Oil prices held largely steady on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions and data showing a decline in U.S. inventories provided some support. West Texas Intermediate (WTI) was down 1 cent, or less than 0.1%, at $42.66 a barrel. Brent crude fell 8 cents, or 0.2%, to $45.35 a barrel. “The oil market enjoys some calm summer weeks, seemingly taking a break from the turbulent times earlier this year,” [Read more]
Heavy discount narrows as pipelines run below capacity
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Wednesday, as pipelines continued to run below capacity, despite increasing oil production. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $10.25 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.40 under. The Enbridge Mainline has refilled much of the space that opened in spring when producers curtailed oil production, [Read more]
Oil rises after bigger-than-expected drop in inventories
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic. West Texas Intermediate oil was up 70 cents, or 1.74%, at $42.37 a barrel, having dropped 0.8% in the previous session. Brent crude was up 69 cents, or 1.55%, at $45.18 a barrel after falling around 1% on Tuesday. The American Petroleum Institute said [Read more]
Heavy discount narrows slightly, trades in tight range
Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Tuesday, but remained stuck in a tight trading range. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.70 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.80 under. Restored production that had been shut in has allowed the heavy differential to widen modestly this month, but rising U.S. refinery demand is [Read more]
Canadian oil expansion hinges on emission cuts to draw investors
Canada needs to sharply reduce greenhouse gas emissions from oil and gas production if the country expects to attract investment necessary to expand output, Canadian Natural Resources Minister Seamus O'Regan said on Tuesday. The world's fourth-largest global oil producer has been weakened in recent years by multinational producers scaling back and investors pulling out, due to poor economics and a tarnished environmental image. Even so, production grew until the Alberta provincial [Read more]
Oil edges higher on hopes for U.S. stimulus, demand recovery
Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. West Texas Intermediate U.S. crude rose 69 cents, or 1.59%, to $42.60 a barrel. Brent crude added 53 cents, or 1.22%, to $45.48 a barrel. "Crude oil gained amid signs of further stimulus measures," ANZ said in a note. "U.S. lawmakers continued negotiations on the massive virus relief economic package with Treasury Secretary Steven [Read more]
Canada’s Co-op refinery in Regina says extinguished fire
Canada's Co-op refinery complex in Regina, Saskatchewan, said it has contained and extinguished a fire in 'Section 1' of the 135,000 barrel-per-day refinery on Monday morning, with all personnel safe. The fire was "extinguished quickly", the refinery said in statement on its website. The Co-op Refinery Complex (CRC) is a wholly-owned subsidiary and a strategic business unit of Federated Co-operatives Limited (FCL). [Read more]
Heavy discount narrows slightly in thin trade
Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Monday, in thin summer trading. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.80 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $11.90 under. The market is range-bound, with any narrowing reflecting attractive heavy crude refining margins in the U.S. Midwest, and widening due to big Canadian oil producers restoring [Read more]
U.S. natgas drops 5% after last week’s high prices boost output
U.S. natural gas futures fell over 5% on Monday on forecasts for slightly lower demand over the next two weeks than previously expected and a slow increase in output after prices jumped to a seven-month high last week. Traders noted futures soared last week because the market was no longer concerned prices will have to drop later this year to encourage producers to shut wells to prevent stockpiles from reaching tank tops. That is because power generators burned record amounts of gas during [Read more]
Oil prices rise 1% on Saudi Aramco’s upbeat demand view, Iraq output cut
Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2%, to $41.72 a barrel. Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel. Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5%, with WTI up [Read more]