More than two dozen oil companies wrote to Canada's energy regulator on Thursday to support or oppose it intervening in Enbridge Inc's contentious proposal to overhaul shipping contracts on the Mainline pipeline network. The Mainline is North America's largest pipeline system, shipping around 3 million barrels per day of crude from western Canada to the U.S. Midwest. Enbridge currently allocates capacity based on monthly nominations from shippers, but is proposing to switch to long-term [Read more]
Exxon agrees $4 bln sale of Norway oil and gas assets -sources
Exxon Mobil has agreed to sell its Norwegian oil and gas assets for up to $4 billion, ending its production in a country where it started operations more than a century ago, three sources familiar with the matter said on Thursday.U.S. oil major Exxon said in June it was looking to sell its Norwegian upstream portfolio, which comprises minority stakes in more than 20 fields, operated by local producer Equinor and Anglo-Dutch oil major Royal Dutch Shell . An Exxon spokeswoman said: [Read more]
U.S. natgas futures fall from 7-week high on big storage build
U.S. natural gas futures fell almost 2% from a seven-week high on Thursday following the release of a bigger than expected weekly storage build and a projected decline in the amount of gas flowing to liquefied natural gas (LNG) export plants. The U.S. Energy Information Administration said utilities added 84 billion cubic feet (bcf) of gas into storage during the week ended Aug. 30. That is higher than the 78-bcf build analysts forecast in a Reuters poll and compares with an injection of [Read more]
Federal Court of Appeal allows new challenges to Trans Mountain oil pipeline expansion
Canada's Federal Court of Appeal on Wednesday agreed to hear six challenges to the Canadian government's earlier approval of an expansion of the Trans Mountain oil pipeline, potentially adding to delays ahead of an October election. In a ruling posted on its website, the court said the six challenges relate to the adequacy of the government's consultations with indigenous groups, and that they must proceed on strict, short deadlines. The decision marks the second time in just over a year [Read more]
Suncor sees increased political risk for Keystone XL oil pipeline
Canada's second-largest oil producer, Suncor Energy , believes the political situation in the United States has increased the risks to companies counting on construction of TC Energy Corp's proposed Keystone XL oil pipeline, its chief executive said on Wednesday. A legal fight between TC, previously known as TransCanada, and environmental activists has delayed the Canada-to-Texas pipeline for a decade. A court in Nebraska last month affirmed an alternative route through the state, raising [Read more]
Oil prices rise over 2 percent, but economic worries loom
Oil prices rose on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses due to fears about a weakening global economy. U.S. West Texas Intermediate futures gained $1.55, or 2.88%, at $55.45 a barrel. U.S. data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Global markets rebounded after a private survey [Read more]
U.S. natgas futures rise to 7-wk high on forecasts for more demand
U.S. natural gas futures rose over 3% to a seven-week high on Tuesday on forecasts for warmer weather and higher cooling demand next week than previously expected. Front-month gas futures for October delivery on the New York Mercantile Exchange (NYMEX) were up 7 cents, or 3.1%, to $2.355 per million British thermal units at 11:29 a.m. EDT (1529 GMT), their highest since July 16. That put the contract into overbought territory for the first time since November 2018 and cut the premium [Read more]
Venezuelan oil exports fall to lowest level in 2019 as U.S. sanctions bite -data
Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation's second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of crude and refined products by state-run oil company Petroleos de Venezuela (PDVSA) and its joint ventures declined last month to some 770,000 barrels per day (bpd) from 992,565 bpd in July and 1.13 million bpd in [Read more]
Oil sinks as manufacturing reports renew global economy worries
Oil prices fell on Tuesday, with U.S. crude futures down more than 3%, weighed by manufacturing data that raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment. U.S. West Texas Intermediate (WTI) crude futures fell $1.91, or 3.5%, to $53.19 a barrel by 11:05 a.m. EDT (1505 GMT). It fell to a session low of $52.84 a barrel, the lowest since Aug. 9. Prices extended losses following data that showed U.S. manufacturing [Read more]
Enbridge reaches agreement with shippers for Line 3 pipeline placement in Canada
Enbridge Inc on Friday said it reached an agreement with shippers to place the Canadian portion of the Line 3 replacement pipeline into service by the end of this year. Enbridge will be filing a tariff with the Canadian energy regulator for a temporary surcharge with a proposed effective date of Dec. 1, 2019, the pipeline operator said in a statement. The Line 3 replacement line is on schedule for the Canadian portion and once complete, the line will carry 760,000 barrels per day of [Read more]