Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so. BP , which has a global LNG portfolio made up of volumes it has produced or bought, said on its website it expects that publishing its LNG master sales and purchase agreement (MSPA) templates will "contribute to the broader discussion around standardisation and liquidity for LNG transactions." The LNG [Read more]
Bid for Inter Pipeline highlights Canada’s oil sector bright spot
A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices. Inter Pipeline, Pembina Pipeline Corp and Keyera Corp own key infrastructure such as gathering pipelines, gas-processing plants and storage tanks that are in high demand, and reported record second quarter profits. They are sometimes overlooked, however, because of the wider energy sector's problems of congested export channels and low [Read more]
OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020. The bearish outlook due to slowing [Read more]
Heavy differential widens as trade cycle wraps up
The Canadian heavy crude discount widened against benchmark West Texas Intermediate (WTI) futures on Thursday, the last day of the monthly trade cycle: * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $12.15 per barrel below WTI, according to Net Energy Exchange. On Wednesday WCS settled at $11.20 per barrel below WTI. * Thursday is the last day of the monthly Canadian crude trading window, in which the bulk of market activity [Read more]
North Dakota oil production up 30,000 bpd in June vs May to 1,425,000 bpd
Oil production in North Dakota rose 30,000 barrels-per-day (bpd) to 1,425,000 bpd in June, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission's monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's general statistics report, also available on its website. [Read more]
Oil prices fall on concerns over recession, inventories
Oil prices fell on Thursday, adding to sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed. U.S. crude was down 25 cents, or 0.5%, at $54.98 a barrel, having dropped 3.3% in the previous session. Brent crude was down 37 cents, or 0.6%, at $59.11 a barrel by 0300 GMT, after falling 3% in the last session. The combination of a slew of data suggesting a slowdown in global growth amid the [Read more]
Oil prices drop as data shows surprise climb in U.S. inventories
Oil prices fell on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods. The move by U.S. President Donald Trump sent commodities, stocks and other assets higher because of optimism the effects of the trade war, already being felt in economies across the world, will be blunted. Oil prices surged by as much as nearly 5 [Read more]
Continental Resources CEO urges OPEC, shale oil output cuts
OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market. Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, echoing his position two years ago when cuts by the Organization of the Petroleum Exporting Countries (OPEC) paved the way for greater U.S. shale [Read more]
U.S. crude oil stocks rise 3.7 mln bbls-API
U.S. crude stocks rose unexpectedly last week while gasoline inventories increased and distillate stocks drew, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 3.7 million barrels in the week to August 9 to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.2 million barrels, API said. Refinery crude runs fell by 173,000 barrels per day, [Read more]
Oil soars on easing U.S.-China trade tensions
Oil prices rose more than 3% on Tuesday after the United States said it will remove some products from its China tariff list, easing concerns over a global trade war that has pummeled the market in recent months. U.S. West Texas Intermediate (WTI) futures were up $1.38, or 2.5%, at $56.31. Brent crude futures were up $1.75, or 3.1%, from the previous settlement at $60.32 a barrel by 1357 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in [Read more]