Oil ticked higher early on Thursday after falling in the previous session as more signs of slowing global growth added to demand concerns, with Middle East tensions underpinning prices. Brent crude futures were up 6 cents at $63.24 a barrel by 0053 GMT, after dropping 1% overnight, falling for the first time in four sessions. U.S. West Texas Intermediate crude were 12 cents, or 0.2%, higher at $55.99 a barrel, having dropped 1.6% in the previous session. Sentiment in the oil market [Read more]
Suncor Energy quarterly profit triples on tax gain
Suncor Energy Inc , Canada's second-largest oil and gas producer, said on Wednesday its profit nearly tripled in the second quarter due to a deferred income tax gain of C$1.12 billion ($852.49 million).Net profit rose to C$2.7 billion, or C$1.74 per share, in the three months ended June 30, from C$972 million, or 60 Canadian cents per share, a year earlier.Suncor's total production rose to 803,900 barrels of oil equivalent per day (boepd), from 661,770 (boepd) in the second quarter [Read more]
U.S. natgas futures fall to month low on cooler forecasts
U.S. natural gas futures fell on Wednesday to their lowest level in over a month on forecasts for cooler weather over the next two weeks than previously forecast. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 8.0 cents, or 3.5%, to settle at $2.220 per million British thermal units. That put the contract within a few cents of its $2.185 close on June 20, which was its lowest settle since May 2016. Meteorologists predict the weather will remain near [Read more]
Wisconsin tribe sues Canada’s Enbridge to shut down crude oil pipeline
A Native American tribe in Wisconsin is suing Canadian pipeline company Enbridge Inc in a bid to have an oil pipeline that runs across its tribal land shut down and removed. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin calling for the 12-mile section of Line 5 that runs across its reservation to be declared "public nuisance and a trespass." The lawsuit says there is a risk the 66-year-old pipeline could rupture and spill oil, [Read more]
Global oil market in glut, but not a big enough one for OPEC
OPEC has shifted the goalposts for assessing an overhang in oil inventories, giving the group more room to prolong production cuts, while analysts warn the move will offer a distorted view of market conditions. Ever since the Organization of the Petroleum Exporting Countries and allies led by Russia - a grouping known as OPEC+ - started curbing oil output two and a half years ago, they have targeted bringing oil in storage in the industrialized world in line with the five-year average. In [Read more]
Oil inches up amid Middle East tensions; frail demand outlook caps gains
Oil prices edged higher on Tuesday amid lingering concerns about possible supply disruptions in the Middle East, but an overall weaker demand outlook kept a lid on gains, helped by a vow by the International Energy Agency (IEA) to take swift action to keep global oil markets adequately supplied. West Texas Intermediate (WTI) crude futures were unchanged at $56.22 per barrel. Brent crude futures rose 4 cents to $63.30 a barrel by 0335 GMT. The international benchmark rose more than 1% in [Read more]
U.S. natgas futures rise near 3% on forecasts for more heat next week
U.S. natural gas futures gained almost 3% on Monday as forecasts for hotter weather and higher cooling demand next week lifted prices from two-week lows hit last week. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 6.1 cents, or 2.7%, to settle at $2.312 per million British thermal units. On Friday, the contract fell to its lowest since July 2. Gas speculators trimmed their net short positions on the NYMEX and Intercontinental Exchange last week to [Read more]
Oil outlook sours as sanctions, global tensions fail to bring out bulls
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand. The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between [Read more]
Market braces for Mexico’s annual oil hedge, trading surges -sources
Trading in crude oil options and futures surged last week as market participants prepared for Mexico's annual oil hedging program, in which the country buys as much as $1 billion in contracts to protect its oil revenues. The global oil derivatives market braces itself every year in late spring and summer for the hedge, the market's largest and most secretive financial oil deal. This year, Mexico has faced several challenges in executing the hedge and timing has become a crucial [Read more]
Strait of Hormuz: the world’s most important oil artery
Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Persian Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route. Iran's ambassador to Britain warned against escalating tensions on Sunday, a day ahead of an expected response from the UK which could include fresh sanctions on Tehran or other steps. Britain has called the capture of their ship in the Strait of Hormuz on Friday a [Read more]