The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. "It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, [Read more]
Heavy crude discount narrows even as part of Keystone stays shut
Canadian heavy oil differentials narrowed slightly against the West Texas Intermediate (WTI) benchmark on Monday even as a portion of TransCanada's Keystone pipeline remained shut while officials searched for the source of a leak in Missouri:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, settled at $11 a barrel below WTI crude futures slightly narrower than Friday's settle at $11.45 below WTI, according to Net Energy Exchange.* A portion of [Read more]
Part of Keystone pipeline still shut after Missouri leak -TransCanada
TransCanada Corp said on Monday a part of its Keystone crude pipeline from Steele City, Nebraska, to Patoka, Illinois, remained shut after a leak was discovered in the St. Louis, Missouri, area last week.The cause and source of the spill have not been determined and there is no estimated timeline for a restart, TransCanada spokesman Terry Cunha said in an email. The 590,000 barrels-per-day Keystone pipeline system is a critical artery taking Canadian crude from northern Alberta to U.S. [Read more]
Heavy crude discount grows, Keystone section stays closed
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Friday, as a section of the Keystone pipeline remained closed because of an oil leak in Missouri:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $11 a barrel below WTI crude futures wider than Thursday's settle at $10.25 below WTI, according to Net Energy Exchange.* A portion of TransCanada Corp's Keystone oil pipeline between [Read more]
U.S. drillers add oil rigs for second week in three -Baker Hughes
U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, 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 791 rigs were active after energy companies boosted [Read more]
Enbridge to fully restart Platte Pipeline by Saturday after Missouri oil leak
Enbridge Inc said on Friday that it has begun a restart plan for its Platte Pipeline, after a leak of oil near St. Louis, Missouri this week.The company expects the full pipeline to resume normal operations by Saturday morning and is "highly confident" that Platte is not the source of the leak, spokesman Devin Hotzel said.A spill in rural St. Charles County, Missouri on Wednesday also led TransCanada Corp to shut its Keystone pipeline on Wednesday between Steele City, Nebraska [Read more]
Oil edges up, heads for weekly loss on slowdown worries
Oil inched up on Friday but was heading for a weekly loss, pulled down by worries about a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support. Weighing on financial markets were concerns that a trade dispute between the United States and China would remain unresolved, denting global economic prospects. U.S. West Texas Intermediate crude futures stood at $52.53 per barrel, down 11 cents and looking at a 5 percent [Read more]
Part of Keystone, Platte oil pipeline shut after potential leak
A portion of TransCanada Corp's Keystone oil pipeline and Enbridge's Platte pipeline remained shut on Thursday for investigation of a possible leak in the St. Louis, Missouri, area, officials said.TransCanada shut the pipeline down on Wednesday between Steele City, Nebraska and Patoka, Illinois and dispatched crews to assess the situation, company spokesman Terry Cunha said in an email.The 590,000 barrels-per-day Keystone pipeline is a critical artery taking Canadian crude from [Read more]
Heavy crude differential widens after part of Keystone line shuts
The Canadian heavy oil differential widened modestly against the West Texas Intermediate (WTI) benchmark on Thursday, after a portion of the critical Keystone pipeline shut down due to a potential leak:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $9.90 a barrel below WTI crude futures after word of the shutdown spread, wider than earlier trades at $9.40. The spread had settled at $10 below WTI on Wednesday, according to Net Energy [Read more]
TransCanada’s Keystone oil pipeline shut after possible leak near St Louis – traders
A part of TransCanada Corp's Keystone oil pipeline was shut on Wednesday after a possible leak in the St Louis, Missouri, area, according to three sources familiar with the matter.It was unclear, however, if the leak was from the Keystone pipeline itself, traders said, adding that the Steele-City-to-Patoka line was shut."The release is stopped," said an official from Missouri Department of Natural Resources, adding that the spill occurred north of the city of St. [Read more]