Inter Pipeline Ltd's 82,000 barrel per day Mid Saskatchewan crude oil pipeline has lost power following stormy weather in western Canada, a company spokeswoman said on Wednesday. The regional gathering pipeline delivers light and heavy crude into Kerrobert, Saskatchewan. "We do not know the length of this particular outage, it is based on the power outage and the weather over the last 24 hours," Inter Pipeline spokeswoman Breanne Oliver said. Fierce windstorms across much of [Read more]
U.S. issues presidential permit to Enbridge cross-border crude pipeline
After years of regulatory delays, the United States on Monday issued a presidential permit to a three-mile segment of Enbridge Inc's Line 67 crude oil pipeline, which will enable the company to nearly double capacity on the cross-border conduit. The permit from the U.S. State Department for the so-called Alberta Clipper line will allow Calgary-based Enbridge to ship 890,000 barrels per day (bpd) of Canadian crude from Edmonton, Alberta, to Superior, Wisconsin, up from 450,000 bpd [Read more]
Oil rises 1 percent as Iraq fighting shuts output in Kirkuk
NEW YORK (Reuters) - Crude prices rose 1 percent on Monday as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC’s second-largest producer. “We’re seeing increased geopolitical tension in the Middle East providing support in the market today, namely in Iraqi Kurdistan, and some uncertainty around Iran,” said Anthony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota. Iraqi [Read more]
Kinder Morgan Canada pipe project hearings end, fate in balance
A Canadian court wrapped up a final hearing on Kinder Morgan Canada Ltd's Trans Mountain crude oil pipeline expansion on Friday, a two-week proceeding that marks a major hurdle for the embattled project. The proposed expansion of the existing Trans Mountain pipeline from Canada's oil-rich Alberta province to the west coast has faced mounting opposition from environmental and aboriginal groups, who have filed for judicial review of project's federal approval. A final decision [Read more]
U.S. oil drillers cut rigs for a second week in a row – Baker Hughes
The U.S. oil rig count fell for a second week in a row, extending a two-month drilling decline, even as crude prices rallied to over $50 per barrel. Drillers cut five oil rigs in the week to Oct. 13, bringing the total count up to 743, the lowest since early June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 432 rigs were active after [Read more]
Weak Alberta gas prices to hurt producer, provincial revenues
Western Canadian natural gas prices have been stuck at historically weak levels since summer due to prolonged pipeline maintenance, which will hurt producers' quarterly profits and royalties paid to the cash-strapped province of Alberta. In the Alberta market, known as AECO, spot natural gas prices for immediate delivery have turned negative eight times in the last three months, most recently on Oct. 9, meaning producers got nothing for gas sold on those days. Throughout the third quarter [Read more]
U.S. oil drillers cut rigs for a second week in a row -Baker Hughes
The U.S. oil rig count fell for a second week in a row, extending a two-month drilling decline, even as crude prices rallied to over $50 per barrel. Drillers cut five oil rigs in the week to Oct. 13, bringing the total count up to 743, the lowest since early June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 432 rigs were active [Read more]
Oil rallies on China import boost, Mideast tensions
NEW YORK (Reuters) - Oil prices firmed on Friday as bullish news from strong Chinese oil imports and tensions in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess supply, but analysts warned that the 2018 balance was still shaky. Brent futures were up $1.03, or 1.8 percent, at $57.28 a barrel by 12:12 p.m. EDT (1612 GMT). U.S. crude was up 86 cents, or 1.7 percent, at $51.46 [Read more]
Global LNG-Bullish streak ends as buyers drop bids on more supply
LONDON, Oct 13 (Reuters) - Asian spot prices for liquefied natural gas (LNG) fell after six straight weeks of gains as more supply emerged and buyers aggressively revised down bids for December shipments. Spot Asian LNG LNG-AS prices for December delivery fell to $8.90 per million British thermal units (mmBtu), with the bid-offer spread widening as sellers maintained high asking prices for now. According to one Singapore-based trader, bids for December deliveries in northeast Asia are at $8.50 [Read more]
Enbridge, DTE to finish Ohio-Ontario Nexus gas pipe in Q3 2018
Canadian energy company Enbridge Inc and Michigan's DTE Energy Co plan to complete their $2 billion Nexus natural gas pipeline from Ohio to Ontario late in the third quarter of 2018, they said on Thursday. The U.S. Federal Energy Regulatory Commission approved construction of the pipeline on Wednesday. Once complete, it will move up to 1.5 billion cubic feet per day of gas from the Marcellus and Utica shale formation in Ohio, Pennsylvania and West Virginia to the U.S. Midwest and [Read more]