Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude was trading unchanged on Thursday, the final day of the month's trading cycle. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $16.80 per barrel below WTI, according to NE2 Canada Inc, matching Wednesday's settle. Protests have continued across Canada related to opposition to the Coastal GasLink pipeline, blocking rail lines. It is surprising [Read more]
Heavy discount widens as protests slow rail traffic
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude widened on Wednesday as protests slowed the country's rail shipments. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $16.85 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $16 under. Protests related to the Coastal GasLink pipeline continued for a sixth day. Oil producer Cenovus Energy said the blockades could [Read more]
Why are indigenous groups protesting a Canada gas pipeline?
Protests broke out in many parts of Canada over the past week, triggered by arrests of dozens of protesters on traditional indigenous land along a route for TC Energy Corp's planned Coastal GasLink pipeline. The demonstrations have disrupted freight and passenger rail and Canadian Prime Minister Justin Trudeau on Wednesday urged protesters to find a quick solution. WHAT ARE THE PROTESTS ABOUT? The flashpoint was police arrests that started last week in northern British Columbia of [Read more]
Trudeau urges quick end to protests blocking rail lines
Canadian Prime Minister Justin Trudeau on Wednesday urged those blocking rail lines in protest against the construction of a natural gas pipeline to find a quick solution, as police warned they were ready to step in and end the standoff. Anti-pipeline protesters near tracks in Ontario, Canada's most populated province, disrupted passenger trains and goods transportation for a sixth straight day on Wednesday. The Ontario blockade of the Canadian National Railway (CN) line is in support of [Read more]
Oil jumps as slowdown in new China coronavirus cases eases fuel demand concerns
Oil prices climbed on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic. U.S. West Texas Intermediate (WTI) rose $1.45, or 2.9%, to $51.94 a barrel. Brent crude was up $1.72, or 3.16%, at $55.88 per barrel. According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest [Read more]
Heavy discount narrows to nearly three-month low
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday to a nearly three-month low, as the impact of frigid weather last month hampered production. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $15.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday's settle of $16.75 under. The differential's lowest price, $15.65, represented the narrowest WCS-WTI [Read more]
Alberta agrees to divest crude by rail contracts
The Canadian province of Alberta has agreed to divest its contracts to move additional crude by rail to market, Premier Jason Kenney said on Tuesday, but he declined to release details and said the agreements were still being finalized. The contracts to ship a collective 120,000 barrels per day were negotiated by the previous New Democratic Party government, and Kenney has long said his government planned to transfer them to the private sector. Government officials have for months said that [Read more]
Canadian National Railway could shut parts of network because of pipeline protests
Canadian National Railway Co said on Tuesday it would be forced to shut down parts of its rail network unless rail line blockades in protest against a natural gas pipeline in British Columbia are removed. Blockades by anti-pipeline protesters near Ontario have forced passenger trains and goods transportation to be disrupted for the fifth straight day. Hundreds of trains were affected as was the movement of perishable food, propane, grain, feedstocks and coal, the railway said. The ports of [Read more]
Oil rebounds amid broad market recovery; investors still wary
Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China. U.S. West Texas Intermediate was up 73 cents, or about 1.4%, at $50.34 a barrel. Brent crude rose 87 cents, or 1.6%, to $54.26 a barrel by 0428 GMT, retreating from an intraday high of $54.13. "A broad positive sentiment across Asia markets seems to have boosted crude oil prices," Margaret Yang, market analyst [Read more]
Australia’s Woodside flags $483 mln charge on Kitimat assets in Canada
Australia's Woodside Petroleum said on Tuesday it will record a A$720 million ($483.41 million) charge in its fiscal 2019 results in relation to Kitimat liquefied natural gas assets in Canada. Woodside said in September it would scale down its investment in the Canadian project to reduce capital expenditure. Woodside owns 50% of the Kitimat project, that is operated by Chevron (CVX.N). The U.S. oil and gas major reported a large fourth-quarter loss last month as it took around $10 billion [Read more]