U.S. energy companies this week added oil rigs for the second time in the last three weeks even as new drilling has largely stalled since June due to pipeline constraints in the country's biggest oilfield. Drillers added seven oil rigs in the week to Sept. 14, the biggest weekly increase in a month, bringing the total count to 867, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, [Read more]
Canada environment minister: ‘No apologies’ for oil sector support
Canada's top climate change official on Thursday said she would make no apologies for the nation's support for its oil producers, saying environmental and economic policies must consider the needs of all Canadians. Prime Minister Justin Trudeau's government has sought to cast Canada as a global leader in combating climate change, particularly since U.S. President Donald Trump withdrew Washington's support for an international deal to curb global warming. But Trudeau's government is also [Read more]
U.S. oil producers lock-in 2019, 2020 revenue as prices rally
NEW YORK (Reuters) - U.S. shale producers are locking in prices for their production as much as three years into the future in a sign that strong domestic crude pricing is nearing a peak, according to market sources familiar with money flows. U.S. crude prices for 2019 and 2020, based on an average of each year’s monthly contracts, have climbed this week above $68 and $64 a barrel, respectively, the highest levels in over three years. The rally comes even as front-month prices have dropped [Read more]
Enbridge seeks delay on Tex-Mex Valley Crossing natgas pipe
Enbridge Inc asked U.S. energy regulators for an extension of six months or until April 23 to place its $1.6 billion Valley Crossing natural gas pipeline between Texas and Mexico into service:* In a filing late last week, Enbridge said it made the request because of delays experienced by the company on the Mexico side of the border with work on its pipeline.* Enbridge is building the 165 mile onshore and offshore pipe in the United States and expects to complete work by the end of October.* [Read more]
Cenovus inks deal to move more crude on Canadian National Railway -source
Cenovus Energy Inc , a major Canadian oil producer, has signed a deal to move more crude with the Canadian National Railway Co , a source with direct knowledge of the matter told Reuters.The deal is one of many being quietly signed that, along with the expedited deliveries of new locomotives, will help boost Canada's crude-by-rail shipments 50 percent by year end, a government consultant told Reuters separately. The source said the Cenovus-CN deal was inked days before a Canadian [Read more]
Cenovus inks deal to move more crude on Canadian National Railway
Cenovus Energy Inc, has signed a deal to move more crude with the Canadian National Railway Co, a source with direct knowledge of the matter told Reuters. The source said the Cenovus-CN deal was signed days before a Canadian court last week overturned the approval of the Trans Mountain oil pipeline expansion. The deal is one of many being quietly signed that, along with the expedited deliveries of new locomotives, will help boost Canada's crude-by-rail shipments 50 percent by year end, a [Read more]
U.S. oil drillers cut rigs for second week in three -Baker Hughes
U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months along with crude prices.Drillers cut two oil rigs in the week to Sept. 7, bringing the total count down to 860, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico, the nation's biggest shale oil field. Active units [Read more]
U.S. oil drillers cut rigs for second week in three
U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months along with crude prices. Drillers cut two oil rigs in the week to Sept. 7, bringing the total count down to 860, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, rose by one in August after gaining three rigs in July and losing one in June. But is higher than a [Read more]
Canada might appeal ruling that quashed pipeline approval – Trudeau
The Canadian government might appeal a court ruling that overturned federal approval of the Trans Mountain oil pipeline expansion, Prime Minister Justin Trudeau said on Wednesday. Trudeau told reporters in Edmonton that Ottawa was looking at its legislative and other options after the Federal Court of Appeal last month said the government had failed to adequately consider aboriginal concerns. The ruling dealt a blow to Trudeau's efforts to balance environmental and economic issues and [Read more]
Suncor holding off on crude expansion amid Canadian pipeline confusion
Suncor Energy Inc , one of Canada's biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, Chief Executive Steve Williams said on Wednesday. A court overturned last week the Canadian government's approval of the Trans Mountain pipeline expansion. That decision added to "troubling" pipeline delays, Williams said at a Barclay's investor conference in New York. "There is clearly a question of confidence in [Read more]