The 135,000 barrel per day Co-op Refinery Complex in Regina, Saskatchewan, is preparing for possible strike action after the local workers union declared an impasse in negotiations over pensions. Federated Co-operatives Limited began constructing a work camp on Tuesday to house temporary contract workers in case of a strike, Gil Le Dressay, vice president refinery operations, said in a statement. Refinery management and workers are in a dispute over pension contributions. Unifor 594, the [Read more]

U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying jobs in oil and gas drilling as well as associated services such as site preparation, cementing, casing and pressure-pumping. Employment gains in the oil and gas sector also helped support [Read more]

Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth. U.S. West Texas Intermediate (WTI) crude dropped 20 cents, or 0.36% to $53.28, while Brent crude fell 16 cents, or 0.27%, to $59.04 a barrel. China has been hit by poor economic data for two straight days. The National Bureau of Statistics (NBS) reported on Tuesday that China's factory gate prices declined at [Read more]

The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday to round off a week of volatile trading:* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.35 per barrel below WTI, according to Net Energy Exchange. On Thursday November WCS settled at $15.95 a barrel below WTI and earlier in the week settled at $16.50 a barrel below the benchmark, its widest discount since late May.* Light [Read more]

U.S. energy firms this week increased the number of oil rigs operating for the first time in eight weeks even though energy services firms are cutting jobs as most producers follow through on plans to reduce spending on new drilling this year. Companies added two oil rigs in the week to Oct. 11, bringing the total count to 712, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. [Read more]

Oil prices climbed early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, also up 0.41%, from their last close to $54.10 per barrel. International benchmark Brent crude futures were at $59.80 a barrel, up 15 cents, or 0.3%, from their previous settlement. Brent [Read more]

The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday:* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.00 per barrel below WTI, according to Net Energy Exchange. On Wednesday November WCS settled at $15.30 a barrel below WTI.* Light synthetic crude from the oil sands weakened to trade at $1.00 per barrel over WTI, having settled at $1.50 per barrel over the benchmark the previous [Read more]