Oil prices slipped on Friday, but both benchmarks posted a weekly gain on rising concerns over further Middle East supply disruptions due to U.S.-Iran political tensions. A deputy head of Iran’s elite Revolutionary Guards said on Friday Iran could “easily” hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran. Meanwhile Iran’s top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump. U.S. … [Read more...]
U.S. oil drillers cut rigs to lowest count since March 2018
U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row, with the rig count at its lowest since March 2018, as some drillers follow through on plans to cut spending. Despite those cuts, production in the nation's biggest shale formations was expected to keep rising from record levels. Drillers cut three oil rigs in the week to May 17, bringing the total count down to 802, below the 844 units operating a year ago, General Electric Co's Baker Hughes … [Read more...]
Canadian Senate committee passes amendments on Bill C-69
A Canadian Senate committee has passed 187 amendments to a controversial energy bill proposed by the Liberal government that would change how the environmental impact of major projects like oil export pipelines is assessed. The amendments, approved late on Thursday, were welcomed by the premier of Canada's main crude-producing province Alberta, but environmental groups warned they represent a step backwards in Canada's commitment to tackling climate change. Bill C-69 will now go back to … [Read more...]
Scheer pledges to limit spending, build energy corridor
Canada's Conservative Party leader Andrew Scheer on Thursday said if he is elected in the October national election he will rein in spending, build oil pipelines and put the country on a path to energy independence by 2030. In a 14-page speech delivered in Toronto, Canada's financial capital, Scheer attacked Liberal Prime Minister Justin Trudeau, who he says has "blown it all." It was the second of five promised policy speeches by Scheer following one on foreign policy last week. Scheer's … [Read more...]
U.S. oil output helps fill gap left by Iran, Venezuela
The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Wednesday. The IEA, which coordinates the energy policies of industrial nations, said Washington's decision to end sanctions waivers that had allowed some importers to continue to buying Iranian crude added to the "confusing supply outlook." "However, there have been clear and, in the IEA's view, very welcome … [Read more...]
Differentials weaken on curtailment uncertainty, strong supply
Canadian heavy and synthetic crude oil differentials weakened versus U.S. benchmark futures on Tuesday as market players waited for news on whether the Alberta government will adjust oil production curtailments. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $14.20 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Monday, WCS settled at $13.85 a barrel below WTI crude futures. The heavy crude … [Read more...]
Woodfibre targets 2023 start of British Columbia LNG export plant
Woodfibre LNG Ltd said Tuesday it plans to move forward with construction of its proposed C$1.4-C$1.8 billion liquefied natural gas export terminal in British Columbia later this year with the facility expected to be operational by 2023: That could make the Woodfibre plant the first LNG export facility in Canada. There are 18 LNG export projects under development in Canada, including Woodfibre, according to government data from Natural Resources Canada. Royal Dutch Shell Plc , meanwhile, … [Read more...]
Cash-rich Canadian oil firms favour buybacks as other options narrow
CALGARY, Alberta/WINNIPEG, Manitoba, May 14 (Reuters) - Canadian oil producers are raking in the highest revenues in five years thanks to strong global oil prices and Alberta's production cuts, but government intervention has hamstrung their spending abilities, encouraging many to buy back shares and pay down debt. Canada's main crude-producing province effectively became a mini-OPEC this year after the Alberta government imposed production quotas to relieve pipeline congestion and drain a … [Read more...]
China’s ramping up of tariffs on U.S. LNG means nothing, everything: Russell
China's decision to hike import duties on U.S. liquefied natural gas (LNG) is a move that means very little for the market in the short term, but it has the potential to deliver outsized consequences the longer the levies remain in place. As part of its latest round of retaliatory tariffs on U.S. imports, Beijing increased the duty on LNG shipments from 10 percent to 25 percent. This will make it even more uneconomic for Chinese buyers to purchase LNG cargoes from the United States. The 10 … [Read more...]
Oilfield services firm Weatherford to file for Chapter 11 bankruptcy
(Reuters) - Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection. The company, which at its peak was valued at more than $50 billion, never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum to quickly sell assets and pare debt struggled. Weatherford expects to reduce its long-term debt by more than $5.8 billion, through the … [Read more...]
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