The amount of natural gas moving from British Columbia to Washington state through the Sumas hub started to rise on Friday after Enbridge Inc returned a pipeline to service following a pipe blast in British Columbia earlier in the week.Enbridge said on Thursday it returned a 30-inch (76-centimeter) gas pipe in British Columbia that was shut due to a fire on an adjacent 36-inch line on Tuesday, leading to supply disruptions in British Columbia and Washington. The amount of gas flowing [Read more]
U.S. drillers add oil rigs for first week in four
The U.S. oil drilling rig count rose this week for the first time in four weeks even as crude prices tumbled to their lowest in almost three weeks. Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The increase is the biggest weekly gain since mid August. The U.S. rig count, an early indicator of future output, is higher than a year ago when 743 [Read more]
World oil market ‘adequately supplied for now’: IEA
LONDON (Reuters) - Oil markets look “adequately supplied for now” after a big production increase in the last six months, but the industry is coming under strain, the West’s energy watchdog said on Friday. The International Energy Agency said in its monthly report that the world’s spare oil production capacity was down to 2 percent of global demand, with further falls likely. “This strain could be with us for some time and it will likely be accompanied by higher prices, however much we [Read more]
Enbridge says one natural gas pipeline in British Columbia operational after rupture
Canada's Enbridge Inc on Thursday said a 30-inch natural gas pipeline in northern British Columbia has become operational after being shut down due to a fire in an adjacent line, which led to supply disruptions in the U.S. state of Washington.Enbridge, Canada's largest pipeline operator, isolated and depressurized a 36-inch (91-cm) pipeline, which carries gas to the Pacific Northwest, after it ruptured on Tuesday evening causing gas to ignite. An adjacent 30-inch pipeline was also [Read more]
Enbridge gets regulatory nod to restart natgas line in British Columbia
Enbridge Inc , Canada's largest pipeline operator, has received regulatory approval to restart a natural gas line following a pipeline rupture incident near Prince George in British Columbia on Tuesday.Canada's National Energy Board (NEB) approved on Wednesday night the restart of a 30-inch line, located in the same right of way as the impacted 36-inch line, following a comprehensive integrity assessment, Enbridge said in a statement.The company has begun a multi-hour process to [Read more]
Heavy crude, light crude discounts widen to fresh records
The Canadian heavy oil differential and light oil differential both widened against the West Texas Intermediate (WTI) benchmark on Wednesday, hitting new record-wide spreads as transportation bottlenecks and refinery outages weighed.* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, settled at $52 a barrel below WTI crude futures , compared with Tuesday's settle of $48, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands [Read more]
Enbridge says fire extinguished on ruptured gas pipeline in Canada
Enbridge Inc , Canada's largest pipeline operator, said on Wednesday it had extinguished a fire on a natural gas line in northern British Columbia that prompted the evacuation of about 100 people from their homes Tuesday evening.The pipeline, which carries natural gas to markets in the Pacific Northwest, has been isolated and depressurized, and a 1-kilometer (0.6 mile) evacuation zone is in place. It is unclear how long it will take to resolve the situation, Enbridge said. (Reporting [Read more]
World’s largest traders see oil at $65-$100 a barrel next year
LONDON (Reuters) - The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. Oil has rallied this year on expectations the sanctions, coming into force on Nov. 4, will test the ability of the Organization of the Petroleum Exporting Countries and others to fill the supply gap as shipments from OPEC member Iran decline. Brent [Read more]
MEG Energy: Not ruling out a white knight after Husky bid – NBC
** National Bank of Canada says it does not rule out the possibility of a second bidder emerging for MEG Energy given cost-saving opportunities with other integrated producers** Husky Energy made an unsolicited bid to buy rival MEG in a deal valued at C$6.4 bln on Sept. 30 ** However, with a short list of potential buyers, the potential for a white knight to emerge is low - NBC** Brokerage lowers MEG's stock to 'sector perform' from 'outperform' due to shares [Read more]
Enbridge gas line rupture prompts evacuations in British Columbia, no injuries
A natural gas transmission pipeline ruptured in a rural area north of Prince George in the Canadian province of British Columbia on Tuesday, prompting precautionary evacuations, pipeline owner and operator Enbridge said.There are no reports of injuries as a result of the rupture, which ignited at the site, but about "100 people in the Lheidli T'enneh First Nation in the vicinity have been evacuated as a precaution," the company said in a statement. Emergency crews have isolated [Read more]