Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by U.S. Treasury Secretary Steven Mnuchin on a U.S.-China trade deal. U.S. crude oil futures were down 48 cents, or 0.9%, at $52.88 after earlier dropping more than 1% to a session low of $52.76 earlier. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8%, at $58.95 a barrel. U.S. crude inventories soared by [Read more]
TC Energy declares force majeure on Keystone oil pipeline deliveries
TC Energy Corp has declared force majeure on shipments on its 590,000-barrel-per-day (bpd) Keystone oil pipeline after a snow storm hit Manitoba over the weekend, disrupting operations, sources familiar with the matter said on Wednesday. Force majeure is a declaration that unforeseeable circumstances prevented a party from fulfilling a contract. The storm over the weekend knocked out power to about 3-4 pump stations in Manitoba, affecting pipeline flows, three sources said. TC Energy [Read more]
Heavy discount narrows as trade cycle finishes
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday as the monthly trade cycle wrapped up. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.15 per barrel below WTI, according to Net Energy Exchange. On Tuesday November WCS settled at $16.35 a barrel below WTI. Light synthetic crude from the oil sands strengthened to trade at $1.60 per barrel over WTI, having settled at $1 [Read more]
Canada’s Co-op Refinery preparing for possible strike action
The 135,000 barrel per day Co-op Refinery Complex in Regina, Saskatchewan, is preparing for possible strike action after the local workers union declared an impasse in negotiations over pensions. Federated Co-operatives Limited began constructing a work camp on Tuesday to house temporary contract workers in case of a strike, Gil Le Dressay, vice president refinery operations, said in a statement. Refinery management and workers are in a dispute over pension contributions. Unifor 594, the [Read more]
Heavy discount edges narrower
Canadian heavy crude differentials narrowed slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday as the monthly trade cycle neared its end: Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.00 per barrel below WTI, according to Net Energy Exchange. On Friday November WCS settled at $16.30 a barrel below WTI. Markets were closed on Monday for the Canadian Thanksgiving holiday. Light synthetic crude from the oil [Read more]
U.S. oil and gas jobs fall as drilling declines
U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying jobs in oil and gas drilling as well as associated services such as site preparation, cementing, casing and pressure-pumping. Employment gains in the oil and gas sector also helped support [Read more]
Oil prices extend losses into 2nd session on weak China data
Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth. U.S. West Texas Intermediate (WTI) crude dropped 20 cents, or 0.36% to $53.28, while Brent crude fell 16 cents, or 0.27%, to $59.04 a barrel. China has been hit by poor economic data for two straight days. The National Bureau of Statistics (NBS) reported on Tuesday that China's factory gate prices declined at [Read more]
Heavy discount widens after volatile week
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday to round off a week of volatile trading:* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.35 per barrel below WTI, according to Net Energy Exchange. On Thursday November WCS settled at $15.95 a barrel below WTI and earlier in the week settled at $16.50 a barrel below the benchmark, its widest discount since late May.* Light [Read more]
U.S. drillers add oil rigs for first week in eight -Baker Hughes
U.S. energy firms this week increased the number of oil rigs operating for the first time in eight weeks even though energy services firms are cutting jobs as most producers follow through on plans to reduce spending on new drilling this year. Companies added two oil rigs in the week to Oct. 11, bringing the total count to 712, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. [Read more]
Tourmaline Oil: Eyes best day ever on formation of royalty and infra company
** Shares of Canada-based oil and gas producer rise 11.9% to C$11.99; company top percentage gainer on the Toronto Stock Exchange's S&P/TSX composite index ** TOU forms a private royalty and infrastructure company, Topaz Energy Corp ** It will sell its royalty and infrastructure assets for C$775 mln to Topaz** Topaz will be capitalized with a C$150-C$200 mln 3rd-party private equity placement and with TOU owning 75%-81% of the company** We view this as a positive and creative [Read more]