Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week. U.S. West Texas Intermediate (WTI) rose 20 cents, or 0.45%, to $47.63 a barrel. Brent crude rose 3 cents per barrel, , to $52.75 per barrel at 0148 GMT. Brent and WTI have rebounded somewhat over the past two days from a more than 20% drop from [Read more]
Heavy discount remains narrow before turnarounds as new monthly trading cycle begins
Canadian heavy crude's discount traded in a narrow range versus the U.S. benchmark West Texas Intermediate (WTI) crude on Monday, reflecting anticipation of some oil production going offline for maintenance soon, on the first day of the month's trading cycle. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.50 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Friday's settle in thin trading of $13.55 [Read more]
Alberta boosts oil well clean-up to create jobs
The oil-producing Canadian province of Alberta is increasing its financial support for cleaning up wells without owners, addressing an environmental liability as it creates jobs in the slumping industry. Premier Jason Kenney said on Monday that Alberta would loan up to C$100 million ($74.95 million) to the Orphan Well Association, which is funded by energy companies, to decommission 1,000 additional wells, doubling its pace. The move will create as many as 500 direct and indirect jobs for [Read more]
Oil bounces from multi-year lows as hopes of OPEC+ cut, stimulus offset virus impact
Oil prices pared losses after earlier hitting multi-year lows on Monday as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak. U.S. West Texas Intermediate crude hit a 14-month low of $43.32 a barrel, before recovering to $45.23, up 47 cents, or 1.1%. Brent crude was at $50.32 a barrel, up 65 cents, or 1.3%, by 0105 GMT, after earlier dropping to $48.40, the lowest since July 2017. Flight [Read more]
MEG Energy asks Alberta to shelve oil sands project
Canada's MEG Energy Corp has asked Alberta Energy Regulator (AER) for a three-year delay to the approval process of a proposed oil sands project in the province, because of what it called continuing difficulties, the Globe and Mail reported. MEG cited Alberta's economic malaise and a lack of investors in the oil sands, as well as overloaded pipelines, in a letter late last year to the AER requesting a hold on the regulator's approval, the report said on Monday. MEG could not be immediately [Read more]
Canada and indigenous group reach tentative deal in dispute that led to road, rail blockades
Canadian authorities on Sunday reached a tentative deal with an indigenous group in the Pacific province of British Columbia that could end solidarity protests across Canada that have been blocking rail lines and roads for weeks. Activists have disrupted passenger and freight traffic to show solidarity with the Wet'suwet'en people, who are seeking to stop TC Energy Corp's Coastal GasLink pipeline from being built across their land. After three days of talks in which work on the pipeline [Read more]
Canadian National Railway starts calling back employees laid off during rail blockade
Canadian National Railway Co has started calling back many of the 450 workers it laid off earlier this month in eastern Canada, when blockades crippled operations on strategic rail lines, according to a company email sent to customers on Friday. Earlier this week, police made 10 arrests and cleared a blockade in eastern Canada that had been stopping freight and passenger traffic for almost three weeks on one of Canada's busiest lines. The blockades were held in solidarity with the [Read more]
U.S. drillers cut oil rigs for first week in four
U.S. energy firms reduced the number of oil rigs operating for the first time in four weeks as some companies expect output growth from shale formations to slow as producers cut spending on new drilling for a second consecutive year in 2020. Drillers cut 1 oil rig in the week to Feb. 28, bringing the total count down to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday. That is a decline of 20% from the same week last year when 843 rigs were [Read more]
Oil prices fall again, on track for biggest weekly drop in over 4 years
Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand. The virus, which has killed more than 2,700 people in China, has been found in another 46 countries and caused 57 deaths. Investors worry the epidemic could turn into a pandemic and deliver a damaging blow to the global economy. West Texas Intermediate (WTI) crude [Read more]
Canada to hold talks with indigenous group in bid to end blockades
A Canadian government minister was scheduled to open two days of talks with a major indigenous group on Thursday in a bid to end three weeks of rail and road blockades across the country that are harming the economy. Activists have disrupted passenger and freight traffic to show solidarity with the Wet'suwet'en people in the Pacific province of British Columbia, who are seeking to stop TC Energy Corp from building a gas pipeline over their land. Carolyn Bennett, the minister of [Read more]