U.S. crude oil exports reached 2,609,000 barrels per day in November compared with 2,326,000 bpd the October, foreign trade data from the U.S. Census Bureau showed on Wednesday Exports to Canada were 536,000. Exports to Korea, south were 351,000. Exports to Netherlands were 282,000. Exports to Singapore were 211,000. Exports to United kingdom were 189,000. Exports to Taiwan were 183,000. Exports to Japan were 136,000. Exports to India were 117,000. Exports to Chile were 115,000. Exports to [Read more]
Oil slips on API report of U.S. inventory rise
Oil edged lower on Wednesday after a report showed a rise in U.S. crude inventories, countering expectations of a tightening market in 2019 due to OPEC-led supply cuts and U.S. sanctions on Venezuela. U.S. crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said. The government’s official supply report is due out later on Wednesday. “The fact that U.S. crude oil and gasoline stocks rose more sharply than expected, as [Read more]
Heavy crude differential narrows
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Tuesday: * Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, traded on Tuesday afternoon at $9.30 a barrel below WTI crude futures , narrower than Monday's settle of $9.90 below WTI, according to Net Energy Exchange. * The differential is volatile due to uncertainty about the Alberta government's next move on mandatory curtailment levels, a Calgary-based [Read more]
Heavy crude differential narrows on strong demand, curtailed output
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Monday:* The heavy crude differential remains tight compared with WTI as demand for heavy crude is strong among U.S. Gulf Coast refiners due to sanctions against Venezuela's state oil company, a Calgary-based trader said. * Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, traded on Monday afternoon at $9.75 a barrel below WTI crude futures , narrower [Read more]
Heavy crude differential widens after Imperial Oil slows rail
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Friday after Imperial Oil said it was slowing rail shipments due to the price impacts of Alberta production cuts:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, traded on Friday afternoon at $10.25 a barrel below WTI crude futures , wider than Thursday's settle of $9.55 below WTI, according to Net Energy Exchange.* Imperial, one of Canada's [Read more]
U.S. oil drillers cut active rigs to lowest in 8 months -Baker Hughes
U.S. energy firms this week cut the number of oil rigs operating to their lowest in eight months as some drillers follow through on plans to spend less on new wells this year.Drillers cut 15 oil rigs in the week to Feb. 1, bringing the total count down to 847, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the fourth time drillers cut rigs in the past five weeks.More than half the total U.S. oil [Read more]
Imperial Oil beats quarterly profit estimates on refining strength
Canada's integrated oil company Imperial Oil Ltd on Friday posted a quarterly profit that beat analysts' estimate, as cheap crude prices enhanced margins at its refining division.Imperial, majority owned by Exxon Mobil Corp , said income from its refining unit jumped nearly four-fold to C$1.14 billion ($868.2 million). Canadian crude prices have been hurt by a glut in storage as pipelines have been running at full capacity. "Imperial has taken a strategic approach to increase [Read more]
Imperial Oil reports fourth-quarter profit
Canada's integrated oil company Imperial Oil Ltd on Friday posted a quarterly profit, driven by gains from cheap crude prices at its refining division.Imperial, majority owned by Exxon Mobil Corp , said its net profit in the fourth quarter ended Dec. 31 was C$853 million ($649.2 million), or C$1.08 per share. The Calgary, Alberta-based company had posted a net loss of C$137 million, or 16 Canadian cents per share, a year earlier, due to a surge in refining and oil production costs.The [Read more]
U.S. says non-U.S. entities must wind down Venezuela oil buying
WASHINGTON (Reuters) - Any non-U.S. entities purchasing petroleum and petroleum products from Petróleos de Venezuela SA in transactions that involve any U.S. persons, the U.S. financial system or U.S. brokers must be wound down by April 28, the U.S. Treasury Department said in a notice posted early on Friday. Americans who work for non-U.S. companies located outside of the United States and Venezuela have until March 29 to conduct “certain maintenance or wind-down transactions,” according to [Read more]
Amid cries of ‘traitor,’ Canada’s Trudeau set for ugly election
Canadian Prime Minister Justin Trudeau, who swept to power on a wave of optimism in 2015, is set for an ugly reelection campaign this October, judging by exchanges with voters in public town halls this month where he was grilled on topics ranging from immigration to housing affordability. Opinion polls show his center-left Liberals are barely ahead of their rivals, and party insiders privately admit they might lose their majority in the House of Commons, which would crimp the government's [Read more]