U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row for the first time since June 2018 as producers keep returning to the wellpad after crude prices held around $40 a barrel from mid June-late October. The oil and gas rig count, an early indicator of future output, rose four to 300 in the week to Nov. 6, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of [Read more]
Heavy discount stays flat, rising production in focus
Canadian heavy crude's discount versus West Texas Intermediate (WTI) was trading flat on Thursday, with the market focused on the impact of additional production coming to market. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded at $9.90 per barrel below WTI, according to NE2 Canada Inc, unchanged from the previous day's settlement. Canadian producers are raising production due to the lifting of Alberta government curbs and stable [Read more]
Heavy discount widens as supply increases
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Tuesday as producers gradually increased output. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled on Monday at $9.35 under. Rising crude production in Alberta is expected to modestly widen heavy differentials into the end of the year and early 2021, but demand from U.S. Gulf refiners has also [Read more]
Oil prices extend rally on U.S. election day
Oil prices extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. U.S. West Texas Intermediate (WTI) crude futures were up $1.13, or 3.1%, to $37.94 a barrel. Brent crude futures rose $1.13, or 2.9% to $40.10 a barrel at 1138 GMT on Tuesday. Both benchmarks gained nearly 3% on Monday. “The jump has borne all the hallmarks of a massive, logical and even [Read more]
Oil hits five month lows on renewed virus fears
Oil prices hit five-month lows and shares extended losses on Monday on worries about global demand as many economies slid back into coronavirus-induced lockdowns while upcoming U.S. presidential elections led to heightened caution. Risk appetite has taken a hit in the past week on the back of rising coronavirus cases and lockdowns, fears of the prospect of a tightly contested U.S. presidential election, absence of a pre-election U.S. fiscal stimulus and gloomy corporate outlook. Global [Read more]
Canada turns on oil taps as restrictions lift
Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta's government lifted restrictions and as demand for heavy oil surged. Some companies in Canada, the world's fourth-largest producer, continued to post big losses in the third quarter, swelled by impairment charges related to pandemic travel restrictions that have depressed fuel demand. Producers cut 972,000 barrels per day (bpd) in spring when prices set new lows, [Read more]
U.S. drillers add most oil and gas rigs in a month since May 2018
The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied. The oil and gas rig count, an early indicator of future output, rose for the ninth straight week, growing by nine to 296 in the week to Oct. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday. That, however, was still 526 rigs, or 64%, below this time [Read more]
Alberta, Saudi firm in talks on petrochemical plant
Alberta's government is in talks with a private Saudi company to open a C$5-billion to C$10-billion ($3.8 billion-$7.6 billion) petrochemical plant in Canada's main oil and gas producing province, the Globe and Mail newspaper reported on Friday. Alberta is offering incentives for developers to build more petrochemical plants to create desperately needed jobs and demand for the province's natural gas. The pandemic has hammered fuel demand, lowering crude prices and forcing energy producers to [Read more]
Coronavirus, consolidation taking toll on energy jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc . All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration [Read more]
Oil losses deepen, set for second monthly fall as virus spread
Global oil prices fell more than 1% on Friday, extending losses and on track for a second monthly fall, on growing concerns that the rise in COVID-19 cases in Europe and the United States could hurt fuel consumption. Brent crude slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel by 0628 GMT after touching a five-month low in the previous session. December Brent contract expires on Friday. U.S. West Texas Intermediate (WTI) crude declined 48 cents, or 1.3%, to $35.69 a [Read more]