CALGARY, Alberta/VANCOUVER (Reuters) - Years of low oil prices and high costs spurred a stampede by multinational majors out of Canada’s oil sands last year, leaving the remaining crude producers struggling to weather painful drops in profit. Environmentalists derided the “tar sands” as too dirty for investment, and analysts said the region’s high production costs made little sense in a world of $50-a-barrel oil. But this month, global benchmark prices rebounded to $80 per barrel, cheering [Read more]
Canada’s purchase of Trans Mountain was exceptional -minister
CALGARY, Alberta (Reuters) - The Canadian government's decision to buy Kinder Morgan Canada Ltd’s Trans Mountain pipeline was brought about by a “particularly problematic” situation and is not a symbol of how things get done in the country, the finance minister said on Wednesday. the federal government on Tuesday agreed to buy the pipeline for $4.5 billion in an effort to save a project that faces formidable opposition from environmentalists and British Columbia officials worried the pipeline [Read more]
Oil climbs more than two percent as tight supplies in focus
NEW YORK (Reuters) - Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar. U.S. crude gained $1.62, or 2.4 percent, to $68.35. Brent rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT. Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven [Read more]
Pipeline move a risk for Canada’s Trudeau, but inaction worse
Canada's decision on Tuesday tobuy a troubled oil pipeline is a big risk that could cost PrimeMinister Justin Trudeau important voter support in a majorprovince, but insiders say failure to act decisively to boostenergy exports might hurt his chances to win re-election in2019.Trudeau's Liberal government said it will buy Kinder MorganCanada Ltd's Trans Mountain pipeline for C$4.5 billion($3.5 billion) in hopes of saving a project that faces majorpolitical and environmental [Read more]
Canada pension funds may be long-term buyers of Kinder pipeline
TORONTO, May 29 (Reuters) - Canada’s biggest public pension funds could be long-term buyers of Kinder Morgan Canada Ltd’s Trans Mountain pipeline but are unlikely to invest until the $7.4 billion project has been built, several pension fund sources said on Tuesday. The Canadian government said on Tuesday it will buy the Trans Mountain assets for $4.5 billion, hoping to salvage a project that faces formidable political and environmental opposition. The pipeline is intended to move Canadian [Read more]
Canada to buy Kinder Morgan’s Trans Mountain pipeline
The Canadian government said onTuesday it will buy Kinder Morgan Canada Ltd's TransMountain pipeline project for C$4.5 billion but does not intendto be the long-term owner of the project, which has faced fierceenvironmental opposition.Canada will also offer federal loan guarantees to ensureconstruction continues through the 2018 season as part of thedeal with the company, a unit of Houston-based Kinder Morgan Inc ."The federal government has reached an agreement with KinderMorgan [Read more]
Oil prices tumble as hedge funds quit crude: Kemp
LONDON, May 29 (Reuters) - Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs. Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts in each of the five weeks to May 22 by a total of 108 million barrels. The reduction has been concentrated in crude, where net long positions in Brent and [Read more]
Kinder Morgan restarts Trans Mountain line after Sunday oil spill -media
* Kinder Morgan temporarily shut down its mainTransMountain Pipeline on Sunday after a crude oil spill at itsDarfield station near Kamloops in British Columbia, HuffingtonPost Canada reported.* The station was isolated, the report said, citing astatementfrom Kinder Morgan, adding that the line was reactivated at 1520PST.* The spill was contained and about 100 litres of crude oilwasleaked into the ground at the station, the report added. ()* Canada is likely to buy Kinder Morgan's Trans [Read more]
Canada likely to buy Trans Mountain pipeline project – Bloomberg
Canada is likely to buy Kinder MorganCanada Ltd's Trans Mountain oil pipeline and itsproposed expansion project in an attempt to ensure that it isbuilt, Bloomberg reported on Monday, citing a person familiarwith the talks.The company, a unit of Houston-based Kinder Morgan Inc , had stopped all non-essential work on the C$7.4 billion ($5.70 billion) project in April, citing permitting delays andpolitical opposition in British Columbia, and said it wouldscrap the expansion unless the [Read more]
Oil hits multi-week lows as OPEC and Russia look to raise output
LONDON (Reuters) - Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains show no sign of slowing.U.S. crude futures were at $66.49, down $1.39, after hitting a six-week low of $65.80. Brent crude futures stood at $75.22 a barrel at 11.26 a.m. ET, down $1.22 from the previous close. The contract touched a three-week low of $74.49 earlier in the session The spread between the two contracts reached $9.38 a barrel, its [Read more]