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Oil pulls back after IEA report sees supplies exceeding demand in 2014

By Pablo Gorondi - THE ASSOCIATED PRESS The price of oil fell back below $106 a barrel Thursday after a report from the International Energy Agency said oil supplies would exceed the expected rise demand in 2014, partly on the back of growing production in North America. By early afternoon in Europe, benchmark crude for August delivery was down $1.06 to $105.46 in electronic trading on the New York Mercantile Exchange. Earlier in the session, the Nymex contract peaked at $107.45. The last [Read more]

Head of rail company visits grieving Quebec town

LAC-MEGANTIC, Quebec (AP) -- The head of the rail company whose runaway oil train set off a fiery explosion that left at least 15 people dead and incinerated 30 buildings was visiting the shell-shocked town in Quebec on Wednesday, as officials upped the number of missing to 45. Edward Burkhardt, president and CEO of the railway's parent company, Rail World Inc., was expected a day after police announced they were pursuing a painstaking, wide-ranging criminal investigation of the inferno [Read more]

Shell to spend $115 million on pollution control

HOUSTON (AP) -- Shell Oil has agreed to spend at least $115 million to cut harmful pollution at a Houston-area refinery. The oil giant will also pay a $2.6 million civil penalty under the settlement announced Wednesday. Shell settled with the U.S. Environmental Protection Agency and the Department of Justice after it was accused of violating the federal Clean Air Act. Shell will install a $1 million system to monitor cancer-causing benzene levels along the fence line of its Deer Park [Read more]

Alberta regulator approves oilsands expansion

  CALGARY - Alberta's energy regulator has recommended approval of Shell Canada's plan to expand oilsands production, even though it acknowledges the environmental impacts will likely be so severe and "irreversible" that new protected areas should be created to compensate for the damage. A 413-page report contains an extensive list of recommendations and conditions for both governments and Shell (NYSE:RDS) and contains some of the most strongly worded language yet on the industry's [Read more]

Athabasca on hunt for Duvernay partner

  CALGARY - Athabasca Oil is looking for a joint-venture partner to help develop its land in Alberta's Duvernay shale this year, CEO Sveinung Svarte said Wednesday. The Calgary-based oil company (TSX:ATH) intends to begin a formal process to find a deal, Svarte said at the TD Securities Calgary Energy Conference. Athabasca disclosed nearly a year ago that it was in the early stages of forming a joint venture for its Hangingstone and Birch oilsands properties, though no deal has [Read more]

Crude focus of deadly railway crash, but far more chemicals transported by rail

  MONTREAL - The explosive railway crash in Lac Megantic, Que., has put the focus on the growing transportation of crude oil, but far more hazardous materials, including dangerous chemical compounds, are transported near Canadian communities.Canadian railway companies shipped 86,000 carloads of petroleum products in the second quarter, up 18 per cent from last year and 62 per cent from 2011.But railways transported 154,000 carloads of chemicals during the recent period, 79 per cent more [Read more]

Quebec oil train derailment sparks criminal probe

LAC-MEGANTIC, Quebec (AP) — Quebec police are pursuing a painstaking, wide-ranging criminal investigation of the inferno ignited by the derailment of a runaway oil train that killed at least 15 people and left dozens missing in the burned-out ruins of a downtown district. Quebec police inspector Michel Forget ruled out terrorism as a cause, but said that an array of other possibilities remain under investigation, including criminal negligence. Other officials have raised the possibility that [Read more]

Oil above $105 on report of falling US stocks

  The price of oil pushed above US$105 a barrel Wednesday after a report indicated that U.S. crude stockpiles fell by far more than expected last week, in a potential sign of growing demand in the world's largest economy.By early afternoon in Europe, benchmark West Texas Intermediate crude for August delivery was up $1.61 to US$105.14 a barrel in electronic trading on the New York Mercantile Exchange. Oil was trading at its highest price since early May 2012.The advance came after [Read more]

Rail delivery of U.S. oil and petroleum products continues to increase

An EIA Report With U.S. crude oil production at the highest level in two decades, outstripping pipeline capacity, the United States is relying more on railroads to move its new crude oil to refineries and storage centers. The amount of crude oil and refined petroleum products transported by rail totaled close to 356,000 carloads during the first half of 2013, up 48% from the same period in 2012, according to Association of American Railroads (AAR). U.S. weekly carloadings of crude oil and [Read more]

No rules against leaving unattended trains on main tracks: Transport Canada

  OTTAWA - Transport Canada says there are no rules against leaving an unlocked, unmanned, running locomotive and its flammable cargo on a main rail line uphill from a populated centre.Officials with the federal rail regulator say they are looking at the overall safety of the rail system after the devastation wrought on the weekend by a runaway 73-car train carrying crude oil east through Quebec.The downtown of Lac-Megantic was flattened when an unattended train rolled in and exploded [Read more]