Canada is preparing an aid package for Alberta, heart of the country's struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by end-February if Teck Resources Ltd can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta despite climate and wildlife concerns. The decision is a major test of Prime Minister Justin Trudeau's 2019 [Read more]
Canada readies aid for Alberta as deadline for provincial oil sands project nears
Canada is preparing an aid package for Alberta, heart of the country's struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by the end of this month if Teck Resources Ltd can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta despite climate and wildlife concerns. The decision is a major test of Prime Minister Justin Trudeau's [Read more]
Police boost security at Coastal GasLink site
Canadian police imposed tighter security limits on Thursday in a remote area of northern British Columbia where indigenous protesters have blocked construction of the Coastal GasLink pipeline. The Union of British Columbia Indian Chiefs said police had started to remove indigenous people from their territories. The C$6.6 billion ($4.97 billion) pipeline, to be operated by TC Energy Corp , will move gas from northeast British Columbia to the Pacific Coast, where the Royal Dutch Shell -led [Read more]
Heavy discount widens, remains in narrow range
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude widened on Thursday, but remained near its narrowest level in 2-1/2 months. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $18.25 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settle of $17.70 under. The spread was as little as $17 earlier, the smallest since mid-November. Increased rail volumes and modest additional [Read more]
Oil rises for a second day as OPEC+ weighs coronavirus action
Oil futures rose for a second day on Thursday boosted by potential OPEC+ action to counter oil demand loss from the coronavirus outbreak and by optimism that trade tensions between the world's two biggest economies were easing. A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day (bpd), two sources told [Read more]
Heavy discount narrows to fresh 2-1/2-month low
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Wednesday to a fresh 2-1/2-month low, driven by dwindling inventories. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $17.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Tuesday's settle of $18.50 under. The discount was the smallest since mid-November. Alberta oil inventories have shrunk since December as rail [Read more]
Oil gains more than 3% on hopes for output cuts to counter China virus impact
Oil prices climbed more than 3% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. U.S. West Texas Intermediate (WTI) crude futures were up $1.77 or 3.6% to $51.20 a barrel. Brent crude oil futures were up $1.96, or 3.6%, to $55.78 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group [Read more]
Oil prices climb as OPEC, allies weigh output cuts to cushion coronavirus impact
Oil prices rose on Wednesday, reversing out of a 1% slump in the previous session, boosted by producers weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. Brent crude oil futures were up 44 cents, or 0.8%, to $54.40 a barrel by 0127 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 42 cents or 0.9% to $50.03 a barrel.The Organization of the Petroleum Exporting Countries (OPEC) and its [Read more]
Heavy discount narrows to smallest discount since November
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday to the smallest discount since November, as bloated supplies diminished. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $18.25 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday's settle of $19.65 under. Heavy crude traded for a discount as little as $18, the smallest since Nov. 19. Alberta crude [Read more]
Canada’s oil pipeline projects inch forward
Three proposals to expand pipeline capacity to move Western Canada's crude oil have been stalled for years by environmental and indigenous opposition in both Canada and the United States. Lately, the proposals have cleared several obstacles, but others remain. Canadian oil companies such as Canadian Natural Resources Ltd , Suncor Inc and Cenovus Energy say the projects are critical to lifting prices and ending government-ordered curtailments in Alberta. LINE 3 This Enbridge Inc project [Read more]