Oil pared some of its losses from earlier on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment. U.S. West Texas Intermediate (WTI) crude futures slipped 27 cents, or 0.55%, to $48.02 a barrel. Brent crude futures were down 9 cents, or 0.16%, to $51.18 a barrel, having fallen as much as 1.5% to $50.53 a barrel earlier in the session. "With President Trump signing [Read more]
U.S. drillers add oil and gas rigs for fifth week in a row
U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as higher energy prices prompt producers to keep returning to the wellpad in recent months. The oil and gas rig count, an early indicator of future output, rose 2 to 348 in the week to Dec. 23, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back [Read more]
Oil steadies as surprise U.S. stockbuild weighs
Oil steadied on Wednesday after earlier losses sparked by an unexpected rise in U.S. crude oil inventories, and as President Donald Trump rattled markets by threatening not to sign a long-awaited U.S. COVID-19 relief bill. U.S. West Texas Intermediate (WTI) crude futures bumped up 83 cents, or 1.74% to $47.59 a barrel. Brent crude futures were up 74 cents, or 1.49% to $50.55 a barrel. Both contracts fell nearly $1 earlier in the session. The American Petroleum Institute (API) reported on [Read more]
Canada criticized for clean fuel rules that hit poorest households hardest
Canada's New Democratic Party (NDP) opposition party criticized on Tuesday freshly-unveiled clean fuel standards, after a government impact analysis said higher fuel costs will hit lower- and middle-income households hardest. The Clean Fuel Standard, a key part of Ottawa's climate plan, was released in draft form last week and aims to reduce the carbon content of liquid fuels, such as those used in transportation and to heat homes. Prime Minister Justin Trudeau's Liberals say it will cut [Read more]
Oil drops as new coronavirus strain triggers demand recovery fears
Oil prices dropped further on Tuesday, adding to steep losses from the previous session, as a new strain of the novel coronavirus in the United Kingdom triggered concerns over fuel demand recovery. The fast-spreading new coronavirus strain has shut down much of Britain, and has prompted several countries to close their borders to British travellers and freight. U.S. West Texas Intermediate (WTI) crude futures fell 77 cents, or 1.67%, to $47.08 a barrel. Brent crude futures were down 72 [Read more]
Enbridge to expand storage at Cushing through pending acquisition
Enbridge Inc on Monday said that it will expand its liquids storage capabilities and connections through an acquisition of a facility from Blueknight Energy Partners, L.P. in Cushing, Oklahoma. The purchase of the facility includes 34 storage tanks for a total storage of approximately 6.6 million barrels, which would take the company's overall storage capacity at Cushing to approximately 26 million barrels, the company said. The $132-million-dollar purchase is expected to close in the [Read more]
Oil prices fall amid worries over new coronavirus strain
Oil prices slid in early trade as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel. U.S. West Texas Intermediate (WTI) crude was down 83 cents, or 1.7%, to $48.27 a barrel after also climbing 1.5% on Friday to its highest level since February. Brent crude dropped 97 cents, or 1.9%, to $51.29 a barrel by 0103 GMT after rising 1.5% [Read more]
U.S. drillers add oil and gas rigs for 4th week in a row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading over $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 8 to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was still 467 rigs, or 57%, below this time last year. The number of operating rigs [Read more]
Work stops on Trans Mountain pipeline over safety concerns
Work on expanding Canada's Trans Mountain oil pipeline has halted for more than two weeks due to safety concerns, the government-owned corporation said. Trans Mountain Chief Executive Ian Anderson cited multiple worker safety incidents during the past two months and said the shutdown was voluntary. Construction was scheduled to halt on Friday and resume Jan. 4. The Canada Energy Regulator said a worker was seriously hurt at a Trans Mountain site in Burnaby, British Columbia on Tuesday. In [Read more]
Oil prices hit nine-month high after U.S. crude stock draw
Oil prices hit a nine-month high early on Thursday after U.S. government data showed that crude stockpiles fell last week and on optimism over a coronavirus relief package in the United States. U.S. West Texas Intermediate (WTI) crude futures rose by 40 cents, or 0.83%, to $48.27 a barrel. Brent crude futures rose by 38 cents, or 0.74%, to $51.44. Both benchmarks hit their highest since early March. U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy [Read more]