A planned maintenance turnaround is expected to get underway in the next several days and continue for about two months at Imperial Oil Ltd's Sarnia site, according to a local media website. Individual process units will come offline beginning this weekend and restart at various times within the overall period, the report said citing Kristina Zimmer, the company's Public & Government Affairs Manager. Imperial operates a 121,000 barrel-per-day refinery in Sarnia. [Read more]
Oil prices steady amid concerns of rising supplies and sluggish demand
Oil prices were steady on Thursday after falling the previous two sessions on industry concerns about rising supplies and signs of slowing demand. U.S. West Texas Intermediate (WTI) crude futures were 2 cents lower, or 0.04%, to $56.47 a barrel. Brent crude futures were at $62.36 a barrel, down 3 cents, or 0.05%, from the previous close, by 0555 GMT. Brent prices have dropped 3.6% since the close on Monday, while WTI is down 3.7% over the same period, weighed down by a surprise 2.4 [Read more]
Japan to invest $10 bln in global LNG infrastructure projects
Japan and its private sector firms will invest $10 billion on liquefied natural gas (LNG) projects worldwide, the country's industry minister said on Thursday, in a strategy to boost the global LNG market and reinforce the security of energy supply. The move, doubling a commitment by Japan two years ago to bolster energy supply chains, comes as the world's biggest LNG buyer aims to reduce its reliance on energy from the Middle East as growing tensions in the region threaten the [Read more]
Decision on Canada’s Come-By-Chance refinery expansion expected in coming days
Canadian officials will decide in coming days whether to grant environmental approval for expansion and upgrades at the North Atlantic Refining-owned refinery in Come-by-Chance, the Department of Municipal Affairs and Environment in Newfoundland and Labrador said on Wednesday. The expansion, if approved, would increase output at the 130,000 barrels per day (bpd) refinery to 162,000 bpd. That would allow the refinery to process more light, sweet crude oil as new maritime rules governing sulfur [Read more]
Saudi Aramco restores oil output earlier than expected
Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the Sept. 14 attacks on its oil facilities.Crude output from the Khurais field is now at 1.3 million bpd and the Abqaiq plant is currently at about 4.9 million bpd, the sources said. On Monday, sources had said Abqaiq production was about 3 million bpd. The Sept. 14 attacks on the two plants [Read more]
Enbridge receives permit for Michigan underwater supports on Line 5 oil pipeline
Canadian pipeline company Enbridge Inc said on Tuesday it has received a permit from the U.S. Army Corps of Engineers to install 54 steel supports along its underwater Line 5 pipeline in Michigan's Straits of Mackinac. Line 5 ships 540,000 barrels per day of light crude oil and propane and is a critical part of Enbridge's Mainline network, which delivers the bulk of Canadian crude exports to the United States. However the Michigan is suing Enbridge in a bid to have the underwater portion [Read more]
Court blocks Alberta legislation that would restrict energy flows to British Columbia
A Canadian court on Tuesday granted a temporary injunction against legislation enabling the province of Alberta to restrict the flow of oil and gas to neighbouring British Columbia. Alberta enacted Bill 12, dubbed the "turn off the taps act" in May, after it was passed by the previous provincial government in retaliation for British Columbia opposing the expansion of the Trans Mountain oil pipeline. Bill 12, formally known as the "Preserving Canada's Economic Prosperity Act", has yet to be [Read more]
Oil slips as focus shifts from Saudi supply to global demand concerns
Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia. U.S. West Texas Intermediate (WTI) futures were at $58.36, down 28 cents. Brent crude futures fell 35 cents to $64.42 a barrel. "The demand side of the equation is back in focus," said Michael McCarthy, senior market analyst at CMC Markets in Sydney, pointing to sluggish manufacturing [Read more]
Eight energy firms dropped from Canada’s main equity index
Eight Canadian energy companies were booted out of the S&P/TSX Composite Index on Monday because their market capitalization has dropped below minimum requirements, the latest sign of difficulties facing the country's oil and gas sector.Analysts said the rebalancing of Canada's flagship index underlined the challenge to energy companies in attracting investment amid concerns about lack of new oil pipeline capacity and a glut of inexpensive North American natural gas.Canada holds [Read more]
Alberta to unveil budget on Oct. 24, spending cuts loom
Alberta will unveil its first budget on Oct. 24, the premier said on Monday, warning that "difficult decisions" would need to be made on spending to help tackle hefty deficits. Premier Jason Kenney and his United Conservative Party were elected in April, ousting the left-leaning New Democratic Party (NDP), with promises to get Alberta's finances in order. The western province holds most of Canada's oil reserves, the third-largest in the world, but it has been struggling with persistent [Read more]