NEW YORK (Reuters) - Oil prices rose on Friday, nearing their highest levels in more than two years, supported by rising global demand and physical prices and continuing expectations that OPEC and other producing countries will extend a deal to cut output. Global benchmark Brent futures traded up 18 cents at $60.79 a barrel at 11:17 a.m. EDT, after hitting a session high of $61.15. Brent has risen around 38 percent since its low in 2017 reached in June. U.S. West Texas Intermediate (WTI) crude [Read more]
Gibson Energy lays off staff across Canadian operations
Canadian oil and gas infrastructure company Gibson Energy laid off staff across its Canadian operations on Thursday, according to a company spokeswoman who declined to provide exact numbers. Calgary-based Gibson Energy, which provides storage and transportation services for energy companies across North, has been hard hit by a prolonged slump in oil and gas prices. New Chief Executive Steve Spaulding took charge of the company in June and has been focused on cutting costs. "These are [Read more]
Gibson Energy lays off staff across Canadian operations
Canadian oil and gas infrastructure company Gibson Energy laid off staff across its Canadian operations on Thursday, according to a company spokeswoman who declined to provide exact numbers. Calgary-based Gibson Energy provides storage and transportation services for energy companies across North America and has been hard hit by a prolonged slump in oil and gas prices. (Reporting by Nia Williams) [Read more]
Canadian Natural commits to shipping more crude on Keystone XL pipeline
Canadian Natural Resources Ltd has increased its volume commitment on TransCanada Corp's Keystone XL pipeline by about 46 percent to 175,000 barrels per day (bpd), Canadian Natural President Steve Laut told Reuters on Thursday. The bigger commitment from one of Canada's largest oil and gas producers will be a boon to TransCanada, which recently held an open season to gauge interest from oil producers wanting to ship on the pipeline. The open season ended last week. Canadian [Read more]
Canadian Natural commits to shipping more crude on Keystone XL pipeline
Canadian Natural Resources Ltd has increased its volume commitment on TransCanada Corp's Keystone XL pipeline to 175,000 barrels per day (bpd) from 120,000 bpd, Canadian Natural chairman Steve Laut told Reuters on Thursday. TransCanada received a U.S. presidential permit from the Trump administration to build the 830,000 bpd crude oil pipeline earlier this year and held an open season, which closed last week, to gauge commercial support from shippers. (Reporting by Nia Williams; [Read more]
Enbridge posts third-quarter profit on Spectra deal
Canada's Enbridge Inc on Thursday reported a quarterly profit compared with a year-ago loss, driven mostly by new natural gas, liquids and utility assets acquired in its Spectra Energy deal. Enbridge bought Houston-based Spectra last September in an all-stock deal valued at about $28 billion, creating North America's largest energy infrastructure company. The pipeline operator also said it is waiting for approval from Minnesota for its Line 3 replacement project. The project [Read more]
Cenovus posts smaller loss as production more than doubles
Canadian oil producer Cenovus Energy Inc reported a smaller third-quarter loss on Thursday as its purchase of ConocoPhillips' Canadian oil-sands assets more than doubled production. Total production rose to 590,851 barrels of oil equivalent per day from 273,405 boed a year earlier. Cenovus paid $13.3 billion in March to buy ConocoPhillips' Canadian oil sands assets. The company trimmed its full-year spending by C$100 million, saying it would not impact production in its [Read more]
Booming oil demand is eroding inventories: Kemp
LONDON, Nov 2 (Reuters) - Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at [Read more]
Canadian Natural Resources posts profit on higher production, prices
Canadian Natural Resources Ltd on Thursday reported a third-quarter profit, rebounding from a year-ago loss, helped by higher production and average realized prices for crude oil and natural gas liquids (NGL). Oil and natural gas production rose 40.9 percent to 1.04 million barrels of oil equivalent per day (boepd) in the quarter, Canada's largest independent petroleum producer said. The realized price of crude oil and NGL averaged C$46.30, an increase of 16.8 percent from the year-ago [Read more]
Oil slips, erases gains as U.S. crude draw shy of API report
NEW YORK (Reuters) - Oil prices dipped in see-saw trade on Wednesday, hitting their highest in more than two years and then retreating after weekly U.S. government inventory data showed the latest crude stock draw was not as big as an industry trade group had reported. While oil settled lower, both global marker Brent and U.S. crude benchmarks remained near the highest levels since July 2015, as lower global supply pushed markets higher. “The market had a bit of a pull back today...prompted by [Read more]