, the company said in a statement to Reuters. The Calgary, Alberta-based company did not specify the number of employees it would let go. According to a regulatory filing, its principal operating unit TCPL had 2,635 [Read more]
US seeks 3 million barrels of oil for emergency reserve in September
The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022. President Joe Biden in 2022 ordered a sale of about 180 million barrels from the reserve to help calm oil prices after Russia's invasion of Ukraine. So far the U.S. has bought back nearly 26.3 million barrels at an average price of $76.47 a barrel, [Read more]
US natgas output down 7% as producers cut back amid price collapse
U.S. natural gas output fell about 7% over the past month as producers scaled back production following a collapse in prices to a 3-1/2-year low. Gas prices are down about 23% so far this year, after plunging 44% in 2023, as record production and weak demand from a mild winter left storage facilities at well above seasonally normal levels. Major producers, including Chesapeake Energy and EQT have responded by cutting production. Gas output in the U.S. Lower 48 states fell to an average of [Read more]
Exxon signals potential counter offer for Hess’s Guyana assets
Exxon Mobil Corp on Wednesday said it filed a contract arbitration disputing Hess Corp's proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp's pending deal for the assets. Exxon said the arbitration case will preserve its right to acquire Hess's 30% stake in the giant Stabroek offshore oil block, Senior Vice President Neil Chapman said in a conference on Wednesday. Stabroek, which is considered the largest oil discovery in decades, is the prize in [Read more]
US crude stocks rise more than forecast as refining ramps up – EIA
U.S. crude oil stockpiles last week rose less than expected as refining rates picked up sharply, data from Energy Information Administration (EIA) showed on Wednesday. Crude inventories rose for a sixth week in a row, building by 1.4 million barrels to 448.5 million barrels in the week ended March 1, the EIA said. Analysts had forecast in a Reuters poll a 2.1 million-barrel rise. Refinery crude runs rose by 594,000 barrels per day, while refinery utilization rates jumped by 3.4 percentage [Read more]
Canada’s top business executives urge pension funds to ramp up domestic investments
More than 90 top Canadian business leaders have signed an open letter to the country's finance minister and her provincial counterparts on Wednesday, urging the need to address the decline in domestic investments by pension funds. "We are concerned with the decline in Canadian investments by pension funds and its impact on the Canadian economy. Millions of Canadians have contributed to their pensions with wages earned in Canada," the letter said. The country's pension funds have cut [Read more]
Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects, sources say
Gulf oil giants Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said. The two energy giants are trying to exploit their fossil fuel resources while they can and with demand for the chilled fuel expected to grow by 50% by 2030, they are tapping opportunities in the United States which has [Read more]
Oil rebounds as OPEC+ output cuts override China, US demand concerns
Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the U.S., the world's two biggest crude consumers. Brent crude futures were up 17 cents to $82.21 a barrel at 0440 GMT after falling in the previous four sessions, while U.S. West Texas Intermediate crude futures rose 19 cents to $78.34 a barrel, after declining the past two days. China's economic growth target [Read more]
Saudi Arabia slightly raises Arab Light crude price to Asia
Top oil exporter Saudi Arabia raised the official selling price (OSP) for its flagship Arab Light crude to Asia in April in line with expectations, trade sources said. Saudi Aramco set the OSP for April-loading Arab Light crude to Asia at $1.70 a barrel over the Oman/Dubai average, slightly above the previous month's OSP of $1.50 a barrel. The price was in line with market expectations that Saudi Arabia would keep the OSP of its flagship Arab Light crude to Asia unchanged or up by 10-20 [Read more]
Heavy oil discount shrinks
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) shrank on Tuesday. * WCS for April delivery in Hardisty, Alberta began trading at $15.90 a barrel under WTI and ended the day at $15.75, according to brokerage CalRock. WCS had traded around $16.15 per barrel below the U.S. benchmark on Monday. * Canadian prices are supported by expectations that the Trans Mountain pipeline expansion will begin line fill in the coming [Read more]
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