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]
Oil slips, despite larger draw in U.S. stocks
NEW YORK (Reuters) - Oil prices rebounded from earlier losses, although they were still down on the session, after the Energy Department reported a larger-than-expected decline in U.S. inventories and a falloff in weekly production on Thursday. The market was still under pressure, though, from a bearish outlook by the International Energy Agency, which lowered its forecast for oil demand for 2018. Oil has strengthened in recent weeks due to a sharp drawdown in distillates feeding expectations [Read more]
Petronas’ Canadian unit to look at other LNG opportunities -exec
Progress Energy, a wholly-owned unit of Malaysia's Petronas, will look at other liquefied natural gas opportunities as a way to monetize its Canadian gas assets after Petronas scrapped a $29 billion LNG project this year, a company executive said on Wednesday. Petronas , the Malaysian state-owned energy company, abandoned plans to build the Pacific Northwest LNG plant in northern British Columbia in July due to weak prices, leaving Progress with 800,000 acres of land rights in the Montney [Read more]
Oil prices steady as Saudis pump more; OPEC sees strong demand
NEW YORK (Reuters) - Oil prices were virtually flat on Wednesday as Saudi Arabia said it pumped more in September than August, even as OPEC forecast higher demand for 2018. Brent crude futures were trading down 14 cents, or 0.3 percent, to $56.47 per barrel by 12:32 p.m. EDT (1232 GMT). Brent closed 2 percent higher the previous day. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 7 cents, or 0.1 percent, to $50.99 a barrel. Saudi Arabia told the Organization of the Petroleum [Read more]
Oil rises 2 percent on signs rebalancing underway
NEW YORK (Reuters) - Oil prices rose about 2 percent on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. The Organization of the Petroleum Exporting Countries is seeking to hold a second meeting with U.S. independent oil firms as well as [Read more]
Canada’s Keyera signs pact with Chevron to transport, store NGL
Canadian pipeline operator Keyera Corp said on Tuesday it signed a 20-year agreement with Chevron's Canadian unit to transport and store natural gas liquids (NGL). Under the deal, Chevron will deliver about 50 percent of its NGL from its Kaybob Duvernay operations near Fox Creek, Alberta to Keyera for storage and terminal services. Keyera said it might expand its facilities in the future, depending on the success and scale of Chevron's Duvernay program. (Reporting by [Read more]