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NRC teams with private companies to fund Carbon + Algae = Biofuels

  CALGARY – The federal government and two private companies are planning to build a $19-million plant that will use algae to convert greenhouse gas emissions from an oilsands site into useful products such as biofuels. The National Research Council says its will contribute $9.5 million toward the joint project with energy giant Canadian Natural Resources Ltd. (TSX:CNQ) and Pond Biofuels. The plant will be built at Canadian Natural’s Primrose South oilsands site near Bonnyville, [Read more]

Oliver on the defensive as he ends oilsands promotion tour through Europe

  OTTAWA - Joe Oliver's public-relations tour through Europe is ending as it began — with the natural resource minister on the defensive not just about Canada's oilsands but also about his own reaction to criticism. Oliver is flying back today from the U.K., after a whirlwind trip through Israel, Brussels, Paris and London to promote Canada's approach to oil and gas production. But even as he pleads with Europe to accept bitumen from the oilsands, he also lashes out at critics for [Read more]

Natural gas storage builds 88 Bcf, in-line with estimates

Working gas in storage was 1,865 Bcf as of Friday, April 26, according to EIA estimates. This represents a change of +88 Bcf; in-line with estimates of ~+89 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]May 3`[attr style="width: 25%"]April 26`[attr style="width: 25%"]Change East`756`704`+52 West`344`339`+5 Producing`765`734`+31 Total`1,865`1,777`+88 [/table] Source: EIA [Read more]

Enbridge sees few obstacles to expand Alberta-Wisconsin oil pipeline

CALGARY – Enbridge Inc. is seeking U.S. approval to pump more crude through an Alberta-to-Wisconsin pipeline — a process the company expects will be easier than the one TransCanada Corp. is facing with its Keystone XL pipeline. “I think I’d point out that this is a little bit of a different situation,” Enbridge CEO Al Monaco told analysts on a conference call Wednesday to discuss the company’s first-quarter results. “We’re talking about a relatively limited amount of work here from an [Read more]

556,000 bopd: Alberta produces record conventional crude in 2012, reserves shoot up

By Bill Graveland, The Canadian Press CALGARY - Alberta's energy regulator says higher oil prices and new technology have led to the largest increase in decades of both conventional oil production and reserves. In its latest report the Energy Resources Conservation Board records a 14 per cent increase in production in 2012 and 9.5 per cent increase in reserves over 2011 levels, due to the higher production rates from horizontal wells. Alberta's crude oil production totalled 556,000 [Read more]

Oil near $96 as U.S. supplies rise, refineries ramp up; gasoline demand weak

The Associated Press NEW YORK, N.Y. – The price of oil held onto small gains Wednesday after the government reported a slight increase in U.S. crude supplies. By early afternoon in New York, benchmark crude for June delivery was up 36 cents to US$95.98 a barrel. The contract fell 54 cents to finish at $95.62 per barrel on Tuesday. The U.S. Energy Department said oil supplies grew last week by 200,000 barrels to 395.5 million barrels, which is 4.2 per cent above year-ago levels. Analysts [Read more]

Enbridge adjusted earnings beat expectations, but pace not expected to last

By Lauren Krugel, The Canadian Press CALGARY - Enbridge Inc. is seeking U.S. approval to pump more crude through an Alberta-to-Wisconsin pipeline — a process the company expects to be easier than the one TransCanada Corp. is facing with its Keystone XL pipeline. "I think I'd point out that this is a little bit of a different situation," Enbridge CEO Al Monaco told analysts on a conference call Wednesday to discuss the company's first-quarter results. Enbridge (TSX:ENB) won't be laying [Read more]

Alberta NDP calls on province to release energy pipeline safety report

By John Cotter, The Canadian Press EDMONTON - The New Democrats say it's time for the Alberta government to release a report on the safety of oil and natural gas pipelines in the province. Alberta Energy Minister Ken Hughes ordered the safety assessment last summer following three oil pipeline spills, including one that polluted part of the pristine Red Deer River. An engineering firm completed the technical report last fall and presented the findings to the government, which sent the [Read more]

Oil slips on expectation U.S. supplies are growing and report on Saudis output

  NEW YORK, N.Y. – The price of oil fell Tuesday on expectations of another increase in U.S. oil supplies. West Texas Intermediate, the benchmark crude in the U.S., fell 54 cents to finish at US$95.62 per barrel on the New York Mercantile Exchange. The U.S. Energy Department releases its weekly report on U.S. oil inventories Wednesday. Addison Armstrong, senior director of market research at Tradition Energy, expects supplies rose by 2.8 million barrels in the week ended May 3. [Read more]

TSX flat, while Dow breaks 15,000

By Linda Nguyen, The Canadian Press TORONTO - The Toronto Stock Market stayed relatively flat Tuesday as it was dragged down by dropping commodity prices and earnings reports from a number of big-name companies. The S&P/TSX composite index was down 0.7 points at 12,474.52, while the Canadian dollar climbed 0.18 of a cent to 99.50 cents US. The resource-heavy TSX initially opened lower, then jumped back and forth between positive and negative territory throughout the morning. The TSX [Read more]