July 24 (Reuters) - Canadian oil sands company Cenovus Energy investors will scrutinize quarterly earnings this week for details on Chief Executive Alex Pourbaix’s debt-cutting efforts and crude-for-rail contract negotiations to help resolve pipeline jams. After last year's unpopular acquisition of ConocoPhillips' assets, Pourbaix, who inherited a company last October with C$9.51 billion in long-term debt, is giving himself until 2019 to turn Cenovus around and bring that figure down. He [Read more]
Oil market hits a cyclical pause: Kemp
LONDON, July 24 (Reuters) - Brent crude futures prices are trading in contango for the first time in 10 months, as traders anticipate an increase in crude availability during the remainder of 2018. The Brent calendar spread for the first six months slumped into a contango of 43 cents per barrel on Monday, from a backwardation of $3.50 as recently as April 26. Brent futures are trading in contango for the four contracts closest to delivery, from September 2018 through January 2019. Hedge [Read more]
ETP says Ohio’s EPA wants to delay Rover natgas pipeline completion
Energy Transfer Partners LP said on Monday that state environmental regulators in Ohio were using a notice of violation related to the unapproved disposal of industrial waste to delay completion of the company's Rover natural gas pipeline.The Ohio Environmental Protection Agency issued the violation to Rover after the company deposited spent drilling mud containing low levels of a chemical solvent, tetrachloroethene, known as PCE, without approval, according to the EPA's July 11 [Read more]
Oilfield service giants miss earnings forecasts despite soaring U.S. production
(Reuters) - Oilfield service giants Schlumberger and General Electric Co’s Baker Hughes missed second quarter revenue forecasts on Friday as slow international growth offset record production in the United States that boosted domestic demand for their services. The Houston-based companies were the first among their peers to report earnings, putting them under scrutiny from analysts seeking clues about the health of the industry. Schlumberger, the world’s largest oilfield services firm, is [Read more]
U.S. drillers cut rigs by most since March this week
July 20 (Reuters) - U.S. energy companies this week cut oil rigs by the most since March as the rate of growth has slowed over the past month or so with recent declines in crude prices. U.S. crude prices are on track to fall for a third week in a row this week as escalating U.S.-China trade tensions threatened to hurt oil demand. Drillers cut 5 oil rigs in the week to July 20, bringing the total count down to 858, General Electric Co’s Baker Hughes energy services firm said in its closely [Read more]
Oil prices contend with strengthening U.S. dollar: Kemp
LONDON, July 20 (Reuters) - The rising value of the U.S. dollar against most other major currencies is creating an additional headwind for oil prices, as it pushes up the local price of crude and fuels across much of Asia, Europe and Latin America. In trade-weighted terms, the dollar has risen to its highest since late 2016 and early 2017, and before that 2002/2003. Adjusted for inflation, the dollar’s trade-weighted value is close to its highest since 2004, according to the broad exchange [Read more]
Gas leak at Suncor’s Edmonton refinery, workers sent to hospital
Several workers have been sent to the hospital after they were potentially exposed to a hydrogen sulphide leak from a unit in Suncor's Edmonton refinery in Alberta on Wednesday, the company said. A number of employees and contractors, who were in the vicinity of the release, were assessed by Suncor and Alberta Health Services personnel, company spokeswoman Erin Rees said.A handful of the workers were transported to hospitals for further assessment and have since been released, Rees said, [Read more]
U.S. crude oil output hits 11 million barrels per day for first time ever
(Reuters) - U.S. crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation’s history, the Energy Department said on Wednesday, as the ongoing boom in shale production continues to drive output. The gains represent a rapid increase in output, as the data, if confirmed by monthly figures, puts the United States just behind Russia as the world’s largest producer of crude oil. The nation has added nearly 1 million bpd in production since November, thanks [Read more]
U.S. FERC says it is streamlining LNG export permitting process
The chairman of the U.S. Federal Energy Regulatory Commission (FERC) said on Tuesday the agency has made "significant strides" in its process to reduce the amount of time it takes to permit a new liquefied natural gas (LNG) terminal. FERC Chairman Kevin McIntyre made his comments in a commission podcast following recent media reports that FERC had issued letters detailing permit delays of 12 to 18 months. McIntyre said those reports of such letters were incorrect. "FERC has issued no such [Read more]
IHS Markit sees Canadian oil sands growth moderating after 2019
Canadian oil sands production will rise more than half a million barrels per day in 2019 and growth will moderate thereafter, according to a forecast by data firm IHS Markit . Canada has emerged as the primary source of heavy oil supply in the world as output from other large producers, such as Venezuela, has declined. However, the pace of growth of Canadian oil sands is uncertain after 2019 and depends on the timing of investment decisions that are yet to be made. By then, ongoing [Read more]