Canadian mergers and acquisitions rose about 13 percent to C$120.5 billion ($93.2 billion) in the first half of 2017, driven by big-ticket energy deals and robust cross-border activity, according to Thomson Reuters data released on Thursday. Despite strong initial public offerings, overall equity capital deals fell 12 percent to C$26.9 billion in the first half from a year ago, the data showed. JPMorgan , Toronto-Dominion Bank and Goldman Sachs took the top three spots in the M&A [Read more]
Oil rises on US crude stock draw, but prices remain weak
Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session. Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel. The gains reflected firm fuel demand in the United States, where data from the American [Read more]
Canada’s new pipeline parts rules to lessen burden on operators
Canada's energy regulator should shift the burden for ensuring quality of oil-and-gas pipeline parts from operators and move it more to manufacturers, according to an official report viewed by Reuters. The National Energy Board (NEB) commissioned the report to improve the equality of pipeline parts after TransCanada Corp and Enbridge Inc discovered that some parts they were using were substandard. Currently, operators often have to provide additional specifications for parts because [Read more]
Canada’s new pipeline parts rules to lessen burden on operators
Canada's energy regulator should shift the burden for ensuring quality of oil-and-gas pipeline parts more to manufacturers and away from operators, according to an official report viewed by Reuters. The National Energy Board (NEB) commissioned the report to improve the equality of pipeline parts after TransCanada Corp and Enbridge Inc discovered that some they were using had been substandard. Currently, operators often have to provide additional specifications for parts because standards [Read more]
Crude prices fall more than 4%
Oil prices fell more than 4 percent on Wednesday as climbing OPEC exports and a stronger dollar turned sentiment more bearish. U.S. WTI crude futures were down $2.05 to $45.02 a barrel. "The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the newsflow of rising OPEC supplies," said Carsten Fritsch, senior commodity analyst at Commerzbank. Another analyst said the strong dollar provided less incentive to invest in [Read more]
Brent oil remains below $50 as OPEC supplies rise again
Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures , the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $47.02 per barrel. Despite the dips, both [Read more]
Oil prices firm on rising political risk, but ample supply caps gains
Oil markets were firm on Wednesday on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led drive to rein in production. Brent crude futures , the international benchmark for oil prices, were at $49.63 per barrel at 0155 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were also steady, at $47.06 per barrel. Both markets have recovered around [Read more]
Canada orders seizure of oil tanker carrying crude from Iraqi Kurdistan
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval Spa di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully [Read more]
Canada orders seizure of oil tanker carrying crude from Iraqi Kurdistan
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval Spa di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully [Read more]
Oil eases on U.S. holiday after 8 days of gains
Oil prices fell on Tuesday, as investors booked profits on an eight-day rally that was triggered by tentative signs that a persistent rise in U.S. crude production may be slowing. Brent crude futures fell by 15 cents to $49.53 per barrel by 1138 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 12 cents at $46.95 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21. Many traders closed positions ahead of [Read more]