U.S. oil output is expected to rise 1.28 million barrels per day to 12.27 million bpd this year, the U.S. Energy Information Administration said in a monthly report, slightly lowering its annual growth forecast from 1.40 bpd last month. The agency increased its forecast for production growth in 2020 to 990,000 bpd from 900,000 bpd previously. [Read more]
Enbridge to keep gas pipe shut for at least a week after Kentucky blast
Enbridge Inc said it plans to keep the section of its Texas Eastern pipe in Kentucky shut through at least Aug. 12 after it exploded on Thursday, killing one person. Enbridge said in a notice to customers Monday afternoon that it is working with federal and state officials investigating the incident. The company has not estimated when the damaged section of pipe will return to service. The blast near Danville, Kentucky was the second so far this year on the Texas Eastern system following [Read more]
Oil hovers around $55 as U.S.-China trade tensions weigh
Oil prices rebounded slightly on Tuesday from big falls in recent sessions. Prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports and China making further moves against U.S. agricultural cargoes. The United States also responded to a decline in China's yuan on Monday by branding the country a currency manipulator. West Texas Intermediate crude futures rose 25 cents to $54.94 per barrel. International benchmark [Read more]
Heavy discount widens, remains in trading range
The differential on Canadian heavy crude widened on Friday, remaining in its recent trading range as government-ordered curtailments continued to underpin the market. * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $13.15 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Thursday, WCS for September delivery settled at $12.35 a barrel below WTI crude futures. * The differential is unlikely to widen [Read more]
U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling. Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, 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 [Read more]
Enbridge to solicit bids for Mainline
Canadian pipeline company Enbridge Inc said on Friday it would invite bids for contracted space on its Mainline system, in the face of opposition from some oil shippers who worry the changes could disadvantage small producers.The Mainline ships 2.85 million barrels per day of crude from Alberta in Canada to the United States, making it Canada's biggest network of export pipelines. Currently, shippers nominate barrels on a monthly basis, but Enbridge is proposing to switch to a system in [Read more]
Oil prices rebound after Trump trade tariffs trigger plunge
Oil prices rose more than 2% on Friday, rebounding from their biggest falls in years after U.S. President Donald Trump imposed more tariffs on Chinese imports, intensifying the trade war between the world's two biggest economies and crude consumers. Brent crude futures slumped more than 7% on Thursday, their steepest drop in more than three years. U.S. West Texas Intermediate (WTI) crude futures fell nearly 8%, posting its worst day in more than four years, The collapse ended a fragile [Read more]
Oil prices steady after Trump trade tariffs spark plunge
Oil prices rose around 1% on Friday, steadying after an overnight plunge following U.S. President Donald Trump's move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth. Brent crude slumped more than 7% on Thursday, its steepest drop in more than three years. U.S. crude fell nearly 8%, posting its worst day in more than four years, The collapse ended a fragile rally built on steady drawdowns in U.S. inventories, even as global demand looked shaky [Read more]
Heavy discount narrows as monthly trade cycle begins
The differential on Canadian heavy crude narrowed modestly on Thursday as the monthly trading window opened. * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $12.40 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Wednesday, WCS for September delivery settled at $13 a barrel below WTI crude futures. * The benchmark heavy discount remained in sight of the narrowest differential in three months, $9 [Read more]
Canadian Natural Resources eyes Alberta rail contracts amid pipeline congestion
Canadian Natural Resources Ltd , the country's biggest oil and gas producer, said it was looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday. Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments this year. The Alberta United Conservative Party government said in June that it planned to divest rail [Read more]