U.S. crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday.Crude inventories fell 8.5 million barrels in the week ended July 26, far exceeding analysts' expectations for a decrease of 2.6 million barrels. At 436.5 million barrels, crude inventories, not including strategic oil reserves, were at the five year average for this time [Read more]
Texas shale pioneers struggle to appease investors, compete with majors
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie. But Diamondback differs from most of its peers in a [Read more]
Exxon Mobil’s Q2 results expected to sag, spotlighting need for asset sales
Exxon Mobil Corp's plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share [Read more]
Oil edges up on prospect of U.S. interest rate cut
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. Brent crude LCOc1 gained 25 cents to settle at $63.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 67 cents to settle at $56.87 a barrel. “Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital [Read more]
U.S. natgas futures slip to fresh 3-year low on rising production
U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and liquefied natural gas (LNG) exports close to all-time highs, as near-record production and mild spring weather allowed utilities to inject huge amounts of gas into [Read more]
Oil steadies on pessimism over U.S.-China trade talks
Oil prices steadied on Monday amid pessimism over U.S.-China trade talks and the prospect of slower economic growth globally that could reduce demand for crude. U.S. West Texas Intermediate crude CLc1 was down 16 cents at $56.04 a barrel. WTI gained 1% last week. Economic growth in the United States slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. But non-U.S. growth is slowing faster, due partly to the [Read more]
Canada regulator says no federal scrutiny needed for LNG project gas pipeline
TC Energy Corp's proposed Coastal GasLink pipeline to supply the LNG Canada project in northern British Columbia is not subject to federal regulation, Canada's National Energy Board (NEB) said on Friday. The decision means the 670-kilometer-long (416 miles) natural gas pipeline will not have to submit a new application for approval and cuts the risk of extra regulatory scrutiny delaying construction. Once built, Coastal GasLink will run from Dawson Creek in the northeast of the province to [Read more]
Alberta government eases oil production curtailments for September
The government of Canada's main crude-producing province Alberta eased oil production curtailments for September on Friday, setting the new limit at 3.76 million barrels per day (bpd). That is a 25,000 bpd increase on the August production limit. Alberta introduced curtailments effective Jan. 1 2019 to ease congestion on export pipelines that left crude stranded in storage tanks and pushed the discount on Canadian crude versus U.S. barrels to record levels. "Alberta is increasing [Read more]
Indigenous-led group submits preliminary proposal to buy Trans Mountain pipeline
An indigenous-led group has submitted a preliminary proposal to the Canadian government outlining its plans to bid for a majority stake in the Trans Mountain oil pipeline expansion project, a spokeswoman for the group said on Friday. Project Reconciliation has previously said it wants to buy a 51% stake in the existing pipeline and planned expansion project for C$6.9 billion ($5.24 billion). Prime Minister Justin Trudeau's Liberal government bought Trans Mountain last year and approved the [Read more]
Canadian regulators recommend approving new Teck oil sands mine
Canadian energy regulators recommended approval of an oil sands mine proposed by Teck Resources Ltd in northern Alberta, saying economic benefits would outweigh "significant" adverse effects on the environment and indigenous communities. In a decision released late on Thursday, a joint provincial and federal review panel found the 260,000 barrel per day Frontier mining project, to be situated 110 kilometers (68 miles) north of the oil sands hub of Fort McMurray, would be in the public [Read more]