Malaysia's state-owned energy company Petronas will not proceed with a proposed C$36 billion ($28.78 billion) liquefied natural gas (LNG) project in western Canada because of depressed prices and industry shifts, the company said on Tuesday. Petronas and partners will continue to develop natural gas assets in Canada, Anuar Taib, the chairman of the board of Pacific NorthWest LNG, which is majority-owned by Petronas, said in a statement. (Reporting by Nia Williams, editing by G Crosse) [Read more]
Oil extends gains as Saudi pledges export curbs
Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. Brent crude futures were up 68 cents at $49.28 a barrel by 1054 GMT. U.S. West Texas Intermediate futures rose 64 cents to $46.98 a barrel. At a meeting in the Russian city of St. Petersburg on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC [Read more]
Break in rationing on Enbridge Canada pipelines likely short lived
Enbridge Inc's move not to ration space on heavy oil pipelines out of western Canada for the first time in 16 months is likely to give producers only a short respite from difficulties in getting crude to market, industry players said. Market access is a persistent headache for Canadian energy firms, who produce oil from the world's third-largest crude reserves but often struggle to get their barrels to U.S. markets because of limited space in export pipelines. Canada's largest pipeline [Read more]
Conservatives to choose interim leader after uniting in Canada’s Alberta
The two right-leaning parties in Canada's oil-rich province of Alberta were due to elect an interim leader on Monday after voting over the weekend to form a new conservative alliance to take on the ruling New Democratic Party (NDP). The new United Conservative Party could present a serious challenge in the 2019 provincial election to the left-leaning NDP, which ended 40 years of Conservative rule in a shock win two years ago. The NDP was partly helped by a divided right at the time. In [Read more]
Loonie rises above 80 cents, highest level in 14 months
TORONTO, July 24 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Monday, as domestic wholesale trade data beat expectations, oil prices moved higher and the greenback struggled to shrug off soft data and political uncertainty. The loonie is trading at its strongest in 14 months, helped by a hawkish turn from the Bank of Canada and an interest rate hike earlier this month. At 8:49 a.m. ET (1249 GMT), it was trading at C$1.2512 to the greenback, or 80 U.S. cents, [Read more]
Hedge funds close bearish positions in crude and gasoline
LONDON, July 24 (Reuters) - Hedge fund managers have continued to cover short positions in crude oil and gasoline, helping lift prices across the petroleum complex against a backdrop of improving fundamentals. Hedge funds and other money managers reduced short positions in the five major petroleum futures and options contracts by a further 44 million barrels in the week to July 18. Total short positions in ICE Brent, ICE and NYMEX WTI, NYMEX gasoline, and NYMEX heating oil were cut to 350 [Read more]
Oil dives about 2.5 percent; OPEC crude output rise forecast
NEW YORK (Reuters) - Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude. Benchmark Brent crude futures LCOc1 settled down $1.24 or 2.52 percent at $48.06 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down $1.15 or 2.45 percent, at $45.77 a barrel. "This turn around late in the week is [Read more]
U.S. oil drillers cut rigs for second week since January -Baker Hughes
U.S. oil drillers cut rigs for a second week since January as crude prices have declined in recent months despite an OPEC-led effort to cut production and end a multi-year glut. Analysts, however, noted weekly declines in the rig count were likely just a brief pause in a drilling recovery expected to continue through at least 2019. Drillers cut 1 oil rig in the week to July 21, bringing the total count down to 764, General Electric Co's Baker Hughes energy services firm said in its closely [Read more]
Husky Energy posts smaller 2nd-qtr loss on higher oil prices
Canadian oil and gas producer Husky Energy Inc reported a smaller loss on Friday, helped partly by higher oil prices and an increase in production. Oil prices began to rise late last year after a two-year slump, now hovering around $50 per barrel, as an OPEC-led production cut and rebounding demand slowly erode a global glut. The company's second-quarter production rose to 320,000 barrels of oil equivalent per day (boed), from 316,000 boed, a year earlier. Husky, which is controlled by [Read more]
Canada’s Husky Energy posts smaller 2nd-qtr loss
Canadian oil and gas producer Husky Energy Inc reported a smaller loss on Friday, helped partly by higher oil prices and a rise in production. The Calgary, Alberta-based company reported a net loss of C$93 million ($73.89 million), or 10 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$196 million, or 20 Canadian cents a share, a year earlier Husky produced 320,000 barrels of oil equivalent per day (boed), higher than the 316,000 boed it produced, a [Read more]