HOUSTON (Reuters) - Lawyers expect a spate of force majeure contract lawsuits after Hurricane Harvey tore through Southeast Texas and parts of Louisiana last month, paralyzing a fifth of U.S. fuel output and pushing some oil production offline. Hurricanes and other natural disasters can affect the energy industry’s ability to honor contracts related to oil and natural gas production, transport and oilfield services. Force majeure is a legal declaration that means the operator cannot fulfill a [Read more]
Oil up 2 percent despite U.S. crude build; set for best third quarter since 2004
NEW YORK (Reuters) - Oil prices rose nearly 2 percent on Wednesday, despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a barrel by 12:19 p.m. EDT (1619 GMT), while U.S. West Texas Intermediate (WTI) crude futures gained 91 cents, or 1.8 percent, to $50.39. Crude prices [Read more]
More than 120 birds dead at Suncor-owned Canada oil sands mine
More than 120 birds in Canada's oil heartland of Alberta were killed after getting caught in a pond of oil sands byproducts operated by the country's largest producer, Suncor Energy Inc , the local regulator said on Tuesday. The Alberta Energy Regulator said the animals, waterfowl and songbirds, were found at the Fort Hills oil sands mine jointly owned by Suncor, France's Total SA and Canadian mining company Teck Resources Ltd . Canada's oil sands produce large [Read more]
Oil edges off recent high ahead U.S. stock data, OPEC meet
NEW YORK (Reuters) - Oil prices edged lower on Tuesday, retreating from near-five-month highs in advance of data expected to show a build in U.S. crude inventories as imports resume and refineries were still restarting after recent storm activity. The market, however, remained buoyant ahead of Friday’s meeting between the Organization of the Petroleum Exporting Countries with non-OPEC producers to discuss progress of their 1.8-million barrel-per-day supply cut deal. OPEC’s second-biggest [Read more]
U.S. natural gas prices rise as winter stocks look tight
LONDON (Reuters) - U.S. natural gas stocks look somewhat tight after low prices this summer worked off the excess stocks that built up in the first half of the year. Current stocks are in line with the five-year seasonal average but that may not be enough given the increase in exports and the number of additional combined-cycle power plants that have become operational in 2017. The last two winters have been exceptionally mild; if this winter proves colder, which is likely simply on the basis [Read more]
Oil near five-month high as Middle East producers stick to cuts
Oil prices traded close to five-month highs on Tuesday after key Middle Eastern producers showed they continued to comply with output cuts under an OPEC-led deal that Iraq’s oil minister said could be extended or deepened. A weaker U.S. dollar also lent support to dollar-denominated commodities such as oil, traders said. Benchmark Brent crude futures were up 20 cents at $55.68 a barrel by 1200 GMT, not far off a five-month high of $55.99. U.S. West Texas Intermediate (WTI) crude futures were [Read more]
ETP says U.S. approves drilling along Rover gas pipeline
Oil and gas pipeline company Energy Transfer Partners LP said on Tuesday it received approval from U.S. energy regulators to resume drilling along its $4.2 billion Rover pipeline project. The Rover project from Pennsylvania to Ontario is the biggest gas pipeline under construction in the United States. ETP said operations on nine locations for horizontal directional drilling approved by the Federal Energy Regulatory Commission (FERC) are expected to begin within the week. The FERC had [Read more]
National Energy Board issues 3 orders to Westcoast Energy Inc
Westcoast Energy Inc * National Energy Board - Issued 3 orders to Westcoast Energy carrying business as spectra energy transmission for co's failure to adhere to worker safety * National Energy Board - Orders to Westcoast Energy also for co's failure of requirements during construction activity on high pine expansion project Source text for Eikon: Further company coverage: [Read more]
Global oil prices slip, but remain near recent highs
NEW YORK (Reuters) - Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week. Brent crude futures settled 14 cents lower at $55.48 a barrel, near an almost five-month high of $55.99 touched on Thursday. U.S. West Texas Intermediate (WTI) crude futures settled up 2 cents at $49.91, close to Thursday’s near-four month high of $50.50. “They’re still working out the aftermath of the [Read more]
Oil prices slip, but hold near recent highs
U.S. crude oil prices slipped below $50 per barrel on Monday but stayed close to multi-month highs amid a drop in shale drilling and as refineries continued to restart after Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents at $49.62 at 1115 GMT, but still close to Thursday’s near-four month high of $50.50. Brent crude futures were 33 cents lower at $55.29 a barrel, near an almost five-month high of $55.99 touched on Thursday. “Demand forecasts from OPEC [Read more]