Nebraska's main anti-pipeline group is trying to rally opposition to the TransCanada Keystone XL project's recently approved route through the state, tracking down landowners it says were not given a voice in the regulatory process. If it succeeds, Bold Nebraska could throw up new roadblocks to the controversial project to move Canadian oil to U.S. refineries, backed by U.S. President Donald Trump, by pressing regulators to revisit TransCanada's application, or by suing if they [Read more]
U.S. crude stockpiles fall for fourth week on huge Cushing draw: EIA
(Reuters) - U.S. crude oil stockpiles fell for a fourth straight week with the biggest slump in supplies at the Cushing, Oklahoma, hub in eight years, even as crude output hit another weekly record, the Energy Information Administration said on Wednesday. Gasoline inventories, meanwhile, soared far more than expected, even as refining rates slipped. Crude inventories fell 5.1 million barrels in the week to Dec. 8, compared with analysts’ expectations for an decrease of 3.8 million barrels. [Read more]
TransCanada clashes with pipeline opponents at Nebraska hearing
Opponents of TransCanada Corp's proposed Keystone XL oil pipeline argued on Tuesday that regulators in Nebraska had no authority to approve the line's "alternative" path through the state and that the project should be considered dead. The Nebraska Public Service Commission issued an approval for the line to pass through the state in late November, removing what appeared to be the last big regulatory obstacle for the long-delayed project, which has been backed by President Donald [Read more]
Enbridge says Line 3 pipeline project operational date uncertain
The start date for Enbridge Inc's C$8.2 billion ($6.52 billion) Line 3 pipeline replacement project is uncertain and could be as late as November 2019, the company said on Tuesday. The Alberta-Wisconsin Line 3 and other North American energy infrastructure projects are facing increasing opposition from environmentalists, aboriginal groups and local governments. The company has said the new Line 3, which replaces an aging one, would start shipping oil in the second half of 2019. "Until [Read more]
Forties pipeline outage is a gift to U.S. oil exporters, others: Russell
The shutdown of Britain's largest crude oil pipeline is an early Christmas gift to U.S. exporters shipping to Asia, and a complication for Middle Eastern and African producers seeking to maintain market share in the world's top importing region. The Forties Pipeline System, which carries about 450,000 barrels per day (bpd) from the North Sea to Scotland, may be closed for several weeks for unscheduled repair work, operator Ineos said on Monday. Forties crude is the largest of the five [Read more]
Hedge funds start to take profits after oil rally: Kemp
LONDON, Dec 11 (Reuters) - Hedge fund managers have started to take profits from the big rise in crude oil and refined products prices since June now the rally has lost momentum and inventories are showing signs of stabilising. Portfolio managers cut their combined net long position in the five major futures and options contracts linked to petroleum prices by the equivalent of 34 million barrels in the week to Dec. 5. Net long positions were reduced to 1,120 million barrels, from the [Read more]
U.S. drillers add oil rigs for 3rd week in a row -Baker Hughes
U.S. energy companies this week added oil rigs for a third week in a row, the longest string of increases since summer, as higher crude prices prompt drillers to return to the well pad after a break in the autumn. Drillers added two oil rigs in the week to Dec. 8, bringing the total count up to 751, the highest level 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 [Read more]
Kinder Morgan Canada shares surge after ruling on pipeline permits
TORONTO (Reuters) - Shares in Kinder Morgan Canada Ltd rose as much as 9.5 percent to a four-month high early on Friday, after a favorable ruling by the country’s energy regulator on its Trans Mountain pipeline expansion boosted prospects of the contentious project. Late on Thursday, Canada’s National Energy Board said Kinder Morgan Canada could proceed with construction work on the $5.8 billion project without complying with certain bylaws from the city of Burnaby, British Columbia, through [Read more]
Kinder Morgan Canada wins appeal over Trans Mountain expansion
Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada Ltd in its appeal seeking to sidestep some municipal permits needed for the company's C$7.4 billion ($5.8 billion) Trans Mountain pipeline expansion. The ruling, which came three days after the regulator heard the case, could offset some of the construction delays afflicting the company, which said on Monday the project could be further set back if it could not get clarity about the permits. Kinder Morgan Canada [Read more]
Crude oil rally stalls as fuel prices soften: Kemp
LONDON, Dec 7 (Reuters) - Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel oil from U.S. crude rose from $14 per barrel in June to more than $25 per barrel in the middle of November. The U.S. distillate market started the year in substantial oversupply, with inventories well above the long-term [Read more]