Enbridge Inc called on Canada's energy regulator on Wednesday to ignore calls from some of its shippers and avoid intervening in the pipeline company's contentious proposal to revamp contracts on its Mainline network. The written submission to the Canada Energy Regulator (CER) is the latest salvo in a dispute between Calgary-based Enbridge and some of Canada's biggest oil companies over the future of the Mainline network. The Mainline is North America's biggest pipeline system and ships [Read more]
U.S. natgas futures slide from near 14-week high as weather moderates
U.S. natural gas futures slipped on Wednesday from a near 14-week high on forecasts for a little less cooling demand over the next two weeks than previously expected and a continued slowdown in export growth. Front-month gas futures for October delivery on the New York Mercantile Exchange were down 3.2 cents, or 1.2%, to $2.548 per million British thermal units at 8:28 a.m. EDT (1228 GMT). On Monday, the contract closed at its highest since May 29. Despite the decline, the front-month [Read more]
Enbridge investors cheer Mainline overhaul despite Canadian producer protests
Enbridge Inc's plan to overhaul contracts on its Mainline pipeline system has outraged many Canadian shippers but is cheered by investors who see monetizing existing infrastructure as a safer bet than trying to build new pipelines. The Mainline is North America's largest pipeline network, transporting nearly 3 million barrels per day, or 70%, of crude from western Canada to the U.S. Midwest. Many shippers opposed say Enbridge is abusing its market power and the changes will hurt Canadian [Read more]
Oil and gas majors sign deal to implement blockchain in Bakken oilfield
A group of oil and gas companies has agreed to begin testing blockchain, a technology at the heart of digital currencies, in a bid to lower administrative costs in their field operations while also reducing payment disputes and chances for fraud. The OOC Oil & Gas Blockchain Consortium, whose members include Chevron Corp , ConocoPhillips , Exxon Mobil Corp , Equinor and Royal Dutch Shell , among others, has awarded a contract to Data Gumbo to pilot the technology for water handling [Read more]
Oil hits six-week high on hopes of extended OPEC output cuts
Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. West texas intermediate was 27 cents, or 0.5%, higher at $58.12 a barrel, while brent was up 26 cents, or 0.4%, at $62.85 a barrel by 0349 GMT. Brent touched its highest since Aug. 1, while WTI crude rose to the highest since July 31. U.S. oil gained more than 2% on Monday, while Brent finished the day 1.7% higher as [Read more]
Repsol in advanced talks to buy Exxon assets in Gulf of Mexico -sources
Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday. The deal would be a boon to Exxon's plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets. There is no certainty a deal will be agreed, the [Read more]
Heavy differential holds steady
The Canadian heavy crude discount was steady against U.S. benchmark crude futures on Monday:* Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, last traded at $12.50 per barrel below WTI, according to Net Energy Exchange, unchanged from Friday's settle.* The differential remains relatively tight, helped by showing western Canadian crude inventories declined for a fourth straight month in August. * Last month, the government of Alberta extended [Read more]
Western Canadian crude inventories decline in August
Western Canadian crude oil inventories dropped by 1.2 million barrels in August to total just under 26 million barrels, levels last seen in November 2017, energy information provider Genscape said on Friday. The draw on inventories is good news for Canada's main oil-producing province Alberta, which this year imposed production curtailments on oil companies to ease congestion on export pipelines and help reduce the amount of crude in storage. Last month, the Alberta government extended [Read more]
U.S. oil drillers cut rigs for third week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year. Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 860 active rigs. The [Read more]
Billionaire Li Ka-Shing offered C$12.4 bln for Canada’s Inter Pipeline -Globe and Mail
Canada's Inter Pipeline Ltd rejected a C$12.4 billion ($9.37 billion) buyout offer from Hong Kong billionaire Li Ka-Shing's CK Infrastructure Holdings Ltd in July, the Globe and Mail reported late on Thursday, citing sources familiar with the two companies. Inter Pipeline had said previously that it had received a takeover bid in August without naming the buyer. It also said then it was not in talks to sell. Shares of the company, which owns pipelines in Alberta and Saskatchewan as well as [Read more]