(Reuters) - Oil producer BP Plc complained to Canada’s National Energy Board (NEB) regulator about Enbridge Inc’s implementation and then abrupt reversal of new rules for shipping crude on its Mainline pipeline system, NEB documents showed on Thursday. Enbridge notified shippers late last month that it would introduce a supply verification procedure to determine each company’s volumes on the Mainline, but then scrapped the policy early this week. The NEB said in a letter on Thursday to BP [Read more]
Oil vs wild rice: Enbridge, opponents gear up final US pipeline push
CALGARY, Alberta (Reuters) - Canada’s Enbridge Inc (ENB.TO) faces an indefinite delay to its biggest-ever capital project if a U.S. state regulator denies its preferred pipeline route through Minnesota, but a victory would spell relief for Canadian oil shippers and northern U.S. refiners. Some pipeline opponents, which include environmental and Native American groups, are trying to convince the Minnesota Public Utilities Commission (PUC) to kill the project. Others oppose only Enbridge’s [Read more]
Oil prices drop on surprise U.S. stockpile build
NEW YORK (Reuters) - Oil prices fell on Wednesday on worries that global supply is climbing as U.S. inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output. U.S. crude inventories rose 2.1 million barrels in the week to June 1, the Energy Information Administration said, a surprise after analysts had forecast a decrease of 1.8 million barrels. Fuel inventories also rose. “Oil prices are being clobbered by a surprise build to crude [Read more]
U.S. asks OPEC producers to pump more oil, no specific figure
DUBAI/LONDON (Reuters) - The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, but it has not requested a specific figure, three OPEC and industry sources said on Tuesday. The U.S. request to raise output has been made unofficially from Washington to each of the oil producers rather than to the Organization of the Petroleum Exporting Countries as a group, the sources said. Earlier on Tuesday, Bloomberg reported that the U.S. [Read more]
ConocoPhillips prepares to sell stake in Cenovus
Conoco Phillips is preparing to offload its stake in Cenovus Energy Inc, which it acquired as part of an asset sale to the Canadian oil and gas producer last year, people familiar with the matter told Reuters. The U.S. energy company has held discussions with investment banks about appointing advisers to the sale and could offer the shares to institutional investors as early as this month, said the people. They cautioned that the precise timing would depend on market conditions and could [Read more]
Cenovus Energy falls on report of ConocoPhillips’ stake sale plan
** Canadian oil and gas producer's U.S.-listed shares fall as much as 8.9 pct to $9.47 - biggest intraday pctloss in nearly 1 year** ConocoPhillips is preparing to offload Cenovusstake it acquired last year - Reuters ** The ConocoPhillips stake in Cenovus is worth C$2.7 bln($2.1 bln), but it would likely be sold at a small discount,according to Reuters' sources** ConocoPhillips has held discussions with investment banksabout appointing advisers to the sale, and could offer [Read more]
U.S. drillers add oil rigs for second week in a row
(Reuters) - U.S. energy companies added oil rigs for a second week in a row even though crude prices have declined about 7 percent over the past two weeks and analysts do not expect any big changes in the rig count for the rest of the year. Drillers added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That was the eighth time [Read more]
Brent hits largest premium to U.S. crude since 2015
NEW YORK (Reuters) - U.S. crude oil futures recovered some losses on Thursday after a larger-than-expected decline in inventories, but U.S. futures remained under pressure in comparison to global Brent crude, which rallied to push the spread between the two to the highest level in more than three years. U.S. oil inventories fell by 3.6 million barrels in the week to May 25, the U.S. Energy Information Administration said, exceeding expectations for a decline of 525,000 barrels. Gasoline and [Read more]
U.S. crude inventories fall, products build as refiners ramp up: EIA
(Reuters) - U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories posted surprise builds as refiners ramped up their activity to the highest since January ahead of Memorial Day weekend, the Energy Information Administration said on Thursday. Crude inventories fell 3.6 million barrels in the week to May 25, compared with analysts’ expectations for a decrease of 525,000 barrels. The drawdown assuaged some worries from U.S. traders who have [Read more]
U.S. oil output jumps to record 10.47 million barrels per day in March: EIA
(Reuters) - U.S. crude oil production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on Thursday. Production in Texas rose by 4 percent to almost 4.2 million bpd, a record high based on the data going back to 2005. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oilfield. Output from North Dakota held around 1.2 million bpd, while [Read more]