Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Thursday, as global oil prices slipped and data showed supply cuts by major oil sands producers tempered storage builds. Crude oil inventories in Western Canada stood around 33.8 million barrels as of April 24, 5.7 million barrels lower than levels in January and about 3.3 million below year-ago levels, data provider Genscape said. Western Canada Select (WCS) heavy blend crude for June [Read more]
Oil gains as U.S. inventories grow less than feared while coronavirus slashes demand
Oil prices rose on Thursday after U.S. inventories swelled less than expected, but market watchers predicted further gains could be capped by the ongoing glut in crude supplies as the coronavirus pandemic crushes fuel demand. U.S. oil gained $1.80, or 7.11%, to 27.29 a barrel, after declining more than 2% in the previous session. Brent crude was up by $1.55, or 5.2%, to $31.38 a barrel 0044 GMT, after falling earlier in the Asian session and dropping 4% on Wednesday. "The latest [Read more]
Heavy discount widens as oil glut grows
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Wednesday, as rising inventories offset hopes for a recovery in fuel demand that has been pummeled by the coronavirus pandemic. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.50 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $4.85 under. U.S. crude stocks and distillate inventories rose while gasoline [Read more]
Canada’s Imperial Oil says 50 birds died after landing on its tailings ponds
About 50 birds have died in Canada's oil heartland of Alberta after landing on tailings ponds at Imperial Oil's Kearl Lake site, the integrated energy company said on Tuesday. Since April 26, there have been several days when more than more than 100 birds - mostly grebes and shorebirds - have landed on tailings ponds, a spokesman for the company told Reuters. Over this period, about 60 oiled birds have been collected, of which 50 have died, the spokesman said. Partially oiled birds are [Read more]
Oil prices fall as rising U.S. inventories reassert supply concerns
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down $1.68 at $25.43 a barrel at 0201 GMT. WTI has snapped a five-day winning streak. Brent crude futures were down $2.01 at $30.97 a barrel, or [Read more]
Devon reports bigger quarterly loss on $2.8 bln impairment charge
Oil and gas producer Devon Energy on Tuesday reported a bigger quarterly loss as it took a non-cash impairment charge of $2.8 billion, and said it expects to cut 10,000 barrels of oil per day in the second quarter as oil prices cratered to historic lows. Net loss attributable to the company was $1.82 billion, or $4.82 per share, in the first quarter, from a loss of $317 million, or 74 cents per share, a year earlier. Total production rose to 348,000 barrels of oil equivalent per day [Read more]
No injuries after Enbridge’s natgas pipeline explodes in Kentucky
No injuries were reported in an explosion on Enbridge's Line 10 pipeline, part of its Texas Eastern Natural Gas System, in a wooded area in Fleming County, Kentucky on Monday evening, WKYT news reported on its website. "Our crews are on site and have secured the area. The impacted section of pipe was shut-in following the incident and remains isolated," Enbridge earlier said in an update on its website, referring to an "incident" on the 30-inch pipeline. The company did not respond to a [Read more]
Heavy discount widens as lockdown restrictions ease
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday, as moves by some countries to ease lockdown measures propelled global oil prices while data showed Canadian crude oil exports to the U.S. fell. Canadian oil exports to the United States dropped to 3.74 million barrels per day (bpd) in March, down 130,000 bpd from 3.87 million bpd in February, Statistics Canada said on Tuesday. Western Canada Select (WCS) heavy blend crude for June [Read more]
Saudi Arabia’s oil exports to drop in May as demand slides
Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related [Read more]
Oil prices rise on demand prospects as lockdowns start to ease
Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 per barrel and were up 6.5%, or $1.33, at $21.72 at 0454 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude futures hit a high of [Read more]