The discount on Canadian heavy crude surged wider on Friday as traders waited for news on how long TransCanada Corp's 590,000 barrel per day Keystone pipeline would be shut down following a spill in South Dakota on Thursday. Western Canada Select for January delivery in Hardisty, Alberta, widened to $16.00 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. On Thursday January barrels settled at $15.50 per barrel below the U.S. benchmark. Trading [Read more]
Oil extends losing streak on U.S. oversupply worries
NEW YORK (Reuters) - Oil prices ended lower again on Thursday on increased concerns about growth in U.S. production and inventories, despite expectations that major world producers will extend a supply-cut deal later this month. Brent crude futures settled 51 cents, or 0.8 percent, lower at $61.36 per barrel, running its streak of losses to five straight days. U.S. light crude fell for a fourth consecutive session, ending down 19 cents, or 0.3 percent, at $55.14 a barrel. Oil prices have [Read more]
U.S. to account for most world oil output growth over 10 years: IEA
BONN, Germany (Reuters) - The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. “This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy,” IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy [Read more]
Canada’s Cenovus to sell some Deep Basin gas assets
Canadian oil producer Cenovus Energy Inc has put a package of some of its Deep Basin gas assets for sale, the company's new chief executive said on Wednesday, adding that Cenovus was looking to reduce costs in the long term. The assets in Deep Basin, which straddles the provinces of British Columbia and Alberta, were not core to the business, said Alex Pourbaix, who took charge as CEO earlier this month. "If there's anything that I might put a slight twist on strategy, [Read more]
U.S. crude, gasoline stocks build unexpectedly as output rises: EIA
(Reuters) - U.S. crude oil and gasoline inventories grew unexpectedly last week as crude production and refining output rose, the Energy Information Administration said on Wednesday. Crude inventories rose for a second week in a row, building by 1.9 million barrels in the week to Nov. 10, contrary to analyst expectations in a Reuters poll for a decrease of 2.2 million barrels. The build, however, was lower than the 6.5 million-barrel rise reported by trade group the American Petroleum [Read more]
Canada’s Cenovus has put some non-core deep basin assets for sale
Canadian oil producer Cenovus Energy inc has put a package of mainly non-core Deep Basin gas assets for sale, its new CEO Alex Pourbaix said in his first media briefing on Wednesday. Cenovus has raised just under C$4 billion ($3.1 billion) of a targeted C$4 billion to C$5 billion to pay down debt it took for buying some of ConocoPhillips' Canadian assets in March. Pourbaix took charge as the new CEO earlier this month. More to come. [Read more]
Keystone XL opponents make last-gasp effort in Nebraska
Opponents of TransCanada's Keystone XL pipeline have launched a last-minute public relations blitz before Nebraska regulators weigh in on its route next week in the last big regulatory hurdle for the long-delayed project. The proposed 1,179-mile (1,897 km) pipeline would link Canada's Alberta oil sands to U.S. refineries. It has long been a lightning rod of controversy for environmental groups and worried about spills and global warming, and former President Barack Obama rejected it. But [Read more]
Kinder Morgan Canada appeals again over Trans Mountain pipeline
Kinder Morgan Canada Ltd has again appealed to the country's energy regulator, asking it to set up a process to resolve potential disagreements over local permits for its planned Trans Mountain oil pipeline expansion project. Kinder Morgan's repeated requests for regulatory intervention come as its C$7.4 billion ($5.9 billion) project and other North American energy projects face increasing opposition from environmentalists and aboriginal groups. Tuesday's request differs from [Read more]
Canadian Pacific watching signs of life in crude by rail shipments
Canadian Pacific Railway Ltd sees shipments of crude by rail "coming alive a little bit," Chief Marketing Officer John Brooks said on Tuesday, signaling a pickup in a business that had been hurt by low energy prices and competition from pipelines. Many traders are expecting a pickup in crude by rail volumes in 2018 as oil sands projects including Suncor Energy Inc's Fort Hills plant and the latest phase of Canadian Natural Resources Ltd's Horizon oil sands start producing at the end of this [Read more]
Kinder Morgan appeals to Canada regulator over Trans Mountain pipeline
Kinder Morgan Canada Ltd has appealed again to the country's energy regulator, asking it to set up a process to resolve potential disagreements with provincial or municipal governments over its planned Trans Mountain oil pipeline expansion project. Kinder Morgan made the request on Tuesday after the National Energy Board last week rejected its proposal to expedite an earlier appeal to obtain permits from the city of Burnaby in British Columbia. (Reporting by Ethan Lou and Nia [Read more]