Exxon Mobil is considering an exit from the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world's largest publicly traded energy company, Exxon has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of its assets, which could fetch up to $2 billion, according to three industry sources with knowledge of the matter. Exxon declined to comment. Leaving the British [Read more]
U.S. natgas futures rise on forecast for higher demand next week
U.S. natural gas futures rose almost 2% on Tuesday on forecasts for more heat and cooling demand next week than previously expected despite an increase in output to a fresh record high. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 3.7 cents to $2.142 per million British thermal units at 9:05 a.m. EDT (1305 GMT), or minus 1.8%. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 1.8 cents, or 0.9%, to $2.123 per [Read more]
Heavy discount narrows as end of monthly trade cycle looms
The Canadian heavy crude discount narrowed against benchmark West Texas Intermediate (WTI) futures on Monday: * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $10.95 per barrel below WTI, according to Net Energy Exchange. On Friday, it settled at $12.00 per barrel below WTI. * One Calgary-based industry source said there was strong buying as market players covered positions ahead of the end of the monthly trade cycle on [Read more]
Oil steadies as Saudi, Kuwait signals offset demand fears
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to [Read more]
U.S. natgas futures rise on forecast for more demand despite record output
U.S. natural gas futures edged up on Monday as the market focused more on forecasts for more demand over the next two weeks than previously expected as opposed to an increase in output to record levels. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 2.7 cents, or 1.3%, to $2.146 per million British thermal units (mmBtu) at 9:10 a.m. EDT (1310 GMT). That keeps the contract within 10 cents of the $2.070 close on Aug. 5, which was its lowest settle since [Read more]
Exxon says working to return Canada’s Hibernia oil platform back to production
Exxon Mobil Corp said on Friday it was working with regulatory and response agencies to prepare for the return of Canada's Hibernia oil platform to production after a spill in mid-July.Return to production date will be determined during continued discussions with authorities, Hibernia's largest shareholder Exxon said.Hibernia has been producing oil since 1997 and sits roughly 315 km (200 miles) east of St. John's, Newfoundland and Labrador. ExxonMobil owns the largest stake in [Read more]
U.S. oil drillers cut rigs for sixth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a sixth week in a row as producers cut spending on new drilling and completions leading to lower production growth forecasts.Drillers cut six oil rigs in the week to Aug. 9, bringing the total count down to 764, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the most weekly declines in a row since March when drillers [Read more]
Canada’s Inter Pipeline shares extend climb on takeover bid report
Shares of Inter Pipeline Ltd rose for a second day in a row on Friday on a newspaper report that the Canadian oil pipeline and storage company had received a takeover bid. The company declined to comment. Inter Pipeline's shares jumped nearly 9% on Thursday after Canada's Globe and Mail newspaper reported that it had received a takeover offer from an unnamed suitor that could be worth C$12.4 billion ($9.37 billion). The Globe reported that Inter Pipeline's board turned down the cash offer [Read more]
Enbridge works to return Texas Eastern natgas pipe after Kentucky blast
Canadian energy company Enbridge Inc said it is working on a plan to put in service a couple of pipelines adjacent to the Texas Eastern natural gas pipeline in Kentucky that exploded on Aug. 1, killing one person. The company, which made the announcement on Thursday, did not say when the two pipes would return to service. Earlier in the week, the company told customers it expected they would remain shut at least through Aug. 12. Enbridge said it is working with several agencies looking [Read more]
Oil rises despite IEA report showing demand growth at decade low
Oil prices rose on Friday, supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting demand growth at its lowest level since the financial crisis of 2008. Brent crude futures were up 89 cents at $58.27 a barrel by 1057 GMT. West Texas Intermediate (WTI) futures were at $53.33 per barrel, up 79 cents. “Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already [Read more]