Oil prices rose on Wednesday, supported by an OECD forecast for global economic recovery and by OPEC+ oil output curbs, though gains were capped by rising U.S. inventories. U.S. West Texas Intermediate crude rose $1.05, or 1.66%, to $64.84. Brent crude rose $1.18, or 1.73%, to $68.34 a barrel. The pandemic-hit global economy is set to rebound with 5.6% growth this year and expand 4% next year, the Organisation for Economic Cooperation and Development (OECD) said in its interim economic [Read more]
Oil prices steady on expected economic recovery, likely drawdown in oil stocks
Oil prices remained steady on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States. But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains. U.S. West Texas Intermediate (WTI) crude for April dipped 10 cents, or 0.16%, to $64.52. Brent crude futures for May dropped 2 [Read more]
Brent cracks $70 for first time since pandemic began after Saudi facilities attacked
Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures for May reached $71.16 a barrel in early Asian trade and were at $70.76 a barrel, up $1.40, or 2%. U.S. West Texas Intermediate (WTI) crude for April rose $1.32, or 2%, to $67.41. The front-month WTI price touched $67.86 a barrel earlier, the [Read more]
Canada unveils GHG reduction credits to boost carbon trading market
Canada released draft regulations on Friday detailing how projects that reduce or remove greenhouse gas (GHG) emissions can earn tradable credits, a major part of the government's climate plan as it aims to cut carbon emissions. Canada, which is the world's fourth-largest oil producer and one of the highest greenhouse gas emitters on a per capita basis, has committed to reducing its climate-warming GHG emissions to 30% lower than 2005 levels by 2030, and is targeting net-zero emissions by [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose one to 403 in the week to March 5, still its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count has increased for the past seven months after dropping to a record low of 244 in August, according to Baker Hughes data [Read more]
Oil prices surge as OPEC+ extends output cuts into April
Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures were up $1.90, or 3.01%, to $65.91 per barrel. Brent crude futures for May rose $2.06, or 3.08%, to $69.06 a barrel, and was on track for a near 2% gain in the week. Both contracts surged more than 4% on Thursday after the [Read more]
Oil strengthens on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories
Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support alongside a drop in U.S. fuel inventories. U.S. West Texas Intermediate (WTI) crude futures gained $1.02, or 1.68% to $62.06 a barrel. Brent crude futures added $1.13, or 1.8%, to $65.03 a barrel, after climbing more than 2% on Wednesday. "Prices hinge on Russia's and Saudi Arabia's preference to add more [Read more]
Canadian Natural Resources beats profit estimates, boosts dividend
Canadian Natural Resources Ltd beat analysts' estimates for fourth-quarter profit on Thursday, as crude prices staged a steady recovery during the period from pandemic-driven lows, also helping boost its dividend. An uptick in crude and natural gas prices has given operators some respite after a tumultuous 2020, when the COVID-19 pandemic wiped out one-fifth of global demand for fuel. After falling to record lows in the spring, Brent crude prices averaged around $45 per barrel in the [Read more]
Value of existing energy pipelines grows as ESG targets block new projects
Existing energy pipelines in North America are becoming increasingly valuable because investor focus on environmental, social, and corporate governance (ESG) issues is making it more difficult to finance new infrastructure, midstream industry executives said on Wednesday. The "tobaccofication" of the energy industry in recent years has led to less money flowing to the midstream sector as investors and the public increasingly focus ESG investments, Peter Bowden, global head of energy [Read more]
Oil rises on demand hopes after days of sell-off
Oil prices rose on Wednesday, boosted by demand hopes on progress made in U.S. vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting and a big build in U.S. crude stocks capped gains. U.S. West Texas Intermediate (WTI) crude futures rose $1.34 cents, or 2.25%, to $60.80 a barrel recovering from three days of losses. Brent crude futures rose $1.15 cents, or 1.84%, to $63.58 a barrel, up from four days of losses. Both futures had [Read more]