** Shares of Canadian oil producers rise after pro-energy party wins landslide victory in the country's main oil-producing province of Alberta** United Conservative Party (UCP) leader Jason Kenney has backed measures to prop up the province's energy industry as it struggles with pipeline congestion ** Cenovus Energy up 2.8%, Suncor Energy up 1.2%, MEG Energy up 2.4%, Canadian Natural Resources up 2.5%** On YTD basis; CVE up ~42%, SU up ~18%, MEG down ~15%, CNQ up ~30% [Read more]
Right-wing victory in Alberta may spell trouble for Trudeau
A right-wing, pro-energy party won a landslide victory in Canada's main oil-producing province of Alberta late on Tuesday, signaling momentum may be building against Prime Minister Justin Trudeau months ahead of a federal election in October.The United Conservative Party (UCP) trounced the left-leaning New Democratic Party (NDP) government by tapping into frustration over the economy and a struggling oil and gas industry. "Alberta is open for business!" UCP leader Jason Kenney [Read more]
Canada’s oil-rich Alberta goes to the polls as national vote looms
Voters in Alberta, Canada's main oil-producing province, head to the polls on Tuesday for an election that opinion surveys show will see the right-of-center United Conservative Party oust the left-leaning New Democratic Party government.A victory by Jason Kenney's UCP would set the western province on a collision course with Justin Trudeau's federal Liberal government over climate policy and carbon pricing in the run-up to the October national election.Kenney, a former federal [Read more]
Explosion at Shell’s Scotford refinery
Emergency crews responded to an explosion and fire at Shell's Scotford refinery in Alberta on Monday, a company spokeswoman said. There were no reported injuries. The Scotford facility houses a 100,000 barrel-per-day refinery and a 255,000 bpd oil sands upgrader. Local media reported flames and a large plume of black smoke coming from the refinery. Shell spokeswoman Tara Lemay said the fire broke out around 8:45 a.m. local time and employees were being moved away from the incident as a [Read more]
Vermilion Energy to drill new exploration wells in central Europe
Canada's Vermilion Energy will drill its first two exploration wells in Croatia in June, a senior official from the company said on Monday. Vermilion won four licences in 2015 for oil and gas exploration in Croatia's flat northeastern areas and the drilling will take place on one of these. "Although we see evidence of gas charge from the new seismic data we have acquired, we'll not know for sure whether any of this is commercially producible until after these initial wells are completed," [Read more]
Heavy and synthetic grades steady
The Canadian heavy crude oil differential compared with U.S. oil futures was unmoved on Friday from the previous day's settle:* Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, last traded at $9.25 a barrel below WTI crude futures , holding steady from the previous day, according to Net Energy Exchange.* Market activity is slowing as the monthly Canadian crude trading window, which runs from the first of each month until the day before pipeline [Read more]
TransCanada to cut spot rates for crude shipments to U.S. Midwest, Gulf Coast
TransCanada Corp's Keystone Pipeline filed with U.S. regulators this week to lower spot rates to ship crude from Canada to Illinois, Oklahoma and Texas: * TransCanada proposed to lower discounted rates for light crude volumes from or near Manitoba, Canada to Wood River, Illinois to $19.67 per cubic meter from $24.39, according a filing with the U.S. Federal Energy Regulatory Commission (FERC) this week; for heavy crude, it asked to cut rates to $21.70 from $25.79. * The company proposed [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with crude futures up more than 40 percent so far this year.Companies added two oil rigs in the week to April 12, bringing the total count to 833, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is higher than a year ago when 815 rigs were active.The rig count fell for the past [Read more]
U.S. super-light oil output rise roils Texas, Oklahoma markets
Growing production of Texas super-light oil - and worries about its quality compared with other types of crude - is slowing down deliveries into the main U.S. storage hub in Oklahoma, draining supply there and adding to a glut in Texas.In the last several months, drillers are producing more oil known as West Texas Light (WTL), a type of crude that differs from what is blended at the Cushing, Oklahoma hub to produce the benchmark U.S. oil grade.Cushing, which currently has 46 million barrels in [Read more]
Trump to fight states delaying energy projects
President Donald Trump will issue two executive orders in the heart of the Texas energy hub on Wednesday seeking to speed gas, coal and oil projects delayed by coastal states as he looks to build support ahead of next year's election.Trump's orders will direct his Environmental Protection Agency to change a part of the U.S. clean water law that has allowed states, on the basis of environmental reasons, to delay projects such as pipelines to carry natural gas to New England and coal [Read more]