Almost one in three workers in the oil and gas industry faced pay cuts in 2020, a worldwide survey showed on Tuesday, as the coronavirus crisis drove down fuel demand and prices. Oil and gas workers are still among the highest paid in the world, but a majority of those questioned said they felt less secure about their jobs than a year ago, as the shift to low-carbon energy sources pushed down investment in their industry. Salaries in the sector are closely tied to oil prices, which [Read more]
Oil prices fall on renewed coronavirus concerns as China cases mount
Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world’s second-largest oil user, after a jump in cases there. U.S. West Texas Intermediate (WTI) slipped 97 cents, or 1.85%, to $51.65 a barrel. WTI rose to its highest in nearly a year on Friday. Brent crude oil futures fell $1.09, or 1.94%, to $55.16 a barrel after earlier climbing to $56.39, its highest since Feb. 25, 2020. Brent rose [Read more]
U.S. drillers add oil and gas rigs for 7th week in a row
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row as higher energy prices have prompted producers to pull more fuel out of the ground in recent months. The oil and gas rig count, an early indicator of future output, rose nine to 360 in the week to Jan. 8, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite the gains in recent months, that count was still 421 rigs, or 54%, below this time [Read more]
Oil near 11-month highs on Saudi output cut pledge, equities rally
Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia's pledge to cut output continued to buoy market sentiment. U.S. West Texas Intermediate (WTI) gained 67 cents, or 1.31%, to $51.56. Brent crude climbed 81 cents, or 1.52%, to $55.22 a barrel. Both benchmarks are on track for gains of about 5% for this week. "Saudi's decision to make voluntary cuts to its output continued to provide support," said Hiroyuki Kikukawa, general [Read more]
Oil steady after U.S. Capitol drama; tighter supplies in focus
Oil prices were steady on Thursday after supporters of President Donald Trump stormed the U.S. Capitol, with investors focusing on the likelihood of tighter supplies after Saudi Arabia unilaterally agreed to cut output. U.S. West Texas Intermediate (WTI) gained 24 cents to $50.74, having slipped earlier in the Asian session. The contract rose 1.4% on Wednesday. Brent crude was up 20 cents at $54.35 a barrel after gaining 1.3% overnight. Saudi Arabia, the world's biggest oil exporter, [Read more]
Suncor restarts Fort Hills oil sands mining operations
Canada's Suncor Energy Inc has restarted operations at its Fort Hills oil sands mine in northern Alberta, a company spokeswoman said on Wednesday, after operations were halted last week following the deaths of two workers in a vehicle collision. "We have started a slow and safe restart at our Fort Hills operation and are prioritizing the safety and wellbeing of our people through this process," spokeswoman Lauren King said in an email. Suncor paused mining operations on Dec. 28 after a [Read more]
Canada’s oil sands hit record high production
Canada's oil sands production hit a record high in November, according to the latest regulatory data, and will likely continue to rise as producers ramp up output following the end of provincial government production curtailments in Alberta. Northern Alberta's oil sands account for roughly two thirds of crude output from Canada, which is the world's fourth-largest oil producer. Canadian producers, like their counterparts globally, endured a torrid 2020 as the COVID-19 pandemic hammered fuel [Read more]
Oil hits 11-month high after Saudi Arabia pledges voluntary output cut
Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week. U.S. West Texas Intermediate (WTI) futures reached $50.24 a barrel, also the highest since Feb. 26, before slipping to $50. The contract on Tuesday closed up 4.6%. Brent crude rose as much as nearly 1% to $54.09 a barrel, the highest since Feb. 26, 2020. [Read more]
Heavy crude at widest discount since April
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Tuesday. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, traded at $15.30 per barrel below WTI, according to NE2 Canada Inc, deepening from the previous day's settle of $15.05 a barrel under WTI. Tuesday's differential was the widest since April 2020. The Canadian crude market is digesting increased supply after production curtailments imposed by the Alberta [Read more]
Oil prices up on OPEC output cut talks, Iran tension
Oil prices rose by around $1 on Tuesday as tension simmered following Iran’s seizure of a South Korean vessel and as the OPEC+ group studied a possible production cut in February. U.S. West Texas Intermediate crude for February was at $49.46 a barrel, up $2.10 cents, or 4.51% Brent crude futures for March rose $2.03 to $52.78 a barrel, or 4%. Both contracts fell more than 1% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, failed [Read more]