Canadian National Railway said on Saturday that the Teamsters labor union had given it notice it plans to strike starting Nov. 19, following a stalemate in negotiations between the two parties. The company, the largest Canadian railroad operator, offered the Teamsters Canadian Rail Conference a binding arbitration, which the union declined, CN's Chief Operating Officer Rob Reilly said in a statement. "If a settlement cannot be reached this weekend, we will once again encourage the union [Read more]
U.S. oil drillers cut rigs for fourth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers plan to slash spending for a second consecutive year in 2020 while they struggle to extract profits from the shale boom. Drillers cut 10 oil rigs in the week to Nov. 15, bringing the total count down to 674, 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 888 active [Read more]
U.S. natgas futures little changed on Friday, down 5% for week as weather moderates
U.S. natural gas futures were little changed on Friday, putting the contract on track to fall about 5% for the week as weather later in November was forecast to be less cold than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 0.8 cents, or 0.3%, to $2.655 per million British thermal units at 8:15 a.m. EST (1315 GMT). That put the front-month down about 5% for the week, which would be its first weekly decline in three [Read more]
Montana lawmakers seek more time for Keystone XL public, tribal input
Montana lawmakers representing Native American tribal members called on the state's congressional delegation and the U.S. State Department on Thursday to extend the public comment period for the environmental review of the Keystone XL pipeline, saying tribes were not properly consulted. "We are particularly concerned with the lack of formal consultation with tribal governments whose natural and cultural resources could be significantly impacted," the 10 members of the State-Tribal Relations [Read more]
Heavy discount narrows to near one-month low
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday to the smallest discount in nearly one month, since before the Keystone pipeline shut down last month. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $16.50 per barrel below WTI, according to Net Energy Exchange, compared with Wednesday's settle of $17.85 below. The differential was as narrow as $15.25, the smallest in [Read more]
Heavy discount narrows further as Keystone resumes operation
The discount on Canadian heavy crude continued to narrow versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, after the Keystone pipeline returned to service on Sunday and eased bottlenecks. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $17.85 per barrel below WTI, according to Net Energy Exchange, narrower than Tuesday's settle of $18.75 below. The availability of spot market space on smaller pipelines was [Read more]
TC Energy cuts November volumes on Keystone oil pipeline by about 39% after leak -sources
TC Energy Corp told a majority of Keystone oil pipeline shippers that November volumes would be cut by nearly 39% after a leak in North Dakota spilled more than 9,000 barrels about two weeks ago, sources familiar with the matter said on Wednesday. TC Energy did not immediately respond to a request for comment. The company had earlier told shippers that the outage meant it could not carry out 30% of their normal November shipments on the 590,000 barrel-per-day line from Alberta to U.S. [Read more]
Oil rises on U.S.-China trade deal hopes
Oil prices rose on Wednesday as prospects for a trade deal between the United States and China grew, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Wednesday that the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. U.S. West Texas Intermediate crude was at $57.03, up 27 cents or 0.48%. Brent crude futures grew by 16 cents, or [Read more]
Heavy discount narrows after Keystone pipeline restarts
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, after the 590,000-barrel-per-day Keystone pipeline returned to operation following a leak last month in North Dakota. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $19 per barrel below WTI, according to Net Energy Exchange, narrower than Friday's settle of $21.40 below. The market was closed on Monday for a [Read more]
Imperial Oil ramping up crude by rail but not pursuing Alberta rail leases
Imperial Oil Ltd is increasing shipments of Canadian crude by rail after the recent Keystone pipeline outage created more favorable economics, but is not looking to take on Alberta government contracts to move even more oil on trains, Chief Executive Rich Kruger said on Tuesday. The shutdown last month of the leaking Keystone oil pipeline, which moves Alberta oil to U.S. refineries, increased the discount on Canadian heavy crude against U.S. light oil to reflect the steeper challenges moving [Read more]