Saudi Aramco is looking to sell up to 0.5% of the state oil giant to retail investors in its planned initial public offering (IPO), three sources familiar with the matter told Reuters.The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it will float, although sources have previously said this could be 1-2%.Aramco declined to comment. It is expected to release more details about the company in an IPO prospectus document later on Saturday.Assuming [Read more]
Heavy discount narrows, market awaits Keystone re-start
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday, as the market awaited a possible re-start of the 590,000-barrel-per-day Keystone pipeline, an important artery for Canadian heavy crude, imported by U.S. refiners, particularly in the Midwest. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $21.40 per barrel below WTI, according to Net Energy Exchange, narrower than [Read more]
U.S. oil drillers cut rigs for third week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as producers cut spending on new drilling, even though most are still increasing output as they benefit from efficiency gains. Drillers cut seven oil rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 886 active [Read more]
Alberta lifts curtailment on new oil wells to stimulate investment
The province of Alberta said on Friday that new conventional oil wells could be drilled without being subject to government production limits, in a bid to increase investment. The change takes effect immediately, the provincial government said in a statement. The broader curtailment policy remains in effect to hold oil production to levels that can be moved through congested export pipelines. Alberta introduced mandatory production curbs from Jan. 1 this year to reduce a glut of oil in [Read more]
Rare permit for Keystone oil pipeline in spotlight after spills
The massive Keystone pipeline has been transporting oil from Canada to the United States at a higher-than-standard level of pressure since it started operating in 2010, thanks to a special permit granted by U.S. regulators on the condition operator TC Energy Corp would monitor the line closely. However, after four significant leaks, including one of the largest of the decade in North Dakota last week, this exemption is in the spotlight and users of the line are concerned it may be at [Read more]
Keystone oil pipeline expected to be partially restarted early next week
TC Energy Corp estimates the Keystone oil pipeline can be partially restarted anytime from Sunday to Tuesday, pending regulatory approval, after a more than 9,000-barrel leak in rural North Dakota, shippers on the line said on Thursday. Crews in Walsh County, North Dakota, have been working to clean up the spill from the Keystone pipeline, which forced the line to be shut last week. The 590,000-barrel-per-day Keystone system is an important artery for Canadian heavy crude, imported by U.S. [Read more]
Oil rebounds on hopes for U.S.-China trade deal
Oil rose above $57 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand. West Texas Intermediate crude climbed $1.04 to $57.39. Brent crude rose 80 cents to $62.56 after settling down $1.22 on Wednesday. China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday [Read more]
Marathon profit plunges as weak prices offset higher shale output
Marathon Oil Corp reported a 44.5% fall in quarterly adjusted profit on Wednesday, as weak crude and gas prices limited gains from higher output in its U.S. shale basins.The results were similar to those from fellow shale producers that signaled the hit from weak commodity prices due to record output from the United States and pressure on demand from the global trade war.U.S crude oil and condensate prices were down about 20% on average for Marathon, while internationally it fell 28%. The [Read more]
EOG Resources adjusted profit slumps on lower prices
U.S. shale producer EOG Resources Inc reported a 35.6% fall in quarterly adjusted profit on Wednesday, as weaker crude and natural gas prices countered the benefits from higher production.Shale companies have so far reported disappointing third-quarter quarterly earnings as crude oil prices dropped 18% drop during the period, even as production jumped.EOG said average natural gas liquids prices fell 58% and gas prices fell 22%, while average prices for crude oil and condensate prices declined [Read more]
Heavy discount widens to near 11-month high
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, as traders continued to factor in oil transportation constraints after the Keystone pipeline's shutdown. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $22.35 per barrel below WTI, according to Net Energy Exchange, wider than Tuesday's settle of $21.90. The intraday price approached the 11-month high of $22.40 that [Read more]