Oil hovered near $64 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of “red flags” due to surging U.S. production. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $64.30 a barrel. Trading was relatively slow due to a national holiday in the United States. International benchmark Brent crude futures were trading 12 cents lower at $69.75, having risen above $70 earlier in the session. A [Read more]
Ohio officials worry about possible new spills from Rover natgas pipe
Ohio environmental regulators on Friday told federal energy regulators the state has significant concerns about the potential for a spill from Energy Transfer Partners' drilling as the company works on the Rover natural gas pipeline. The Ohio Environmental Protection Agency said in a filing with the U.S. Federal Energy Regulatory Commission (FERC) that it learned this week that 148,000 gallons of drilling fluid were "lost down the hole" that ETP is drilling under the Tuscarawas [Read more]
Oil drillers in Canada boost rigs to 10-month high
Jan 12 (Reuters) - Energy firms in Canada almost doubled the number of rigs drilling for oil this week to the highest level in 10 months as producers returned en masse from Christmas breaks and crude prices remain around three-year highs. Drillers added 87 oil rigs during the week ended Jan. 12 bringing the total count up to 185, the highest level since March 2017, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest [Read more]
U.S. drillers add most oil rigs in a week since June -Baker Hughes
U.S. energy companies added 10 oil rigs this week, the biggest increase since June, as crude prices rose to their highest levels in three years, prompting drillers to return to the well pad. The total rig count rose to 752 in the week to Jan. 12, the most since September, 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 522 rigs were [Read more]
Oil retreats from 2014 highs but set for fourth week of gains
NEW YORK (Reuters) - Oil prices edged lower on Friday after hitting a three-year high the previous day, but the benchmarks remained on track for a fourth straight week of gains. A drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC’s global supply cut agreement, has bolstered the oil-market rally for several weeks, helping push Brent crude through $70 a barrel for the first time since December 2014. Russia’s Lukoil Chief [Read more]
Chinese bitcoin miners eye sites in energy-rich Canada
China's Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative. China has grown into one of the world's biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector's players and may ask local authorities to regulate their power use. Bitmain Technologies, [Read more]
Suncor says oil sands base plant returning to operations after power outage
* Suncor Energy experienced process upset at oil sands base plant in northern Alberta due to temporary power loss - company spokeswoman * Suncor spokeswoman says power was restored on Wednesday night and company is currently focused on a safe return to operations * Suncor did not comment on production impact at the 350,000-barrel-per-day mining and upgrading site (Reporting by Nia Williams; Editing by Sandra Maler) [Read more]
Berkshire energy unit names CEO to replace potential Buffett successor
Berkshire Hathaway Inc's energy unit on Thursday named William Fehrman as its new chief executive to replace Gregory Abel, who was promoted a day earlier to oversee more Berkshire units, and potentially succeed Warren Buffett. Fehrman, 57, joined the energy unit, Berkshire Hathaway Energy Co, in 2006. He had been chief executive of its MidAmerican Energy Co subsidiary, which provides electric and natural gas service in four Midwest U.S. states, and BHE Renewables, which builds wind and [Read more]
Oil prices expected to trade around $60-$70 through 2020: Kemp
LONDON, Jan 11 (Reuters) - Oil prices are expected to remain close to current levels, averaging around $60 to $70 per barrel through the end of the decade, according to the annual survey of energy professionals conducted by Reuters. Forecast prices have changed very little since the last survey a year ago, and are only modestly higher than in the first survey conducted in 2016, when spot prices were much lower than they are today and near the bottom of the cycle. Long-term price [Read more]
Jefferies poaches RBC senior bankers in expansion drive
Jefferies has hired Dai Clement and Lorna Shearin from Royal Bank of Canada to develop its power, utilities and infrastructure business, as part of a wider investment banking expansion, banking sources said on Tuesday. Dai Clement will become global head of power, utilities and infrastructure investment banking at Jefferies, while Lorna Shearin will be the European head from April. Both will be based in London, the sources told Reuters. Clement was European head of utilities at RBC, while [Read more]