BOE Report

BOE Report Staff

  • X

Oil up to near US$102 amid concerns that Egypt crisis may threaten supplies

  The price of oil soared to above US$102 a barrel Wednesday for the first time in over a year as Egypt's political crisis intensified, raising the risk of fuel supply disruptions in the Suez Canal.A report showing an unexpectedly large fall in U.S. stockpiles of crude oil also helped boost prices.By early afternoon in Europe, benchmark crude for August delivery was up $1.86 at $101.46 a barrel in electronic trading on the New York Mercantile Exchange, having risen as high as $102.18 [Read more]

NB Premier says general discussion about pipeline at meeting with industry executives

  TORONTO - New Brunswick Premier David Alward says a proposed west to east pipeline was discussed, but only in general terms at a meeting with industry and corporate executives Tuesday in Toronto.Alward says the project was part of a broader round-table discussion about the development of a range of energy projects in Canada that was hosted by federal Natural Resources Minister Joe Oliver.He says his province is waiting on a decision by TransCanada Corp. (TSX:TRP) on whether it thinks [Read more]

Keystone XL gets the attention, but U.S. coal export plan raising alarm bells

  WASHINGTON - With TransCanada's Keystone XL pipeline dominating environmental debate in the United States, efforts by America's struggling coal industry to boost coal exports to Asia have flown largely under the public's radar.Freight trains almost two kilometres long are already hauling coal from Montana and Wyoming to the Pacific Northwest, where it's then shipped to energy-hungry Asian nations that have few qualms about burning the maligned fossil fuel. The $40-billion U.S. coal [Read more]

Oil rises near US$100 a barrel as Egypt protests continue, traders eye demand

  NEW YORK - Oil nearly reached US$100 a barrel for the first time this year, as traders worried about disruptions to Mideast supplies while anticipating an increase in oil demand in the U.S.U.S. benchmark crude for August delivery gained $1.61, or 1.6 per cent, to close at $99.60 a barrel in New York after rising as high as $99.87. Oil last crossed $100 a barrel on Sept. 14 of last year.In London, Brent crude rose $1 to finish at $104 a barrel on the ICE Futures exchange.Protests in [Read more]

Oil above US$98 a barrel as military issues ultimatum to embattled Egypt leader

  The price of oil advanced past US$98 a barrel Tuesday, underpinned by political unrest in Egypt that raised fears of disruption to global crude supplies.By early afternoon in Europe, benchmark West Texas Intermediate crude for August delivery was up 37 cents at US$98.36 a barrel in electronic trading on the New York Mercantile Exchange. The contract had jumped $1.43 to close at US$97.99 on Monday.After massive weekend protests in Egypt that continued Monday, the country's military [Read more]

No end in sight for protests against shale gas exploration in New Brunswick

  FREDERICTON - The New Brunswick government is pitching the development of a shale gas industry in the province as a potential economic boom and job creator, but opponents are strengthening their resolve to block the idea, right at the exploration stage.Since early June, there have been protests while SWN Resources conducts the latest series of seismic testing near Elsipogtog, north of Moncton.Chief Arren Sock of the Elsipogtog First Nation is calling for an immediate moratorium on [Read more]

CP says safety remains top priority despite layoffs and incidents

  MONTREAL - Canadian Pacific Railway says this week's bridge incident in Calgary and recent derailments shouldn't raise public concerns about its ability to safely move dangerous goods, including crude oil.The railway says despite recent layoffs the number of bridge and track inspectors hasn't been reduced.Calgary's mayor and union leaders have questioned whether CEO Hunter Harrison's announced job cuts have undermined safety. The company has cut its workforce by 15 per cent to 14,920 [Read more]

Natural gas processor Keyera shuts down Alberta EnviroFuels plant for repairs

  CALGARY - Natural gas processing company Keyera Corp. (TSX:KEY) said Friday that it has shut down its Alberta EnviroFuels plant for repairs.The company said the location was taken offline on June 15 due to problems that could not be fixed while the plant was running.Keyera said re-assembly of the process unit will begin shortly and it expects the plant will resume production of iso-octane in early July and reach normal production by mid-month.The company said the impact on sales was [Read more]

Price difference between Brent and WTI crude oil narrowing

Source: U.S. Energy Information Administration The Brent-WTI spread, the difference between the prices of Brent and West Texas Intermediate (WTI) crude oils, has narrowed considerably over the past several months. The spread, which was more than $23 per barrel ($/bbl) in mid-February, fell to under $9/bbl in April, and has ranged between $6/bbl and $10/bbl since then. The narrowing of the spread is supported by several factors that have: Lowered Brent (North Sea) prices because [Read more]

Calgary mayor blasts CP Rail over bridge failure; says he has many questions

  CALGARY – Calgary’s mayor says he has a lot of serious questions for CP Rail after a bridge across the Bow River failed and railcars carrying oil products derailed. Naheed Nenshi (nah-HEHD’ NEHN’-shee) says he wants to know why the bridge was last inspected on Saturday when water on the river was still at record levels. He says he knows a lot of employees have been laid off at the railway and he wonders how many of those layoffs were bridge inspectors. Railways are under [Read more]