Enbridge Inc said it restarted its Line 5 oil pipeline across the Straits of Mackinac in North America's Great Lakes on Tuesday after it was shut due to bad weather. The company temporarily shut down the line due to high winds and nine-foot-high (3-meter-high) high waves, according to the Michigan Agency for Energy. The 540,000 barrel per day pipeline from Wisconsin to Ontario carries Canadian light crude and refined products and is a key link in Enbridge's network, which transports the [Read more]
Enbridge suspends Line 5 pipeline across Great Lakes due to bad weather
Enbridge Inc temporarily shut down its 540,000 barrel per day Line 5 oil pipeline across Straits of Mackinac in the Great Lakes on Tuesday due to high winds and nine-foot high waves, according to the Michigan Agency for Energy. Enbridge spokesman Ryan Duffy said in a statement from the MAE the pipeline was shut down at 11.37 a.m. local time and would restart when weather conditions improve. Enbridge and the state of Michigan signed an agreement on Nov. 27 that the pipeline would be [Read more]
Kinder Morgan Canada drops 4.3 percent after more potential delay
CALGARY, Alberta (Reuters) - Kinder Morgan Canada Ltd shares fell as much as 4.7 percent on Tuesday after the company said there could be more delays in the expansion of its C$7.4 billion (US$5.8 billion) Trans Mountain pipeline expansion, raising concerns about cost blowout. Kinder Morgan’s Trans Mountain expansion to Canada’s west coast has already been delayed by nine months. The company said late on Monday that the lack of clarity around municipal permit processes and related judicial [Read more]
Kinder Morgan warns pipeline expansion could be further delayed
Kinder Morgan Canada Ltd said on Monday the start-up of its Trans Mountain pipeline expansion could be delayed past September 2020 if it is unable to get more clarity around permitting and the judicial process by early next year. The company's appeal to Canada's energy regulator over municipal permits for the C$7.4 billion ($5.8 billion) expansion was heard on Monday. The company said in a statement that it needs certainty by early 2018 to move ahead with construction. [Read more]
Kinder Morgan warns pipeline expansion could be further delayed
Kinder Morgan Canada said on Monday the start-up of its Trans Mountain pipeline expansion could be delayed past September 2020 if it is unable to get more clarity around permitting and the judicial process by early next year. The company, which has asked Canada's energy regulator to help resolve disputes with a local municipality over permits for the C$7.4 billion ($5.8 billion) expansion, said in a statement that it needs certainty by early 2018 to move ahead with construction. [Read more]
Funds build record bullish position in oil ahead of 2018: Kemp
LONDON, Dec 4 (Reuters) - Hedge fund managers raised their bullish position in crude oil and refined products by another 63 million barrels to a record 1,155 million barrels in the week before the OPEC meeting. Portfolio managers were emboldened as it became clear OPEC and its allies were likely to extend production cuts for another nine months until the end of 2018. Fund managers have brushed aside concerns about the enormous concentration of long positions already in the market and the [Read more]
Husky Energy boosts 2018 capex, sees flat yearly production
Canadian oil and gas producer Husky Energy Inc forecast higher spending for 2018 on Monday and flat production levels from 2017. The company said it expects to spend C$2.9 billion to C$3.1 billion, compared with its 2017 forecast of C$2.2 billion to C$2.3 billion. Husky estimates 2018 production of 320,000 to 335,000 barrels of oil equivalent per day for next year. (Reporting by John Benny in Bengaluru; Editing by Bernard Orr) [Read more]
U.S. regulator raises concerns about weights on energy pipelines
A U.S. regulator's preliminary investigation into the biggest oil pipeline spill this year has raised a red flag that could trigger an extensive and costly inspection of tens of thousands of miles of underground energy lines. The 5,000-barrel leak on TransCanada Corp's Keystone pipeline on Nov. 16 in South Dakota might have stemmed from damage caused by a weight put in place when it was built in 2008, the Pipeline and Hazardous Materials Safety Administration said in a report published on [Read more]
Oil pares gains after report on Flynn in Russia probe
NEW YORK (Reuters) - Oil pared gains on Friday with a decline in U.S. stock markets after an ABC News report added to concerns about President Donald Trump’s exposure to a probe into Russian meddling in last year’s campaign. Wall Street’s main indexes all fell by more than 1 percent after the ABC report that former national security adviser Michael Flynn was prepared to tell investigators that prior to taking office, Trump directed him to make contact with Russians. Flynn, a central figure [Read more]
U.S. drillers add oil rigs for 2nd week in a row -Baker Hughes
U.S. energy companies this week added oil rigs for a second week in a row as crude prices traded near their highest levels since the summer of 2015 as major oil producing countries extended a global deal to limit supply. Drillers added two oil rigs in the week to Dec. 1, bringing the total count up to 749, the highest since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. U.S. producers applauded Thursday's decision by the [Read more]