NEW YORK (Reuters) - Oil futures fell more than $2 a barrel on Wednesday after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. U.S. crude futures fell $2.22 to $64.82 a barrel. Brent crude futures were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT. The contract earlier touched $70.40 a barrel. U.S. crude inventories rose unexpectedly last week, climbing 6.8 million barrels in spite of refinery crude runs … [Read more...]
Rising U.S. natural gas exports to Mexico capped by pipe delays
U.S. natural gas exports to Mexico hit all-time highs this month, but a slower-than-expected build out of pipelines inside Mexico has kept increases far below available capacity at the border. The latest uptick in exports, driven by demand from Mexico's power sector, occurred after several Mexican pipelines began operation, allowing U.S. companies to send more fuel across the border, RBN Energy said in a report. Over the last decade, U.S. gas exports to Mexico via pipeline have more than … [Read more...]
U.S. drillers add most oil rigs since May
U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That rig count increase occurred desite U.S. crude prices … [Read more...]
U.S. oil reserve release will not guarantee lower pump prices: analysts
NEW YORK (Reuters) - American drivers are unlikely to see prices at the pump fall if the Trump administration releases crude from the Strategic Petroleum Reserve (SPR) because U.S. oil production already is sky high, analysts said. The potential release, ahead of the U.S. midterm elections in November, would aim to bring relief to customers who have seen gasoline jump 50 cents a gallon in the past year. Even if the release temporarily sends futures contracts lower, there is no guarantee … [Read more...]
IEA says calm in oil markets could be short-lived
Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the International Energy Agency said on Friday. "The recent cooling down of the market, with short-term supply tensions easing, currently lower prices, and lower demand growth might not last," the IEA, which oversees the energy policies of industrialised nations, said in a monthly report. Oil prices have rallied close to $80 per … [Read more...]
Saudi Arabia reassures Canada on oil supplies in row over jailed activists
A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. Saudi Arabia, infuriated by Canada's demand last week that jailed activists in the kingdom be released immediately, expelled the Canadian ambassador on Sunday, blocked imports of Canadian grain and ended state-backed educational and medical programmes in … [Read more...]
Saudi-Canada dispute will not affect oil supplies -Saudi minister
Saudi Arabia's diplomatic dispute with Canada will not affect state oil firm Aramco's clients in Canada, the country's energy minister said.Saudi oil supplies are not subject to political considerations, Khalid al-Falih said in remarks quoted by Saudi Arabia's state press agency early on Thursday.Riyadh on Sunday froze new trade with Canada and expelled the Canadian ambassador. It also ended state-backed educational and medical programs in a dispute that was sparked by Canada … [Read more...]
Heavy crude differential narrows slightly
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Tuesday:* Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, settled at $31.00 a barrel below the WTI benchmark crude futures , according to Shorcan Energy brokers. That compared with Friday's settle of $31.15 under WTI.* The differential has grown as U.S. refiners plan more extensive than usual downtime for maintenance this autumn, and pipelines are … [Read more...]
Canada’s takeover of Trans Mountain pipeline to close in late 2018 -proxy
Kinder Morgan Canada now expects a takeover of its Trans Mountain crude oil pipeline to close in late 2018, with the Government of Canada funding construction of the expansion project through closing, the company said in a proxy filed on Tuesday.Kinder Morgan Canada shareholders will vote on the Canadian government's proposed C$4.5 billion ($3.45 billion) takeover on Aug. 30, the company said in a July 27, 2018 letter to shareholders posted in the proxy. The Trans Mountain pipeline … [Read more...]
Oil up as U.S. sanctions on Iran expected to tighten supply
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply. West Texas Intermediate (WTI) crude futures CLc1 were up 59 cents at $69.60 a barrel and Brent crude oil futures LCOc1 were up 86 cents to $74.61 per barrel at 6.52 a.m. ET. A first batch of U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S. Eastern time (0401 GMT) on … [Read more...]
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