U.S. energy firms reduced the number of oil rigs operating for the first time in four weeks as some companies expect output growth from shale formations to slow as producers cut spending on new drilling for a second consecutive year in 2020. Drillers cut 1 oil rig in the week to Feb. 28, bringing the total count down to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday. That is a decline of 20% from the same week last year when 843 rigs were [Read more]
Oil prices fall again, on track for biggest weekly drop in over 4 years
Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand. The virus, which has killed more than 2,700 people in China, has been found in another 46 countries and caused 57 deaths. Investors worry the epidemic could turn into a pandemic and deliver a damaging blow to the global economy. West Texas Intermediate (WTI) crude [Read more]
Canada to hold talks with indigenous group in bid to end blockades
A Canadian government minister was scheduled to open two days of talks with a major indigenous group on Thursday in a bid to end three weeks of rail and road blockades across the country that are harming the economy. Activists have disrupted passenger and freight traffic to show solidarity with the Wet'suwet'en people in the Pacific province of British Columbia, who are seeking to stop TC Energy Corp from building a gas pipeline over their land. Carolyn Bennett, the minister of [Read more]
Oil falls for fifth day on demand concerns as coronavirus spreads
Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand. West Texas Intermediate (WTI) futures fell by $2.40, or 4.85%, to $46.23 a barrel. Brent crude was down $2.17, or 4.1%, at $51.18 a barrel at 0414 GMT. In the five trading sessions through Thursday, Brent has dropped 11%, while WTI has declined 10.6%, their [Read more]
Oil falls on growing fears over coronavirus
Crude prices edged down on Wednesday as investors covered short positions after three sessions of losses, even as fears deepened that the rapid spread of the coronavirus will lead to a global pandemic. U.S. West Texas Intermediate crude lost 11 cents, or 0.2%, to $50.03 a barrel. Brent crude fell 29 cents, or 0.5%, to $54.71 a barrel. Both benchmarks are down nearly 7% since last Thursday's close. Fears of a pandemic escalated after the coronavirus spread to more countries, while [Read more]
Canada hit by new rail, road barricades in wake of arrests of indigenous protesters
Protesters in Canada blocked train lines, Vancouver's port entrance and at least one highway on Tuesday in response to the arrest of 10 indigenous protesters when police dismantled a rail barricade in southern Ontario a day ago. On Monday, police arrested some of the Tyendinaga Mohawk campaigners who had shut down the line in solidarity with the Wet'suwet'en from British Columbia, who are seeking to stop construction of a gas pipeline over their land. The new rail blockade at a junction of [Read more]
Teck pulls application for C$20.6 bln Frontier project, to take writedown
Teck Resources Ltd has withdrawn the application for its C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, the company said on Sunday, days before the federal government was to decide on whether to approve the controversial project. Teck said it would write down the C$1.13 billion carrying value of the project. The news was first reported by the Globe and Mail newspaper. The company released a letter by Teck Chief Executive Don Lindsay to Canada's environment minister, [Read more]
Canadian police move in to clear indigenous blockade of Ontario rail line
Police moved in on Monday morning to clear a rail blockade by an indigenous group in eastern Canada that had been stopping freight and passenger traffic for more than two weeks on one of the country's busiest lines. Canadian National Railway Co obtained an injunction against those preventing rail traffic from moving along its trunk line near Belleville, Ontario, on Feb. 7, but provincial police had taken a cautious approach until now. Dozens of Ontario Provincial Police (OPP) descended on [Read more]
U.S. oil rig count rises for third week in a row -Baker Hughes
The U.S. oil rig count rose for a third week in a row even though growth in the country's largest shale formation slows as producers cut spending on new drilling for a second consecutive year. Companies added one oil rig in the week to Feb. 21, bringing the total count to 679, their highest since the week of Dec. 20, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 853 active rigs. U.S. crude futures traded [Read more]
Oil falls as coronavirus spread beyond China heightens demand fears
Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market. U.S. crude was off by 97 cents, or 1.8%, at $52.75 a barrel. Brent crude was down $1.08, or 1.8%, at $57.98 a barrel. On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. The streets of Daegu, the country's fourth-largest city, were [Read more]