U.S. natural gas futures fell over 5% on Monday on forecasts for the weather to moderate during the second week of December even though temperatures were expected to be a little colder than previously expected during the next two weeks. Meteorologists currently forecast the weather over much of the U.S. Lower 48 states will remain near normal through Nov. 30 before turning colder than usual from Dec. 1-6 and then moderate again starting Dec. 7. On its second to last day as the front-month, [Read more]
U.S. oil drillers cut rigs for fifth week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling. Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. The oil rig count, an early indicator of [Read more]
Oil drops from 2-month high on U.S.-China trade talk uncertainty
Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude [Read more]
U.S. natgas futures rise on forecasts for more cold and heating demand in December
U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week [Read more]
Shippers shift to trucks as strike at Canada’s biggest railroad enters third day
Shippers scrambled to shift freight onto trucks on Thursday as a strike at Canada's biggest railroad, Canadian National Railway Co , entered its third day and left many goods stranded. Some 3,200 unionized employees, including conductors and yard workers, hit picket lines on Tuesday in the biggest such action in a decade. The strike, which is over working conditions, has slowed output at industrial plants making chemicals, canola oil and other products. Some major retailers and pulp and [Read more]
Alberta oil curtailments to end no later than this time next year
The premier of Alberta, Canada's top oil-producing province, said Wednesday that the end of a government-imposed curtailment on oil production could come earlier than its December 2020 sunset date. "We hope it will end by this time next year at the latest," Premier Jason Kenney told Reuters during an interview in Houston, where he met with executives from Chevron Corp , Phillips 66 , other oil pipeline and private equity firms. Alberta introduced mandatory oil production curbs on Jan. 1, [Read more]
U.S. natgas futures fall to 3-week low on record production, moderating weather
U.S. natural gas futures fell to a fresh three-week low on Tuesday as production rose to an all-time high and the latest weather forecasts confirmed an earlier outlook calling for near normal temperatures through early December. After dropping around 4.5% on Monday on moderating weather forecasts, front-month gas futures for December delivery on the New York Mercantile Exchange fell 5.6 cents, or 2.2%, to settle at $2.510 per million British thermal units, their lowest close since Oct. 28 for [Read more]
Encana shareholder to vote against proposal to exit Canada
Encana Corp shareholder Letko, Brosseau & Associates Inc said on Tuesday it will vote against the oil and gas company's proposed exit from Canada to the United States. The investment firm, which owns a nearly 4% stake in Encana, said the move will cause significant losses for Canadian investors. Encana was not immediately available for a comment. Last month, the company said it would shift base from Calgary to the United States and become Ovintiv Inc next year, the latest company to [Read more]
Thousands of Canadian National Railway workers go on strike
About 3,000 workers of Canadian National Railway , the country's largest railroad operator, went on strike on Tuesday, labor union Teamsters Canada said after both parties failed to resolve contract issues. "Conductors, trainperson and yard workers at Canadian National Railway are now officially on strike," the union said in a tweet . Canada, one of the world's biggest exporters of farm products, relies on its two main railways to move canola and wheat over the vast distances from western [Read more]
Canadian ministers meet with CN Rail, union in effort to avert strike
Canada's Liberal government sent two ministers on Monday to meet with representatives of Canadian National Railway Ltd and its largest union, as already hard-hit shippers pleaded for government intervention to avert a strike planned for early on Tuesday. The threatened strike by 3,000 workers with Teamsters Canada comes as the country is grappling with softer demand for freight. Labor Minister Patty Hajdu and Transportation Minister Marc Garneau were to meet with representatives from CN, [Read more]