Oil prices rose for a third day on Thursday, pushed up by signs of lower imports into the United States as part of efforts by OPEC to tighten the market. U.S. West Texas Intermediate (WTI) crude futures were at $54.58 per barrel at 0249 GMT, up 35 cents, or 0.7 percent, from their last settlement. WTI closed up 1.7 percent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel. International Brent crude oil futures were up 52 cents, or 0.8 percent, at $62.17 per [Read more]
Sanctions on Venezuela’s oil firm sends U.S. refiners scrambling
Venezuela's revenues from oil sales to the United States have come under severe threat as sweeping sanctions on Venezuelan state-owned oil firm has sent U.S. buyers scrambling for replacements. The United States on Monday imposed sanctions on Petróleos de Venezuela, S.A., known as PDVSA , to cripple the OPEC member's oil shipments, which account for nearly all of Venezuela's exports, in response to the reelection of socialist President Nicolas Maduro, a vote widely viewed as [Read more]
U.S. drillers add rigs this week, but cut most in a month since 2016
U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools. Drillers added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total U.S. oil rigs are in the Permian [Read more]
Despite 60% support, Husky scrapped MEG oil merger
When the final numbers were tallied late last Wednesday for Husky Energy's hostile bid for rival Canadian oil producer MEG Energy, Husky's top executives learned they had the support of nearly 60 percent of MEG shareholders, people familiar with the situation told Reuters. That meant they easily surpassed the 50 percent threshold usually needed to extend their offer and reach the two-thirds mark necessary to win the deal. On Thursday morning, however, Husky walked away, saying it had [Read more]
Notley offers loan guarantee for oil upgrading plant
Alberta Premier Rachel Notley said on Tuesday that it would provide a C$440 million ($330 million) loan guarantee for a planned C$2 billion ($1.5 billion) oil partial upgrading facility, aiming to push more crude through its full pipelines. Notley said her government had signed a letter of intent for the loan guarantee to private company Value Creation Inc , which intends to make a final investment decision by year-end on building the facility, near Edmonton. The move is one of a series of [Read more]
Canadian railways ration space as commodity congestion problems worsen
Canada's two major railways are rationing space on trains traveling to the country's biggest port and recently prioritized some commodities over others to deal with congestion, the latest indication of their struggle to meet demand from new trade deals. That move prompted Canada's transport regulator last week to start an investigation into rail services around Port Metro Vancouver, after shippers complained of "discriminatory treatment of certain commodities" by Canadian National Railway [Read more]
U.S. drillers cut most oil rigs this week since February 2016
U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, even as the United States is expected to reinforce its leadership as the world's number one crude producer this year. Drillers cut 21 oil rigs in the week to Jan. 18, bringing the total count down to 852, the lowest since May 2018, 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 still much [Read more]
Canadian oil firm MEG says Husky balked at friendly takeover talks
Canadian oil producer MEG Energy Corp's CEO invited his Husky Energy Inc counterpart this month to negotiate a friendly takeover of MEG but Husky did not follow up, MEG's vice president of investor relations John Rogers said on Friday. Husky abandoned its hostile bid for MEG on Thursday, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce a crude glut. MEG Chief Executive Officer Derek Evans phoned Husky CEO Rob Peabody in [Read more]
Moody’s says termination of takeover bid for MEG is credit positive for Husky; no ratings impact for MEG Energy
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Suncor’s Edmonton refinery has ‘operational issues’ -company
Suncor Energy Inc's largest refinery, at Edmonton, Alberta, was experiencing "operational issues," the company said on Twitter on Thursday. The Canadian company declined to comment on what impact the problems were having on production at the refinery, which can process 142,000 barrels per day of oil sands crude into light oils. Suncor said the public may notice flaring, noise and odor. The Suncor Edmonton refinery is currently experiencing operational issues and as a result you may [Read more]