The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for November delivery in Hardisty, Alberta, settled at $10.75 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Friday's close of $11. * Canadian pipeline operator Enbridge's Mainline system — which transports oil from Alberta to various markets in Canada and the U.S. — is not at apportionment in October. Apportionment is an industry term [Read more]
Exxon expects up to $300 million boost to Q3 upstream earnings from oil prices
Exxon Mobil said on Monday changes in crude oil prices over the third quarter could impact the company's upstream earnings from negative $100 million to as much as a positive $300 million. The company also signaled in a regulatory filing that stronger margins in the refining business could boost earnings by $300 million to $700 million, compared with the second quarter. Benchmark Brent crude prices averaged $68.17 per barrel from July through September, up 2% from the previous quarter. [Read more]
Surging OPEC+ oil output leaves market with shrinking shock absorbers: Bousso
OPEC+'s continued oil output increases are eroding the group's spare production capacity, a vital cushion that has helped to mitigate volatility in recent years. Energy traders may therefore face rockier days ahead. The prevailing belief in oil markets over the past three years has been that any supply shortfalls could be swiftly met by OPEC+, the group of producers and allied nations including Russia, after they jointly cut output in 2022, ultimately slashing production by as much as 5.85 [Read more]
Discount on Western Canada Select unchanged
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures was unchanged on Friday. WCS for November delivery in Hardisty, Alberta, settled at $11 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, flat on Thursday's close. * Canadian pipeline operator Enbridge's Mainline system — which transports oil from Alberta to various markets in Canada and the U.S. — is not at apportionment in October. Apportionment is an industry term for the [Read more]
US crude exports rise to 1.5-year high strong Asian demand, US refinery maintenance
Exports of U.S. crude oil climbed to the highest level in over a year and a half in September, ship tracking data showed, as U.S. refineries began seasonal maintenance and Asian demand increased. U.S. crude exports rose to an average of 4.2 million barrels per day in September, the highest since February 2024, according to data from ship tracking firm Kpler. Exports had eased in July to their lowest levels in nearly four years on low domestic supplies and as Asian and European buyers found [Read more]
Chevron puts $2 billion Colorado pipeline assets for sale, sources say
Chevron is selling a collection of pipeline assets in the Denver-Julesburg shale basin that are likely to fetch more than $2 billion, people familiar with the matter said. Investment bankers at Bank of America have been working in recent weeks to solicit potential interest in the infrastructure, which was largely inherited from the oil major's acquisition of Noble Energy in 2020 and its subsequent full takeover of Noble's midstream business a year later, said the sources, who asked not to be [Read more]
US drillers report oil and gas rigs unchanged for the week at 549, says Baker Hughes
U.S. energy firms this week kept the number of oil and natural gas rigs virtually unchanged, energy services firm Baker Hughes said in its closely followed report on Friday. The rig count including a miscellaneous category, an early indicator of future output, was steady at 549 in the week to October 3. Baker Hughes said the total count was down 36 rigs, or 6.2% below this time last year. Baker Hughes said oil rigs fell by two to 422 this week, while gas rigs rose by one to 118. The oil [Read more]
Biden ban on offshore drilling in vast areas was illegal, court rules
Former U.S. President Joe Biden exceeded his authority by withdrawing large areas along U.S. coastlines from future offshore oil and gas development, a federal judge in Louisiana ruled on Thursday. U.S. District Judge James Cain in Lake Charles, Louisiana, sided with Republican states and oil and gas industry groups that sued to block Biden's move to protect all federal waters off the East and West coasts, the eastern Gulf of Mexico and portions of the northern Bering Sea in Alaska. Biden, [Read more]
Oil on track for steepest weekly plunge in 3-1/2 months
Oil prices rose slightly on Friday after four straight sessions of declines but were on track for their steepest weekly decline since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns. Brent crude futures gained 18 cents, or 0.3%, to $64.29 a barrel by 0000 GMT. U.S. West Texas Intermediate crude climbed by 19 cents, or 0.3%, to $60.67 a barrel. If prices do not further recover in this session, Brent could close at the lowest [Read more]
Goldman Sachs maintains Nov-Dec Henry Hub gas price forecast at $4.00/mmBtu
Goldman Sachs has kept its forecast for Henry Hub gas prices unchanged, with November–December delivery contracts seen at $4.00 per million British thermal units (mmBtu) and 2026 prices seen at $4.60 per mmBtu, the bank said in a note on Thursday. "We believe we are quickly approaching a period when the market’s focus will more sustainably shift towards 2026 tightness concerns," the bank noted. (Reporting by Anjana Anil in Bengaluru; Editing by Muralikumar Anantharaman) [Read more]
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