NEW YORK, Aug 17 (Reuters) - A co-owner of the Come By Chance oil refinery in Canada is suing his partner for about $5.8 million in a New York state court over allegations of unpaid dividends and misused investments, according to court papers filed on Friday. Neal Shear, who bought the struggling 130,000 barrel-per-day Come By Chance refinery in Newfoundland in 2014, accused Kaushik Amin, his partner in the plant, of failing to pay him a $5.45 million shareholder dividend as well as $326,000 [Read more]
U.S. oil drilling rig count holds steady this week
(Reuters) - U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week. The rig count, an early indicator of future output, held at 869 in the week to Aug. 17, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. U.S. crude futures were on track to fall for the seventh straight week as global trade disputes fueled concerns about slowing economic [Read more]
U.S. judge orders review of TransCanada’s Keystone XL pipeline route
WASHINGTON (Reuters) - A federal judge in Montana has ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying its construction and dealing another setback to TransCanada Corp (TRP.TO). For more than a decade, environmentalists, tribal groups, and ranchers have fought the $8-billion, 1,900-km pipeline that will carry heavy crude to Steele City, Nebraska, from Canada’s oilsands in Alberta. U.S. District Court [Read more]
In setback for TransCanada, judge orders Keystone XL pipeline review
A federal judge in Montana on Wednesday ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying the project's construction and dealing the latest setback for Canada's TransCanada Corp .For more than a decade, environmentalists, tribal groups, and ranchers have fought the $8-billion, 1,180-mile (1,900-km) pipeline that will carry heavy crude to Steele City, Nebraska from Canada's oilsands in [Read more]
U.S. drillers add most oil rigs since May
U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That rig count increase occurred desite U.S. crude prices [Read more]
U.S. oil reserve release will not guarantee lower pump prices: analysts
NEW YORK (Reuters) - American drivers are unlikely to see prices at the pump fall if the Trump administration releases crude from the Strategic Petroleum Reserve (SPR) because U.S. oil production already is sky high, analysts said. The potential release, ahead of the U.S. midterm elections in November, would aim to bring relief to customers who have seen gasoline jump 50 cents a gallon in the past year. Even if the release temporarily sends futures contracts lower, there is no guarantee [Read more]
IEA says calm in oil markets could be short-lived
Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the International Energy Agency said on Friday. "The recent cooling down of the market, with short-term supply tensions easing, currently lower prices, and lower demand growth might not last," the IEA, which oversees the energy policies of industrialised nations, said in a monthly report. Oil prices have rallied close to $80 per [Read more]
Saudi Arabia reassures Canada on oil supplies in row over jailed activists
A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. Saudi Arabia, infuriated by Canada's demand last week that jailed activists in the kingdom be released immediately, expelled the Canadian ambassador on Sunday, blocked imports of Canadian grain and ended state-backed educational and medical programmes in [Read more]
Saudi-Canada dispute will not affect oil supplies -Saudi minister
Saudi Arabia's diplomatic dispute with Canada will not affect state oil firm Aramco's clients in Canada, the country's energy minister said.Saudi oil supplies are not subject to political considerations, Khalid al-Falih said in remarks quoted by Saudi Arabia's state press agency early on Thursday.Riyadh on Sunday froze new trade with Canada and expelled the Canadian ambassador. It also ended state-backed educational and medical programs in a dispute that was sparked by Canada [Read more]
Heavy crude differential narrows slightly
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Tuesday:* Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, settled at $31.00 a barrel below the WTI benchmark crude futures , according to Shorcan Energy brokers. That compared with Friday's settle of $31.15 under WTI.* The differential has grown as U.S. refiners plan more extensive than usual downtime for maintenance this autumn, and pipelines are [Read more]