Oil prices dropped on Wednesday on a surprise gain in crude oil inventories in the United States and as investors continued to worry about demand for fuel being squeezed amid tighter lockdowns in Europe to counter the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.46%, to $47.36 a barrel. Brent crude futures fell 20 cents, or 0.39%, to $50.50 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.46%, to $47.36 a [Read more]
Oil prices rise on vaccine hopes, ship explosion at Saudi Arabia
Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. U.S. West Texas Intermediate crude futures for January were up 9 cents, or 0.2%, at $46.63 a barrel. Brent crude futures for February rose 0.05 cents, or 0.14%, to $50.00 a barrel. Prices also extended gains amid supply jitters after a shipping firm said its oil tanker [Read more]
U.S. drillers add most oil and gas rigs since January
U.S. energy firms this week added the most oil and natural gas rigs in a week since January as producers keep returning to the wellpad with crude prices trading around $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 15 to 338 in the week to Dec. 11, energy services firm Baker Hughes Co said in its closely followed report on Friday. U.S. oil rigs rose 12 to 258 this week, while gas rigs rose the most in a week since April 2019, gaining [Read more]
Canada plans to ramp up carbon price as part of climate change fight
Canada plans to steadily ramp up its price on carbon, reaching C$170 ($132) a tonne by 2030 compared with C$30 now, as part of its plan to fight climate change, the Liberal government said on Friday. Canada, long lambasted by environmentalists for missing a string of emissions targets, is relying heavily on the measure to help meet 2030 commitments. Starting in 2023, the price will go up by C$15 a year until 2030. "The increasing price will make cleaner options more affordable and [Read more]
Heavy discount widens to biggest level in nearly 8 months
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Thursday to the biggest level in nearly eight months, reflecting additional production coming online after shut-ins: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.65 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settlement of $12.15 under. Modest widening is expected in 2021, but with no concerns about storage levels rising too [Read more]
Oil rises on vaccine rollout, concern on Iraq oilfield attack
Oil prices rose on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.88%, to $46.60 a barrel. Brent crude futures climbed 99 cents, or 2.1%, to $50.04 a barrel. "The market is looking past what looks like a difficult winter and peering into the optimistic lens [Read more]
Whitecap to buy TORC Oil & Gas for $552 million
Canadian oil producer Whitecap Resources Inc said on Tuesday it has agreed to buy rival TORC Oil & Gas Ltd in an all-stock deal valued at about C$552 million. The collapse in fuel demand due to coronavirus-related lockdowns has hammered energy companies in Canada, the fourth-largest global oil producer, triggering a wave of consolidation and cost-cuts in the sector. Cenovus Energy Inc said in October it had agreed to buy Husky Energy Inc for C$3.8 billion ($2.97 billion) in a deal that [Read more]
Oil holds as gloom grows over soaring COVID-19 cases, lockdowns
Oil prices maintained support on Tuesday, holding gains from the previous session that came as California tightened its pandemic lockdown through Christmas, and coronavirus cases continued to surge in the United States and Europe. U.S. West Texas Intermediate (WTI) crude futures fell 10 cents or 0.2%, to $45.53 a barrel. Brent crude futures rose 5 cents, or 0.1%, to $48.64 a barrel. Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict [Read more]
Heavy discount narrows slightly, trading in tight range
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed slightly on Monday, trading in a tight 15-cent-per-barrel range: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.25 per barrel below WTI, according to NE2 Canada Inc, a tad lower than Friday's settlement of $12.30 under. Demand for WCS looks to remain slack during the trading cycle with refinery operating rates below normal due to the pandemic hitting fuel [Read more]
U.S. natgas futures slide over 6% on milder weather, higher output
U.S. natural gas futures dropped more than 6% to a two-month low on Monday, weighed down by forecasts for warmer-than-usual weather that could result in lower heating demand over the next two weeks amid steady rise in production. Front-month gas futures for January delivery fell 17.5 cents, or 6.8%, to $2.400 per million British thermal units by 2:14 p.m. EST (1914 GMT), after touching its lowest since Oct. 2 at $2.381 earlier in the session. "The weather outlook for the rest of December [Read more]