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Nat gas storage builds well above expectations, futures prices sink

Working gas in storage was 1,734 Bcf as of Friday, April 26, according to EIA estimates. This represents a net change of +44 Bcf;well above estimates of ~+32 Bcf. As a result, U.S. nat gas futures on NYMEX sank more than 5% Thursday. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 26`[attr style="width: 25%"]April 19`[attr style="width: 25%"]Change East`704`686`+18 West`339`334`+5 Producing`734`714`+20 Total`1,777`1,734`+43 [/table] Source: EIA [Read more]

Shell CEO Voser to retire in 2014; company first quarter profit dips on lower oil prices

BY Toby Sterling, The Associated Press AMSTERDAM - Royal Dutch Shell PLC said Monday Chief Executive Peter Voser will step down in early 2014, and the company reported lower first-quarter profits in the wake of a decline in oil prices. The departure comes as a surprise, as Voser is just 54 years old and is well-regarded within the industry. Shell broke with a longstanding tradition of alternating British and Dutch chief executives with the July 2009 appointment of Voser, a Swiss [Read more]

US crude plummets on massive inventory build, weak US and China economic data

By The Associated Press/BOE Report NEW YORK, N.Y. - The price of oil dropped more than two per cent Wednesday after disappointing economic news from the world's two biggest oil-consuming countries and crude stock increase well above analyst estimates. U.S. commercial crude oil inventories increased 6.7 million barrels from the previous week, well above the expected build of ~1.0 million barrels. Total crude oil stocks of 395.3 million barrels are well above the upper limit of the average [Read more]

STEADY AS SHE GOES: CP Rail proceeding cautiously with railway crude business

  By David Friend, The Canadian Press TORONTO - The head of Canadian Pacific Railway (TSX:CP) says he believes there is enough room in the oil and gas industry for businesses to oil ship by rail and by pipeline. However, Hunter Harrison told the company's annual meeting that the railway is "proceeding cautiously" in the business and doesn't plan to build long-term infrastructure for what could be a short-term boom. "It's an opportunity but it's something we have to be pretty [Read more]

U.S. crude inventories build well above expectations

U.S. commercial crude oil inventories increased 6.7 million barrels from the previous week, well above the expected build of ~1.0 million barrels. Total crude oil stocks of 395.3 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 12.4 million barrels last week. [table] [attr style="width: 25%"]April 26`[attr style="width: 25%"]April 19`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Talisman Energy swings to US$213M loss in Q1 as revenue drops 45%

By The Canadian Press CALGARY - Talisman Energy Inc. (TSX:TLM.TO) has posted a more than $200- million loss in the first quarter as revenue was cut almost in half amid lower production and prices. The Calgary-based oil and gas company said its net loss in the period was US$213 million or 21 cents per share, reversing a year-earlier profit of US$291 million or 28 cents per share. Revenue fell about 45 per cent to just under $1.1 billion from $1.97 billion in the same 2012 [Read more]

Canadian Oil Sands net income drops in first quarter on plant outages

  CALGARY - Canadian Oil Sands Ltd. (TSX:COS) posted a big drop in profit for the first three months of the year as unplanned outages at the Syncrude oilsands mine took a bite out of production. Net income during the first quarter was $177 million, or 37 cents per share, down from $318 million, or 66 cents per share during the same period a year earlier, the company said Tuesday. That missed the average analyst estimate of 41 cents per share, according to Thomson [Read more]

Canadians must fight U.S. protectionism in the energy sector, Prentice says

By Heather Scoffield, The Canadian Press OTTAWA - Former Conservative cabinet minister Jim Prentice says Canadians need to step up their efforts to maintain free and open energy markets for Canada's oil, gas and electricity in the United States. Prentice, who is now a vice-president at CIBC, is in Halifax Tuesday to discuss how Canada will fare in a North America that is on the verge of being energy independent. "If we play our cards right, there will be profound opportunities for [Read more]

Suncor shares rise on dividend hike, share buyback, earnings beat

By Lauren Krugel, The Canadian Press CALGARY - Shares in Suncor Energy Inc. rose nearly five per cent Tuesday after Canada's biggest energy company hiked its dividend 54 per cent, announced a $2-billion share buyback and delivered first-quarter operating earnings that beat expectations. Suncor shares were at $31.02 in late-morning trading on the Toronto Stock Exchange, an increase of $1.38. Late Monday, Suncor announced that its quarterly dividend, payable June 25, will rise to 20 cents [Read more]

Deputy Alberta energy minister named chief executive of new provincial regulator

  CALGARY - Alberta's former deputy minister of energy and environment has been named CEO of the province's new oil and gas regulator. Jim Ellis will handle the day-to-day operations of the revamped energy watchdog, which has a $200-million budget and will employ nearly 1,000 people. Ellis says a big part of his job will be ensuring Alberta has good environmental oversight for Canadian oil and gas sold to international customers. The inability to access the best paying markets - [Read more]