Energy firms in Canada boosted the number of rigs drilling for oil and natural gas last week by the most since January 2015 as producers returned en masse from Christmas breaks to take advantage of rising crude prices. Drillers added 118 rigs during the week ended Jan. 10, bringing the total count up to 203, the highest since March 2019, data from Baker Hughes Co showed on Friday. That was the biggest weekly increase since drillers added 158 rigs during the week of Jan. 9, 2015. Most of [Read more]
Oil slides as fears over U.S.-Iran conflict ease, focus turns to trade deal
Oil prices held slipped on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week's scheduled signing of an initial U.S.-China trade deal, which could boost economic growth and demand. West Texas Intermediate (WTI) crude was down 68 cents at $58.49 a barrel from the previous session. Brent crude was down 48 cents at $64.54 per barrel. Oil prices surged to their highest in almost four months after a U.S. drone strike [Read more]
U.S. drillers cut oil rigs for third week in a row
U.S. energy firms reduced the number of oil rigs operating for a third week in a row as producers follow through on plans to slash spending on new drilling for a second year in a row in 2020. Drillers cut 11 oil rigs in the week to Jan. 10 in the biggest decline since October, bringing the total count down to 659, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. In [Read more]
Oil prices fall further as threat of Middle East war recedes
Oil prices dropped on Friday extending days of losses as the threat of war in the Middle East receded and investors switched attention to economic growth prospects and the rise in U.S. crude oil and product inventories. WTI was down 50 cents, or 0.82%, at $59.06 and also on track for a first weekly drop in six, nearly 6% from last Friday's close based on the latest prices. Brent crude fell 33 cents, or 0.3%, at $65.04 by 0240 GMT, and is heading for its first decline in six weeks, down [Read more]
U.S. natgas futures rise 2% on forecasts for colder weather, more heating demand
U.S. natural gas futures on Friday rose 2% on forecasts for much more cold weather and heating demand later in January than previously expected. Meteorologists projected the weather in the U.S. Lower 48 states will turn from warmer than normal now to mostly colder than normal from Jan. 16-25. That outlook is much cooler than Thursday's forecast. Front-month gas futures for February delivery on the New York Mercantile Exchange were up 4.3 cents, or 2.0%, to $2.209 per million British [Read more]
Cenovus Energy aims for 30% cut in emission intensity by 2030
Canada's Cenovus Energy on Thursday unveiled plans to reduce per-barrel greenhouse gas emissions by 30% by the end of 2030, as the country's oil industry faces growing pressure from environmental activists. The Alberta-based integrated oil and gas company said it will spend an additional C$1.5 billion on businesses run by the country's indigenous communities. Opposition from environmental and indigenous groups have stalled new pipeline projects in Canada and the United States that are [Read more]
Heavy discount widens as storage levels remain elevated
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, with traders pointing to large stockpiles and limited pipeline space. Alberta oil storage levels have hit record highs after a temporary Keystone pipeline outage last year and a rail strike. In October, Alberta, Canada's main oil-producing province, eased curtailments on oil production, allowing companies to produce additional oil, provided they move it by rail. Western [Read more]
Oil falls 5% as investors reassess Middle East risks
Oil prices fell nearly 5% on Tuesday, surrendering some recent gains as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed a top Iranian military commander last week. West Texas Intermediate (WTI) crude fell $3.00, or 4.8%, to settle at $59.70 a barrel. Brent crude fell $2.72, or 4%, to settle at $68.27 a barrel. U.S. Prices surged during the previous two sessions on fears of escalating conflict and potential Middle [Read more]
Work resumes on Canada’s Coastal GasLink pipeline over indigenous opposition
Construction of the C$6.6-billion Coastal GasLink pipeline in western Canada resumed on Tuesday, after an indigenous group that opposes the project had ordered its workers off their territory. Coastal GasLink, to be operated by TC Energy Corp , will move gas from northeast British Columbia to the Pacific Coast, where the Royal Dutch Shell -led LNG Canada export facility is under construction. While less contentious than oil pipelines, Coastal GasLink faces opposition from some leaders of [Read more]
Heavy discount unchanged, remains large on high storage levels
The discount on Canadian heavy crude was unchanged versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, but remained large due to large stockpiles and limited pipeline space. Alberta oil storage levels are high after a temporary Keystone pipeline outage last year and with production steady, a Calgary industry source said. The heavy differential may narrow in the second quarter when oil producers conduct maintenance, the source said. Western Canada Select (WCS) heavy blend [Read more]