Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down $1.68 at $25.43 a barrel at 0201 GMT. WTI has snapped a five-day winning streak. Brent crude futures were down $2.01 at $30.97 a barrel, or [Read more]
Devon reports bigger quarterly loss on $2.8 bln impairment charge
Oil and gas producer Devon Energy on Tuesday reported a bigger quarterly loss as it took a non-cash impairment charge of $2.8 billion, and said it expects to cut 10,000 barrels of oil per day in the second quarter as oil prices cratered to historic lows. Net loss attributable to the company was $1.82 billion, or $4.82 per share, in the first quarter, from a loss of $317 million, or 74 cents per share, a year earlier. Total production rose to 348,000 barrels of oil equivalent per day [Read more]
No injuries after Enbridge’s natgas pipeline explodes in Kentucky
No injuries were reported in an explosion on Enbridge's Line 10 pipeline, part of its Texas Eastern Natural Gas System, in a wooded area in Fleming County, Kentucky on Monday evening, WKYT news reported on its website. "Our crews are on site and have secured the area. The impacted section of pipe was shut-in following the incident and remains isolated," Enbridge earlier said in an update on its website, referring to an "incident" on the 30-inch pipeline. The company did not respond to a [Read more]
Heavy discount widens as lockdown restrictions ease
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday, as moves by some countries to ease lockdown measures propelled global oil prices while data showed Canadian crude oil exports to the U.S. fell. Canadian oil exports to the United States dropped to 3.74 million barrels per day (bpd) in March, down 130,000 bpd from 3.87 million bpd in February, Statistics Canada said on Tuesday. Western Canada Select (WCS) heavy blend crude for June [Read more]
Saudi Arabia’s oil exports to drop in May as demand slides
Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related [Read more]
Oil prices rise on demand prospects as lockdowns start to ease
Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 per barrel and were up 6.5%, or $1.33, at $21.72 at 0454 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude futures hit a high of [Read more]
Heavy discount narrows as production cuts mount
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Monday, surpassing an 11-year low set on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $3.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's settle of $5.35 under. Prices at that level were the lowest recorded by NE2 in data that goes back to 2009. Cuts to Canadian oil production totalled at least 525,000 [Read more]
Enbridge to store Canadian crude in Mainline pipeline amid weak demand
Enbridge Inc said on Monday the Canadian pipeline operator has reached a deal with shippers to temporarily store crude oil in North America's largest oil pipeline network from June 1 and is working with governments to provide additional capacity. A crash in crude prices due to global economic restrictions aimed at curbing the novel coronavirus pandemic has forced oil companies to cut costs and production while stoking fears that global storage levels are fast approaching capacity. Enbridge [Read more]
Coronavirus pushes oil majors to biggest output cuts in 17 years
Oil and gas output from some of the world's top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades. Four of the top publicly-traded oil and gas producers, known as [Read more]
Oil prices rise on U.S.-China trade tension
Oil prices grew in early trade on Monday, fighting worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude futures were up $2.49, or 12.67%, at $22.18. The benchmark contract rose 17% last week. Brent crude futures were up 9 cents, or 0.34%, at $26.68, after touching a low of $25.53. Brent rose about 23% last week following three consecutive [Read more]