* Imperial Oil said it shut some units andassociatedoperations on Wednesday for planned work at its 187,000 barrelsper day refinery in Strathcona, Alberta.* The maintenance is expected to continue for several weeks,thecompany said on Thursday, adding it expected to meet allcontractual commitments. (Reporting by Apeksha Nair and Nithin Prasad in Bengaluru) [Read more]
Oil gains with equities as U.S.-China tensions ease
NEW YORK (Reuters) - Oil prices were modestly higher on Thursday, helped by gains in U.S. equities markets as trade tensions between China and the United States eased, but the advance was limited by strength in the dollar. .S. West Texas Intermediate crude rose 14 cents to $63.50 a barrel. Brent crude futures were up 29 cents to $68.31 a barrel at 11:27 a.m. EDT (1527 GMT). After a day of concern over tit-for-tat responses between the United States and China over tariffs on various [Read more]
Enbridge said to seek partial sale of German wind farm stake – Bloomberg
-- Source link: -- Note: Reuters has not verified this story and does notvouch for its accuracy [Read more]
Heavy crude discount continues to narrow
The Canadian heavy oil discount narrowed again on Wednesday against the West Texas Intermediate (WTI) benchmark, continuing an unexpected bounce on an incremental boost in pipeline capacity. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, settled at $16.15 a barrel below the WTI benchmark crude price, according to Shorcan Energy brokers, compared with Tuesday's settle of $17.90. The move may be caused by pipeline operator Enbridge Inc freeing up space [Read more]
Suncor’s Sarnia, Ontario refinery to undergo 8-week maintenance
Suncor Energy's Sarnia, Ontario refinery will undergo planned maintenance for about eight weeks, news website blackburnnews.com reported on Tuesday. Starting Tuesday, the refinery may experience visible flaring and increased noise, the report said quoting company officials and added that the work will last until June 1. Suncor operates a 85,000 barrel-per-day (bpd) refinery in Sarnia, Ontario, according to the company website. [Read more]
Hedge fund oil bulls downplay macro risks: Kemp
LONDON, April 3 (Reuters) - Hedge fund managers have turned bullish again towards oil prices, casting aside the caution that prevailed during much of February and March. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to petroleum prices by 85 million barrels in the week to March 27. Portfolio managers have increased their net long position in Brent, NYMEX and ICE West Texas Intermediate crude, U.S. [Read more]
Oil falls as earlier rally fizzles
ONDON (Reuters) - Oil prices fell on Monday, reversing an earlier rally, as a rise in Russian production and concern about a U.S.-China trade spat offset a drop in U.S. drilling activity. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output. Brent crude LCOc1, the international benchmark, fell 56 cents to $68.78 a barrel by 1358 GMT, having [Read more]
U.S. oil drillers cut rigs for first week in three
U.S. energy companies this week cut oil rigs for the first time in three weeks even as crude prices hover near three-year highs. Drillers cut six oil rigs in the week to March 29, bringing the total count down to 798, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday. Baker Hughes published its North American rig count report on Thursday, one day earlier than usual, due to the Good Friday holiday on March 30. The U.S. rig count, an [Read more]
U.S. oil producer costs climb with more drilling: Fed Survey
HOUSTON (Reuters) - Oil and gas business activity continued to climb last quarter, driven by an improved oilfield services sector, but costs for goods and labor also rose, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly energy survey. About 65 percent of the 140 energy firms surveyed in Texas, southern New Mexico and northern Louisiana reported increased activity from a year ago. During that time, U.S. oil prices have climbed more than 30 percent to near $65 a barrel [Read more]
OPEC to stick to supply curbs despite oil rally
LONDON/DUBAI, March 28 (Reuters) - OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on [Read more]