Western Canadian crude oil inventories fell in May, energy information provider Genscape said on Wednesday, helped by an increase in crude-by-rail loadings. Total stocks were 33.6 million barrels, retreating from the record high of 37.1 million barrels set in April. The decline follows Alberta government production curtailments that were imposed on Jan. 1 to help drain a glut of crude in storage and boost Canadian crude prices. Oil companies are limited to producing 3.71 million barrels [Read more]
Enbridge: Falls after court ruling on pipeline environmental assessment
** Shares of pipeline operator Enbridge Inc down ~3.7% to C$47.93 ** A Minnesota court ruled that co's final environmental impact statement for its Line 3 oil pipeline replacement project is inadequate ** The project would ship 760,000 barrels per day of Canadian crude from Alberta to Wisconsin, doubling current capacity** 14 of 20 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is C$55** Shares up ~13% this year (Reporting by Shradha Singh in [Read more]
Minnesota court rules environmental assessment for Enbridge pipeline inadequate
A Minnesota court ruled on Monday that Enbridge Inc's final environmental impact statement for its Line 3 replacement project is inadequate, raising the possibility the Canadian crude oil pipeline could face further delays. The Line 3 replacement project would ship 760,000 barrels per day of Canadian crude from Alberta to Wisconsin, doubling current capacity and providing much-needed relief from congestion on existing Canadian pipelines. In a written decision posted online, the Minnesota [Read more]
Canadian Natural to temporarily shut in oil production due to wildfires
Oil and gas producer Canadian Natural Resources Ltd said on Friday it would temporarily shut-in about 65,000 barrels per day (bbl/d) of crude oil production due to forest fires in Alberta.The company on Thursday completed the evacuation of all 240 personnel at its Pelican Lake and Woodenhouse operations, it said in a statement. (Reporting by Rama Venkat in Bengaluru; Editing by Cynthia Osterman) [Read more]
U.S. drillers cut oil rigs for sixth straight month-Baker Hughes
U.S. energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans. Companies added three oil rigs in the week to May 31, bringing the total count to 800, 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, drillers cut the number [Read more]
Alberta says July oil production limit will be 3.71 million bpd
The government of Canada's main crude-producing province Alberta said on Thursday companies will be limited to producing 3.71 million barrels per day of crude in July, keeping curtailments unchanged from June.Alberta introduced mandatory production curtailments, effective Jan. 1, to ease a glut of crude in storage that had pushed Canadian crude prices to record discounts versus U.S. barrels.Energy Ministry spokeswoman Samantha Peck said the government had not yet decided what curtailments [Read more]
Alberta says July oil production limit will be 3.71 million bpd
The government of Canada's main crude-producing province Alberta said on Thursday companies will be limited to producing 3.71 million barrels per day of crude in July, keeping curtailments unchanged from June.Alberta introduced mandatory production curtailments, effective Jan. 1, to ease a glut of crude in storage that had pushed Canadian crude prices to record discounts versus U.S. barrels. (Reporting by Nia Williams; Editing by Cynthia Osterman) [Read more]
Tourmaline Oil: Rises on higher free cash flow estimates
** Shares of Canadian oil and gas producer rise 1.8% to C$18.00** Co updates 5-yr plan with increased focus on generating surplus cash flow** TOU sees aggregate free cash flow rising by about C$840 mln ($621.85 mln) to a total of about C$3.05 bln over 5 years** Co's new plan maintains annual production guidance at 300,000 boe/d in 2019, growing to 377,000 boe/d in 2023** BMO raises rating to "outperform", maintains PT of C$23 ** 13 brokerages rate the stock "buy" or [Read more]
Canadian Natural: Brokerages say Devon deal attractive on most metrics
** Brokerages raise PT on Canadian Natural Resources on deal with Devon; JP Morgan raises by C$2 to C$50, GMP FirstEnergy by C$1 to C$50** CNQ said on Wednesday it would buy Devon Energy's Canadian assets for C$3.8 bln ** "CNQ was able to make the math work to acquire an asset that generates good FCF with synergy potential and future development upside" - JPM** Says cost per flowing barrel that co paid DVN was cheapest of recent oil sands transactions** GMP says not [Read more]
Oil rises on declining U.S. crude stocks, but trade war worries linger
Oil prices rose on Thursday after an industry report showed a bigger-than-expected decline in U.S. crude inventories, although concerns that the U.S.-China trade war will trigger an economic downturn kept a lid on gains. U.S. West Texas Intermediate (WTI) crude futures were up 48 cents, or 0.8%, at $59.29 a barrel. U.S. crude inventories fell by 5.3 million barrels in the week to May 24 to 474.4 million barrels, data from industry group the American Petroleum Institute showed on [Read more]