BOE Report Staff

  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]

  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]

  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]

  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]

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 – 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]

  RT @daxjustin Close up picture of the CP train derailment in #Calgary via @TSBCanada pic.twitter.com/0ZlR6AmmlB (h/t @HouckisPokise)— The Weather Network (@weathernetwork) June 27, 2013 CALGARY - The City of Calgary says conditions have stabilized at the site of a bridge collapse that caused six cars to derail and start sinking into the Bow River. The city says the bridge has not collapsed any further since 9 a.m. Canadian Pacific Railway says five of the cars are [Read more]

CALGARY – The City of Calgary says a train has derailed on a bridge over the Bow River and five tanker cars carrying a petroleum product are slowly sinking into the water. Emergency management director Bruce Burrell says the cars are not leaking but the bridge is failing and slowly sinking into the river. “The bridge is continuing to drop as we speak so that distance between the failure point and where the bridge decking is, is starting to open up more,” he said. “So it appears that the [Read more]