Suncor Energy Inc , one of Canada's biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, Chief Executive Steve Williams said on Wednesday. A court overturned last week the Canadian government's approval of the Trans Mountain pipeline expansion. That decision added to "troubling" pipeline delays, Williams said at a Barclay's investor conference in New York. "There is clearly a question of confidence in [Read more]
Crescent Point names new CEO, plans to cut 17 pct of workforce
Crescent Point Energy Corp on Wednesday named Craig Bryksa its new chief executive officer and said it would immediately reduce 17 percent of its workforce as the Canadian energy producer looks to turn around its business.The company, whose stock has underperformed the broader market in recent years, in May won a proxy fight with activist investor Cation Capital. Crescent Point's stock has dropped 18.4 percent this year, much bigger than the 1.4 percent fall in the S&P TSX Energy [Read more]
Pipeline politics leave Canada’s prime minister in peril
With one surprise court ruling, Canadian Prime Minister Justin Trudeau faces the risk of contesting next year's election with key pieces of his economic and environmental plans in ruins. The Federal Court of Appeal overturned on Thursday the Liberal government's 2016 approval to expand Trans Mountain, a critical pipeline to link Canadian crude with foreign markets, followed hours later by Alberta's tit-for-tat withdrawal from Trudeau’s climate plan. The day's events [Read more]
U.S. crude-by-rail shipments rose by 61,000 bpd in June-EIA
U.S. shipments of crude oil via rail in June rose by 61,000 barrels per day (bpd) from the previous month to 465,000 bpd, according to data released Friday by the U.S. Energy Information Administration. Shipments within the United States in June rose by 53,000 barrels per day (bpd) from the previous month to 252,000 bpd, while shipments from Canada to the United states rose by 8,000 barrels per day (bpd) from the previous month to 213,000 bpd.Summary April-18 [Read more]
U.S. drillers add oil rigs for the first time in three weeks
U.S. energy companies added oil rigs for the first time in three weeks, energy services firm Baker Hughes reported on Friday, while the rig count inched up this month as drilling steadied over the last three months. Drillers added two oil rigs in the week to Aug. 31, bringing the total count to 862, the General Electric Co unit said in its closely followed report. The oil rig count rose by one in August after gaining three rigs in July and losing one in June. U.S. crude futures were on [Read more]
Danger to oil demand from trade wars may offset price boost from Iran
Oil analysts cut their price forecasts for 2018 for the first time in almost a year in August, given growing concern over the impact on crude demand from escalating trade tensions, although falling supply, particularly from Iran, would likely limit losses, a Reuters poll showed on Friday. A survey of 45 economists and analysts forecast Brent crude to average $72.71 a barrel in 2018, 16 cents lower than the $72.87 projected in the previous month’s poll and above the $71.96 average so far this [Read more]
Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline
LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. The millions of unsold barrels of crude that had pooled around northwest [Read more]
Crude rises to highest since July on sanction concerns
NEW YORK (Reuters) - Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. inventories. U.S. crude settled 74 cents higher at $70.25 a barrel, after earlier hitting a session high of $70.50. Brent crude oil rose 63 cents a barrel to settle at $77.77. Both contracts were at their highest in more than one month. A rally that started earlier in the day accelerated [Read more]
Wyoming oil basin deals rise as companies look past Permian
Oil companies looking for the next big find are wading into the Powder River Basin of Wyoming, where pipelines are not congested and land is cheaper than in Texas' Permian Basin, the world's fastest-growing oil producing region. A series of largely undisclosed land deals is fueling interest in its conventional and shale formations, according to people familiar with the transactions who requested anonymity this week to discuss the confidential deals. U.S. crude prices have risen 48 percent [Read more]
U.S. energy companies fume over rejected steel tariff exemptions
HOUSTON (Reuters) - The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration. But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells. The reason: multiple U.S. steelmakers objected to Borusan’s application, arguing they could supply the product, according to the department. Chevron [Read more]