The Canadian heavy oil discountnarrowed against the West Texas Intermediate (WTI) benchmark onTuesday, as capacity cuts continued to fuel demand for cheaperCanadian crude and various levels of government pledgedfinancial support for a troubled pipeline expansion. * Western Canada Select (WCS) heavy blend crude for Maydelivery in Hardisty, Alberta, settled at $15.45 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Monday's settle of $16.20. [Read more]
Investors back Kinder Morgan Canada’s Trans Mountain move
Kinder Morgan Canada shareholders on Tuesday backed the pipeline operator's decision to pause most work on its Trans Mountain expansion as away to force the Canadian government to give final approval for the project. The company said on Sunday it would scrap plans to nearly triple the capacity of its existing Trans Mountain pipeline, which extends from Alberta to British Columbia's coast, unless various legal and jurisdictional challenges could be resolved by May 31. The project was [Read more]
Notley says willing to buy Trans Mountain pipeline
Alberta is willing to purchase the Trans Mountain pipeline outright should Kinder Morgan Canada Ltd walk away from its planned expansion of the crude oil line, Premier Rachel Notley said on Tuesday. Texas-based Kinder Morgan said on Sunday it would scrap plans to nearly triple the capacity of its existing Trans Mountain pipeline, which extends from Alberta to British Columbia's coast, unless various legal and jurisdictional challenges could be resolved by May 31. "We are considering a [Read more]
Saskatchewan sees smaller fiscal deficit as spending kept tight
Saskatchewan, home to major potash and uranium reserves, said on Tuesday it would run a smaller deficit in the current fiscal year and balance its books in 2019-20 as it keeps a tight lid on spending despite projected higher commodity prices. Saskatchewan, which has endured a slump in its resource revenues in recent years, projected a $365 million deficit for 2018-19, which follows a $595 million deficit forecast for the fiscal year that ended on March 31. The 2018-19 projection does not [Read more]
Husky shuts isocracker at Lima, Ohio refinery -source
* Husky Energy unexpectedly shut down an isocrackerunit at its 177,000 bpd refinery in Lima, Ohio, on Monday toconduct repairs ahead of the summer season, according to asource familiar with the refinery's operations.* The repairs are expected to take a "few weeks" and have animpact on production rates, the source said.* The refiner is also running less heavy crude afterrecently cutting rates to coker due to furnace issues, thesource said, adding rates will likely increase by [Read more]
Devon Energy will lay off 9 percent of staff to boost returns
HOUSTON (Reuters) - Devon Energy Corp said on Tuesday it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline operations and boost the shale oil producer’s sagging returns and stock price. The cuts will affect all areas of the company’s operations, not just its Oklahoma City headquarters. Staff will be let go “in the weeks ahead,” Devon said in a statement. Devon, like many of its shale peers, has come under pressure from Wall Street in recent months to focus [Read more]
Oil surges as China calms trade war jitters
NEW YORK (Reuters) - Oil prices rose nearly 3 percent on Tuesday as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without harming the global economy. West Texas Intermediate crude futures gained 2.9 percent, or $1.85, to $65.27 a barrel. Brent crude futures were up $2, or 2.9 percent, at $70.65 a barrel by 12:53 (1653 GMT). President Xi Jinping on Tuesday promised to open China’s economy further and lower import tariffs, [Read more]
Trudeau’s cabinet to discuss troubled Kinder Morgan pipeline
Prime Minister Justin Trudeau will meet on Tuesday with his cabinet ministers to discuss Kinder Morgan Canada Ltd's threat to walk away from a troubled pipeline expansion as various levels of government signal interest in spending public funds to ensure the project proceeds. The company, losing patience with moves by politicians and activists to block plans to almost triple the capacity of its Trans Mountain pipeline, is vowing to halt all work on May 31 unless the challenges can be [Read more]
Heavy crude discount narrows
The Canadian heavy oil discount narrowedagainst the West Texas Intermediate (WTI) benchmark on Monday,as output cuts by producers helped ease pipeline and railbottlenecks. * Western Canada Select (WCS) heavy blend crude for Maydelivery in Hardisty, Alberta, settled at $16.20 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Friday's settle of $16.80. * The discount has narrowed in recent weeks as producerslike Canadian Natural Resources , [Read more]
Oil rallies as stock market rebounds
NEW YORK (Reuters) - Oil prices rose on Monday, supported by a rebound in the stock market as concerns of a trade war between the United States and China eased. U.S. West Texas Intermediate (WTI) crude futures rose $1.21 to $63.27 a barrel, a 2.0 percent gain. Brent crude futures rose $1.25 to $68.36 a barrel, a 1.9 percent gain, by 12:29 p.m. EDT (1629 GMT). Prices were on track for their largest daily percentage gain since March 23. “Once again we find the oil market being swept up in [Read more]