TransCanada Corp restarted a section of the Keystone oil pipeline on Tuesday, following a leak in Missouri earlier this month, company spokesman Terry Cunha said.TransCanada had shut an arm of Keystone from Steele City, Nebraska to Patoka, Illinois on Feb. 6 after a 43-barrel leak. The shut-down restricted the flow of Western Canadian crude to U.S. refineries. (Reporting by Rod Nickel in Winnipeg, Manitoba) [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels. Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, 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 still higher than a year ago when 798 [Read more]
Canadian energy shares cheer Buffett’s Suncor investment
** Shares of Canadian oil and gas producers rise on the Toronoto Stock Exchange after Warren Buffett's Berkshire Hathaway Inc takes a stake in Suncor Energy Inc ** SU up 3.2 pct, Cenovus Energy rises 2.4 pct, Canadian Natural Resources up 3 pct and MEG Energy edged up 1.5 pct** Berkshire, in a filing, says it has a stake of 10.8 mln shrs, representing ~0.7 pct of SU's total outstanding shrs, according to Eikon data from Refinitiv.** Investment seen as positive for [Read more]
U.S. court dismisses Energy Transfer Partners lawsuit against Greenpeace
A federal court in North Dakota has dismissed a lawsuit from Energy Transfer Partners LP against environmental group Greenpeace, according to a court order on Thursday. ETP had sued Greenpeace and other environmental groups in 2017, accusing them of racketeering and defamation with the aim of blocking the Dakota Access Pipeline. In the lawsuit, ETP argued that the environmental groups' actions and negative publicity against it, its sister company Energy Transfer Equity LP and other firms [Read more]
Berkshire Hathaway takes new stake in Canada’s Suncor Energy
Warren Buffett's Berkshire Hathaway Inc said on Thursday it had taken a fresh stake in Suncor Energy Inc for the second time in about six years, sending the U.S.-listed shares of the energy major up 4 percent in after-market trading. Suncor, Canada's biggest oil and gas company, is considered one of the safest Canadian energy companies to invest in, given its integrated structure and diversified business mix. Berkshire's investment puts the Buffett stamp on Suncor and could be seen as a [Read more]
U.S. issues new rules requiring rail oil spill response plans
The U.S. Transportation Department on Thursday issued final rules requiring railroads to develop oil spill response plans and to disclose details of shipments to states and tribal governments after a series of high-profile incidents. The department's Pipeline and Hazardous Materials Safety Administration said the rules, first proposed in July 2016, would "improve oil spill response readiness and mitigate effects of rail accidents and incidents involving petroleum oil and high-hazard flammable [Read more]
Keystone operator TransCanada profit beats on higher U.S. demand
Keystone operator TransCanada Corp on Thursday beat analysts' estimates for quarterly profit, helped by higher demand for its natural gas and oil pipelines in the United States.Canadian pipelines are running in full capacity due to a rise in production in recent years. TransCanada said earnings from its Keystone pipeline system rose to C$401 million ($302.39 million) in the fourth quarter from C$346 million a year earlier.The company's net income attributable to shareholders rose [Read more]
US Gulf Coast crude prices rise on falling imports, rising Cushing supply
U.S. Gulf Coast crude prices climbed sharply this week after fog-related port closures slowed the nation's crude imports and as supplies rose at the U.S. storage hub in Cushing, Oklahoma, traders and analysts said on Wednesday. Buyers bid up U.S. coastal grades like Light Louisiana Sweet and Mars Sour after imports fell to the lowest in more than two decades last week, the result of several days-long Gulf Coast port closures, refinery maintenance and slumping Canadian crude-by-rail shipments, [Read more]
Heavy crude discount narrows on rising demand
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Wednesday:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $10.25 a barrel below WTI crude futures , narrower than Tuesday's settle at $10.90 below WTI, according to Net Energy Exchange.* A Calgary industry source said increased demand for Canadian heavy crude, due to U.S. sanctions against Venezuela's state oil company, has kept [Read more]
Partial shutdown of Keystone oil pipeline to last ‘days not weeks’ -Cenovus
A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada, Cenovus executive vice-president of downstream, Keith Chiasson, said the pipeline company has identified the location of the leak and is working on a repair plan. The 43-barrel leak caused TransCanada to shut an arm of Keystone from Steele City, [Read more]