Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world. U.S. West Texas Intermediate (WTI) crude futures gained 47 cents, or 1.45%, to $34.33 a barrel. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday. Brent crude futures were up nearly 1.7%, or 59 cents to $36.12, [Read more]
‘This could be the one that gets me,’ says oilfield service veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt. A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016. But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil [Read more]
Demand rise, output cuts could mean oil market balance in June
Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict. "Bullish sentiment continues to gather momentum as we move closer to June, when ... the global crude balance is set to reach net short territory, to the tune of a non-negligible 1.5 million barrels per day (bpd), its tightest point since August 2019," JBC Energy said. Russia's energy minister Alexander Novak was quoted [Read more]
U.S. natgas futures rise on slowing output despite falling exports and demand
U.S. natural gas futures rose by more than 3% on Tuesday as output slows despite a continued decline in demand and exports from milder weather and coronavirus lockdowns. On its second to last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange rose 6 cents, or 3.5%, to $1.791 per million British thermal units (mmBtu) at 8:27 a.m. EDT (1227 GMT). The July contract, which will soon be the front-month, was up 5.4 cents to $1.935 per mmBtu. Looking [Read more]
Canada’s TC Energy completes Coastal GasLink pipeline stake sale
Pipeline operator TC Energy Corp said on Monday it had completed the sale of a 65% stake in its Coastal GasLink pipeline, which will move gas from northeast British Columbia to the Pacific Coast. Private equity firm KKR & Co Inc said in December that it and Alberta Investment Management Corp would jointly buy the 65% Coastal GasLink stake. The company said the partnership also includes a credit agreement with a syndicate of banks to fund the majority of the construction costs. The [Read more]
Oil rises as U.S.-China tensions take toll
Oil prices rose on Monday on concerns over rising tensions between the United States and China over Beijing's plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. Oil prices have risen sharply in recent weeks as an easing of coronavirus restrictions has led to increased demand, but the tensions between the United States and China are beginning to weigh on sentiment. U.S. oil was up by 13 cents, or 0.4%, at $33.69 a barrel. Brent was up 26 cents, [Read more]
N. American oil & gas rig count falls to record lows
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. That was a third consecutive week of record lows for the U.S. rig count. In Canada, the count fell to [Read more]
Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak
Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user. West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. Brent crude fell $1.56, or 4.3%, to $34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday. China's National [Read more]
Oil prices climb as U.S. stock drawdown eases supply glut fears
Oil prices advanced on Thursday as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up 83 cents, or 2.49%, at $34.32 a barrel, extending its gains into a sixth straight session. Brent crude futures for July delivery were trading up 86 cents, or 2.35%, at $36.64 per [Read more]
Oil rises on signs of firmer demand, fall in U.S. crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up $1.45, or 4.38%, at $33.23 a barrel. The July contract closed on Tuesday at $31.96, up 1%. Brent crude futures for July delivery were up $1.51, or 4.34%, at $36.06 per barrel. The June contract expired on Tuesday at $32.50 a barrel, up [Read more]