President Donald Trump is expected to announce his final plans to expedite permitting for major infrastructure like oil pipelines on Wednesday, a move that environmentalists say will bypass public input. The proposal to update how the 50-year old bedrock National Environmental Protection Act (NEPA) is implemented is part of Trump’s broader campaign to cut environmental regulation to boost industry and fast-track projects that often take years to complete - an effort that has been blocked or [Read more]
Heavy discount narrows as takeaway capacity improves
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Tuesday as production rises have been limited and due to a rise in available pipeline capacity, traders said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $6.85 per barrel below WTI after settling at $7.05 below WTI on Monday, according to NE2 Canada Inc. "We see a combination of declines from non-oil sands barrels and modest declines from certain oil sands [Read more]
Heavy discount narrows as refiners bid up market
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Monday on signs of improved demand from refiners, traders said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.05 per barrel below WTI after trading at about $7.55 below WTI earlier in the session, according to NE2 Canada Inc. WCS settled at a discount of $7.95 on Friday. The market is also correcting after a steep slide last week, trade sources [Read more]
OPEC chief sees oil market moving closer to balance before key meeting
The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse. After July, the cuts are due to taper to [Read more]
Oil slips as traders expect OPEC+ to ease supply cuts
Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. U.S. West Texas Intermediate crude was at $40.17 a barrel, down 40 cents, or 1%. Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel. Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand [Read more]
Heavy discount narrows as reduced production offsets lower demand
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday as curtailed production levels eased price pressures from reduced oil demand. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.95 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of $8.50 under. The market is balanced, with curtailed production offsetting reduced refinery demand, a Calgary industry source said. Also [Read more]
U.S. oil & gas rig count falls to record low for 10th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row but the rate of decline has slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 258 in the week to July 10, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73%, below this time last [Read more]
Oil rises, heads for weekly decline as virus cases hit record
Oil prices rose on Friday, working to counter steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere would suppress fuel demand. U.S. oil rose 33 cents, or 0.8%, at $39.92 a barrel after a drop of 3% in the previous session. Brent crude was up by 25 cents, or 0.6%, at $42.58 a barrel after falling more than 2% on Thursday. Brent looks set for a weekly [Read more]
Heavy discount widens as producers ease production cuts
Canadian heavy crude's discount widened versus West Texas Intermediate (WTI) on Thursday as producers gradually restore some shut-in production. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.50 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settle of $7.90 under. Reduced production levels largely remain in place after spring curtailments, keeping differentials relatively tight, a Western Canadian industry [Read more]
Oil falls as coronavirus fears offset gasoline recovery signs
Oil prices drifted lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.30, or 3.19%, to $39.56 a barrel, after rising 0.7% on Wednesday. Brent crude futures slipped $1.11, or 2.61%, to $42.16, after gaining 0.5% on Wednesday. "The market's struggling to get strong conviction to the upside at the current point in time," said Lachlan Shaw, head [Read more]