Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, in slow trade during the U.S. Independence Day holiday. Canadian differentials have compressed due to deep oil curtailments in spring, although improving prices have encouraged producers to restore some volumes. 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, narrower than Thursday's settle of [Read more]

Canada's Supreme Court dismissed an appeal on Thursday of a lower court decision that had backed Ottawa's approval of expanding the Trans Mountain oil pipeline, removing a potential major obstacle to completion. The top court posted the decision on its website without further detail. The pipeline has put Prime Minister Justin Trudeau's Liberal government, which bought it in 2018 to ensure the expansion overcame legal and regulatory obstacles, in a political quandary. He has promised to [Read more]

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.8%, to $40.31 a barrel. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT. Both benchmarks rose more than 2% on Thursday, buoyed by stronger-than-expected U.S. jobs data and a fall in U.S. crude inventories. [Read more]

U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have 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 two to an all-time low of 263 in the week to July 2, according to data on Thursday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73%, below this time last [Read more]

Oil prices rose slightly on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million jobs in June, the Labor Department reported on Thursday, beating expectations. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.95%, to $40.20 a barrel, adding to a 1.4% rise on [Read more]

U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Gulf of Mexico, the report said. The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month was 12.73 million bpd, down [Read more]

Oil prices fell on Tuesday as optimism for a straightforward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya's state oil company flagging progress on talks to resume exports. U.S. West Texas Intermediate (WTI) crude futures fell as much as 44 cents, but recovered slightly after stronger-than-expected Chinese factory data. By 0201 GMT they were trading down 26 cents, or 0.7%, at $39.44 a barrel, having jumped 3% on Monday. Brent crude [Read more]

Oil prices rose on Monday, supported by improving economic data and supply cuts by major producers, though a spike in new coronavirus infections around the world capped the gains as some countries were forced to reimpose partial lockdowns. U.S. crude was up 60 cents, or 1.6%, at $39.09. Brent crude rose 52 cents, or 1.3%, to $41.54 a barrel by 1215 GMT.  Both contracts had fallen almost $1 earlier in the session. Crude prices found some support as profits at China’s industrial firms [Read more]

U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. In Canada, the oil and gas rig count fell by four this week to a fresh all-time low of 13, according to Baker Hughes. That was 111 rigs, or 90%, below this time last year. The U.S. oil and gas rig count, an early indicator of future output, fell by one to an all-time low of 265 in the week to June 26, [Read more]