Trans Mountain Corp, the oil pipeline company owned by the Canadian government, asked a regulator on Thursday to approve the proposed tolls it wants to charge shippers, who have said they are too high. In a filing to the Canada Energy Regulator (CER), Trans Mountain also said the interim toll proposal would result in the pipeline operator absorbing two-thirds of the construction cost increases for its long-delayed expansion project. The expansion would nearly triple the flow of crude from [Read more]
US natgas prices ease 1% on lower output reductions and less warm forecasts
U.S. natural gas futures eased about 1% on Friday on lower production reductions than previously expected and forecasts for less warm weather next week. That price decline came despite an increase in the amount of gas flowing to Freeport LNG's liquefied natural gas (LNG) export plant in Texas. Front-month gas futures for October delivery on the New York Mercantile Exchange were down 3.2 cents, or 1.2%, to $2.676 per million British thermal units (mmBtu) at 9:13 a.m. EDT (1313 GMT). For [Read more]
Oil set to rise for a third week on strong China economic data
Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world's second-largest crude consumer will continue to surge. Brent crude futures rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 71 cents, or 0.8%, at $90.87. Both benchmarks were up about 4% from a week ago. China's industrial output and retail [Read more]
US crude prices above $90/bbl ignite inflation worries
Crude oil prices above $90 a barrel in the United States stirred worries that inflation could rise further in an economy where the Federal Reserve has already hiked interest rates steeply to control rising prices. Higher oil prices are a burden on global economies, raising costs for transportation and manufacturing while pressuring consumer spending. President Joe Biden's administration last week polled oil refiners about operating plans, a sign of concern about gasoline prices and fuel [Read more]
US natgas prices rise 3% to near two-week high ahead of storage report
U.S. natural gas futures gained about 3% to nearly a two-week high on Thursday on a drop in daily output, a rise in crude futures, forecasts for higher gas demand over the next two weeks than previously expected and signs that Freeport LNG's liquefied natural gas (LNG) export plant in Texas started to pull in more feedgas. That price increase occurred ahead of a federal report expected to show last week's storage build was smaller than usual because power generators burned lots of gas to keep [Read more]
OPEC says IEA estimate of peak fossil fuel demand by 2030 not ‘fact-based’
The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday data-based forecasts do not support the International Energy Agency's (IEA) projection that demand for fossil fuels would peak in 2030. IEA Executive Director Fatih Birol said in an op-ed in the Financial Times on Tuesday that new IEA estimates show "this age of seemingly relentless growth is set to come to an end this decade, bringing with it significant implications for the global energy sector and the fight [Read more]
Oil rebounds as markets refocus on supply tightness
Oil prices rebounded on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023 with demand set to stay robust through to next year. Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. U.S. West Texas Intermediate crude (WTI) climbed 35 cents, or 0.4%, to $88.87. Fears of deficient supplies are underpinning oil prices as producers "adamantly stick to restricted production", said Priyanka Sachdeva, senior market analyst [Read more]
US oil and gas producer CrownRock to explore $10 bln-plus sale -sources
CrownRock LP is preparing to explore a sale that could value it at well over $10 billion including debt, people familiar with the matter said, in what could be the largest deal for a U.S. oil and gas producer going back at least three years. The private equity-backed company, which is led by Texas billionaire businessman Timothy Dunn, has initiated discussions with investment banks about hiring advisers to run a sale process that will kick off by early 2024, the sources said. Oil majors [Read more]
Chances of lengthy outage due to Australian LNG strikes low, says Goldman
Plans to escalate a strike at Chevron's liquefied natural gas projects in Australia to 24-hours a day will increase supply risks, but chances of a long outage that could fuel a lengthy spike in gas prices are low, Goldman Sachs said. There was a reduced probability of prices rising toward the 70 euros - 107 euros ($75.19-$114.93) per megawatt hour, the bank said in a note dated on Tuesday. "This is both because of the potentially large revenue losses to Chevron, the facility operator, [Read more]
BP CEO’s exit brings strategic impasse to a head
(The authors are Reuters Breakingviews columnist. The opinions expressed are their own.) By George Hay and Yawen Chen LONDON, Sept 13 (Reuters Breakingviews) - Bernard Looney has left the building. BP’s chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the [Read more]
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