The proposed route of Kinder Morgan Canada's Trans Mountain pipeline expansion through the west coast Canadian city of Burnaby will damage parks, harm sensitive ecosystems and impact critical infrastructure, the city will argue on Tuesday. The Vancouver suburb will present its case over three days to the Canadian energy regulator, National Energy Board (NEB), at hearings to help determine the exact route of the 1,147 kilometer (712 mile) oil pipeline. The project was approved by the [Read more]
Hedge fund trade in oil becomes very crowded
LONDON, Jan 22 (Reuters) - Hedge funds added to their record bullish positions in petroleum in the week to Jan. 16, continuing the recent wave of buying, but the extra long positions were almost entirely confined to U.S. crude rather than Brent or refined fuels. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to crude and fuels by a total of 41 million barrels. The net long position in Brent, NYMEX and [Read more]
Ohio again asks U.S. regulators to stop drilling on Rover natgas pipe
Ohio environmental regulators on Friday asked federal energy regulators to order Energy Transfer Partners LP to cease drilling operations on the Rover natural gas pipeline under the Tuscarawas River over concern about the potential for a spill. The Ohio Environmental Protection Agency said in a filing with the U.S. Federal Energy Regulatory Commission (FERC) that it learned last week that 146,000 gallons of drilling fluid were "lost down the hole" that ETP is drilling under the [Read more]
U.S. oil drillers cut rigs for 2nd week in three -Baker Hughes
U.S. energy companies this week cut oil rigs for the second time in three weeks even though crude prices traded near their highest level since 2014. Drillers cut five oil rigs in the week to Jan. 19, bringing the total count down to 747, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago when only 551 rigs were active after energy companies [Read more]
Oil markets tightening as Venezuelan output collapses -IEA
Global oil markets are tightening quickly on falling supplies from Venezuela, which posted 2017’s biggest unplanned output fall and could see a further decline in 2018, the International Energy Agency (IEA) said on Friday. Debt and infrastructure problems cut Venezuela’s output in December to 1.61 million barrels per day (bpd), somewhere near a 30-year low. That helped oil prices climb above $70 per barrel in early January, their highest level in 3 years. “The general perception that the [Read more]
COLUMN: Peak oil demand and its implications for prices
By John Kemp LONDON, Jan 19 (Reuters) - Even if oil consumption reaches a peak and then starts to fall, the world will still need large quantities of oil for many decades to come. The prediction is contained in a thoughtful paper co-authored by Spencer Dale, chief economist of BP, and Bassam Fattouh, director of the Oxford Institute for Energy Studies. “Global oil demand is likely to continue growing for a period, driven by rising prosperity in fast-growing developing economies,” they [Read more]
Oil holds near 2014 high, supported by threat of Nigeria attack
Oil held steady above $63 a barrel on Thursday, supported by falling inventories of crude and threats of an attack on Nigeria’s petroleum industry, although a reported rise in U.S. fuel supplies weighed. Crude is within sight of its highest since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and concern that unrest in producer nations such as Nigeria could further curb output. Militant group Niger Delta Avengers threatened to attack [Read more]
OPEC sees more oil supply from rivals, countering its cuts and Venezuelan woes
OPEC has raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a deepening plunge in Venezuelan production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said outside producers would boost supply by 1.15 million barrels per day (bpd) this year, up from 990,000 bpd expected previously. “Higher oil prices are bringing [Read more]
Oil producer Obsidian Energy hits back at activist FrontFour Capital
Canadian oil sands producer Obsidian Energy Ltd said on Wednesday it could not add major shareholder FrontFour Capital's candidate to its board, despite "extensive" negotiations. Obsidian's response came after FrontFour, the producer's second-biggest shareholder with a 5.7 percent stake, said it had tried over the last three months to come to an agreement with Obsidian over the addition of one mutually agreed upon independent nominee. "We have been unable to [Read more]
Husky ordered to halt SeaRose operation after iceberg close call
Canadian regulators on Wednesday ordered Husky Energy to suspend operations on its 27,000-barrel-per-day SeaRose floating production vessel off the coast of eastern Canada after an iceberg came too close to the facility in March 2017. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) made its decision after an investigation found Husky did not follow its own Ice Management Plan when an iceberg came within 0.25 nautical mile of the floating production, storage and [Read more]