Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) crude on Friday, nearing a fresh five-month low due to plunging global prices and dwindling Alberta inventories. Traders took in stride a fire at Canada's Syncrude oil sands facility, which led to the company declaring force majeure. The site upgrades heavy oil into light oil. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.10 per barrel [Read more]
U.S. drillers add oil rigs for fourth week in five -Baker Hughes
U.S. energy firms added oil rigs for the fourth time in five weeks even though Exxon Mobil Corp said it would join other producers and reduce new drilling this year. Companies added 4 oil rigs in the week to March 6, bringing the total count to 682, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. . That is down 18% from the same week a year ago when 834 rigs were active. Exxon, which analysts say is operating the most [Read more]
Oil falls amid demand concern, fears over OPEC+ deal for deeper output cuts
Oil slid nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. U.S. West Texas Intermediate (WTI) was down $3.75, or 8.1%, at $42.22 per barrel. Brent crude fell $4.08, or 8.1%, to $45.94 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday pushed for crude output by OPEC [Read more]
Canada’s Syncrude oil sands facility declares force majeure after fire
Canada's Syncrude oil sands facility has declared force majeure after a fire at the plant and told customers it will reduce production by about 20%, sources familiar with the matter said. Syncrude is a joint venture majority-owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. "We're working with the operator, Syncrude, to better understand the situation," Suncor [Read more]
Heavy discount narrows as stocks decline, maintenance season nears
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) crude on Thursday, as inventories declined and maintenance season approached for oil sands operations. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $14.05 per barrel below WTI, according to NE2 Canada Inc, narrower than Wednesday's settle of $14.60 under. On Tuesday, the WCS-WTI differential was as narrow as $13, the smallest since Oct. [Read more]
Protests, speed limits curb Canada’s February crude-by-rail shipments
Protests along Canadian rail lines and lower government-imposed speed limits last month caused a modest drop in crude shipments on trains, data provider Genscape said on Thursday. Canadian rail loadings in February averaged 346,000 barrels per day (bpd), down from 354,000 bpd in January, suggesting a "fairly minimal impact," Genscape said in a statement. Loadings had hit a record high in December of 358,000 bpd. Protests popped up last month in solidarity with a British Columbia [Read more]
Oil falls more than 1% ahead of OPEC meeting to discuss supply cuts
Oil prices fell more than 1% on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world's biggest oil consumer. U.S. West Texas Intermediate (WTI) was down by 61 cents, or 1.2%, at $46.55 per barrel. Brent crude [Read more]
Heavy discount widens in correction after hitting 5-month milestone
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, in a modest correction after touching the narrowest level in five months. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $14.60 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $14.10 under. On Tuesday, the WCS-WTI differential was as narrow as $13, the smallest since Oct. 2. The heavy [Read more]
Oil rises as OPEC+ moves closer toward deeper output cut
Oil prices rose more than 1% on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. U.S. West Texas Intermediate (WTI) futures rose by 53 cents, or 1.12%, to $47.71 a barrel, up for a third session. Brent crude rose by 58 cents, or 1.12%, to $52.44 a barrel at 0212 GMT, after settling down 4 cents in the previous session. Brent and WTI have each fallen [Read more]
Heavy discount widens, remains in narrow range
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, but remained in a narrow range. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.70 per barrel below WTI, according to NE2 Canada Inc, wider than Monday's settle of $13.45 under. Broad strength across Canadian grades indicates excess capacity on pipelines, with the upstream turnaround season beginning soon, milder weather [Read more]