U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers follow through on plans to cut spending on new drilling and completions.Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 861 rigs operating during the same week a year ago.For the month, [Read more]
Oil prices nudge up as geopolitical tensions counter sluggish demand
Oil prices edged higher on Friday on worries about Middle East tensions, offset by a flagging global economic growth outlook amid the U.S.-China trade war. U.S. West Texas Intermediate crude was 18 cents higher, or 0.3%, at $56.20 a barrel, after gaining 0.25% overnight. Brent crude futures were up 7 cents, or 0.1%, at $63.46 a barrel by 0457 GMT. They rose 0.3% in the previous session. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk [Read more]
U.S. natgas futures fall close to 3-year low as output rises
U.S. natural gas futures fell about 1% early Friday, nearing a three-year low, as rising gas output offset forecasts for higher cooling demand as weather heats up through mid August. On its second to last day as the front month, gas futures for August delivery on the New York Mercantile Exchange slid 4.1 cents, or 1.8%, to $2.203 per million British thermal units at 8:39 a.m. EDT (1239 GMT). That was within a few cents of its $2.185 close on June 20, its lowest settle since May [Read more]
Suncor hopeful on deal with Alberta govt to boost oil production
Canada's Suncor Energy is hopeful the Alberta government will decide "in the next month or so" to strike a deal that would allow oil producers to boost their output despite ongoing curtailments, the company's chief executive said on Thursday. Alberta is Canada's energy heartland but crude production has been limited since the start of 2019 when the provincial government imposed curtailments to ease congestion on export pipelines that had pushed the discount on Canadian crude to record [Read more]
Enbridge says open to re-route Line 5 after legal action by Wisconsin tribe
Enbridge Inc on Thursday said it was open to working with the Bad River Band and will consider re-routing its Line 5 oil pipeline after the native American tribe in Wisconsin sued the company seeking to shut the pipeline. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin, asking for the section of Line 5 that runs across its reservation to be decommissioned and removed because of the risk of a leak. "The vast majority of the [Read more]
Cenovus posts profit compared to year-ago loss on higher Canadian crude prices
Oil and gas producer Cenovus Energy reported a quarterly profit on Thursday compared with a loss a year earlier, benefiting from a rise in Canadian crude prices due to a mandatory production cut by the Alberta government.Net earnings from continuing operations was C$1.78 billion ($1.36 billion), or C$1.45 per share, in the second quarter ended June 30, compared with a loss of C$410 million, or 33 Canadian cents per share, a year earlier. [ ] Total production fell to 443,318 barrels of oil [Read more]
Oil steadies after global demand worries spark fall
Oil ticked higher early on Thursday after falling in the previous session as more signs of slowing global growth added to demand concerns, with Middle East tensions underpinning prices. Brent crude futures were up 6 cents at $63.24 a barrel by 0053 GMT, after dropping 1% overnight, falling for the first time in four sessions. U.S. West Texas Intermediate crude were 12 cents, or 0.2%, higher at $55.99 a barrel, having dropped 1.6% in the previous session. Sentiment in the oil market [Read more]
Suncor Energy quarterly profit triples on tax gain
Suncor Energy Inc , Canada's second-largest oil and gas producer, said on Wednesday its profit nearly tripled in the second quarter due to a deferred income tax gain of C$1.12 billion ($852.49 million).Net profit rose to C$2.7 billion, or C$1.74 per share, in the three months ended June 30, from C$972 million, or 60 Canadian cents per share, a year earlier.Suncor's total production rose to 803,900 barrels of oil equivalent per day (boepd), from 661,770 (boepd) in the second quarter [Read more]
U.S. natgas futures fall to month low on cooler forecasts
U.S. natural gas futures fell on Wednesday to their lowest level in over a month on forecasts for cooler weather over the next two weeks than previously forecast. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 8.0 cents, or 3.5%, to settle at $2.220 per million British thermal units. That put the contract within a few cents of its $2.185 close on June 20, which was its lowest settle since May 2016. Meteorologists predict the weather will remain near [Read more]
Wisconsin tribe sues Canada’s Enbridge to shut down crude oil pipeline
A Native American tribe in Wisconsin is suing Canadian pipeline company Enbridge Inc in a bid to have an oil pipeline that runs across its tribal land shut down and removed. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin calling for the 12-mile section of Line 5 that runs across its reservation to be declared "public nuisance and a trespass." The lawsuit says there is a risk the 66-year-old pipeline could rupture and spill oil, [Read more]