LONDON (Reuters) - A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January 2017 and due to rising global demand. Despite this, OPEC’s latest report also said producers were cutting more than required under the deal, while producers not party to the agreement, such as U.S. shale companies, were starting to face constraints on future output. Saudi Arabia, the world’s biggest [Read more]
TransCanada to cut temporary discounted rates for its Keystone oil pipeline
TransCanada filed with U.S.energy regulators on Friday to cut some of its temporarydiscounted spot rates for its Keystone crude pipeline from theinternational boundary with Canada at or near Haskett, Manitobato Wood River and Patoka, Illinois and Cushing, Oklahoma: * The pipeline cut temporary discounted rates to Wood Riverto $30.919 per cubic meter from $38.467 for light crude and$36.092 per cubic meter from $43.640 for heavy crude - FERCfiling* The pipeline cut temporary discounted rates to [Read more]
TransCanada withdraws proposal for program for Marketlink oil pipeline
TransCanada Corp onFriday withdrew its proposal to U.S. regulators to establish anew "flexible short-term program" for its Marketlink oilpipeline from Cushing, Oklahoma, to Gulf Coast markets:* The withdrawal was made "without prejudice to refiling"and the company did not "concede or agree with any protestsraised," the filing said.* Earlier this week, Shell Trading (US) Company (STUSCO), ashipper on Marketlink, said the proposed "flexible [Read more]
U.S. drillers add oil rigs for sixth consecutive week
(Reuters) - U.S. energy companies added oil rigs for a sixth week in a row as crude prices continue to soar to multi-year highs after new sanctions on Iran are anticipated to take some supply out of the market, further supporting U.S. drilling and pushing production to record highs. Drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on [Read more]
Enbridge expects to complete two big U.S. natgas pipelines in 2018
Canadian energy company Enbridge Inc said Thursday it expects to complete two big U.S.natural gas pipelines on schedule this year:* Enbridge said in an earnings release that it expects tocomplete the $2.6 billion Nexus pipeline from Ohio to Michiganlate in the third quarter and the $1.6 billion Valley Crossingpipeline from Texas to Mexico in the fourth quarter.* The 255-mile (410-kilometer) Nexus project is designed tocarry up to 1.5 billion cubic feet per day (bcfd) of gas fromthe Marcellus [Read more]
U.S. crude output to hit 12 million bpd in late 2019
NEW YORK (Reuters) - U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report. The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd on average next year, according to the short term energy outlook. Last month, it expected a 750,00-bpd year-over-year increase to 11.44 million [Read more]
Canadian pension fund raised stake in Kinder Morgan – Financial Post
British Columbia Investment ManagementCorp, one of Canada's largest pension fund managers, recentlyboosted its stake in TransMountain pipeline operator KinderMorgan Inc , the Financial Post reported, citingregulatory filings.BCIMC, which manages British Columbia public-sector pensionfunds, bought 21,214 shares of Kinder Morgan during the fourthquarter, the newspaper reported.The purchase raised BCIMC's stake to 1.12 million shares,making its position worth more than $18 million, the [Read more]
Canadian Natural Resources shares slip as Shell sheds $3.3 bln stake
** U.S.-listed shares of Canadian Natural Resources Ltd down ~4 pct at $33.65 premarket as Royal Dutch Shell divests its 8-pct stake** CNQ one of the most active NYSE stocks premarket** Underwriters Goldman Sachs, RBC, Scotiabank and TDSecurities bought 97.6 mln shares from Shell and looking tooffload them at $34.10, a 2.9 pct discount to stock's $35.11last sale on Mon, sources say** Transaction represents about 2 mths of trading volume** Shell says to use pre-tax proceeds of approx [Read more]
Conoco aims to seize PDVSA oil inventories in Curacao -sources
ConocoPhillips is tryingto seize PDVSA's oil assets at the335,000-barrel-per-day (bpd) Isla refinery in Curacao, whichwould expand its control over the Venezuelan state-run company'sbarrels for export, according to sources close to the matter.Under court orders to enforce a $2 billion arbitration awardby the International Chamber of Commerce (ICC), the U.S. oilfirm last week temporarily seized about 4 million barrels ofcrude that PDVSA had stored on the Dutch Caribbean island of [Read more]
Shell trading arm protests proposed program for Marketlink oil pipeline
Shell's U.S. trading arm onMonday urged regulators to deny a new program proposed byTransCanada Corp for its Marketlink oil pipeline from Cushing,Oklahoma, to Gulf Coast markets, saying it violates sections ofthe Interstate Commerce Act (ICA):* Shell Trading (US) Company (STUSCO), a shipper onMarketlink, said the proposed ""flexible short-term program" isalso inconsistent with the FERC-approved rate structure.* FERC's rate structure provides that walk-up shippers pay [Read more]