CALGARY (Reuters) - Husky Energy Inc has excess oil pipeline capacity to the United States from Canada and has enough capacity locked in to ship crude until about 2021, Chief Executive Rob Peabody said on Tuesday. The company has about 75,000 bpd committed on the existing Keystone pipeline and also has space on Enbridge Inc’s Mainline crude pipeline system, Peabody said on the sidelines of the TD Securities Calgary Energy Conference. Western Canadian oil producers have struggled to move [Read more]
U.S. will consider requests for waivers from Iran oil sanctions – Pompeo
WASHINGTON, July 10 (Reuters) - The United States will consider requests from some countries to be exempted from sanctions it will put in effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday. “There will be a handful of countries that come to the United States and ask for relief from that. We’ll consider it,” Pompeo said according to the text of an interview in Abu Dhabi with Sky News Arabia released by the U.S. State Department. He did [Read more]
Heavy crude differential narrows, Syncrude outage lengthens
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Monday, after a full restoration of the Syncrude oil sands site looked to drag into September:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $19 a barrel below the WTI benchmark crude price , according to Shorcan Energy brokers. That compared with Friday's settle of $19.50. * The differential narrowed for the fourth straight session.* [Read more]
Parties grow at Calgary Stampede as firm oil prices slowly boost spending
Canada's energy heartland is showing a spark of optimism at the Calgary Stampede, an annual rodeo and corporate networking destination, with party sizes and event attendance on the rise as oil prices claw up from the 13-year lows of 2016.Oil and gas producers, who laid off thousands of workers and slashed millions in capital expenditures after prices began their sharp descent in 2014, are slowly increasing their spending at the 10-day festival that runs to July 15.In a sign the sector is [Read more]
Oil prices mixed as investors eye tight market
Oil prices were mixed on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years. Official data that came out on Thursday, a day later than normal due to the July 4 public holiday, showed inventories at Cushing, the delivery point for U.S. crude futures, fell to their lowest in 3-1/2 years. "Cushing is clearly screaming out for crude, with the prompt few months more than $2 [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June. U.S. crude prices , however, jumped to their highest since November 2014 earlier this week. Drillers added five oil rigs in the week to July 6, bringing the total count to 863, General Electric Co's BakerHughes energy services firm said in its closely followed report on Friday. The [Read more]
Trump to OPEC: ‘Reduce pricing now!’: Twitter
WASHINGTON (Reuters) - U.S. President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday and urged the oil cartel’s members to do more. “The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!” Trump wrote on [Read more]
Syncrude site takes step toward restarting, but timetable unchanged
The Syncrude oil sands site in northern Alberta is commissioning its steam systems, taking an important step toward restarting, its majority owner Suncor Energy Inc said on Wednesday. The facility, which can produce up to 360,000 barrels per day of crude oil, was hit by a power outage last month and was expected to remain down through July. There was no update on timing of restarting production, said Suncor spokeswoman Sneh Seetal. [Read more]
S&P 500 Energy index rises as US crude hits $75 on supply risks
** S&P 500 Energy index rises >2 pct as oil pricesclimb after Libya suspended crude exports from two key ports andpower outage in Canada drains supply** SPNY has pared gains, recently up just ~1 pct, but stillbest performer among the 11 major S&P 500 sectors earlyTues; 29 of 31 SPNY components trading higher** U.S. light crude oil Futures jumped ~2 pct to$75.27, highest since Nov 2014, though have since turnednegative on the session, down 1 pct; Brent last up 0.2pct at [Read more]
U.S. crude-by-rail shipments fell by 27,000 bpd in April-EIA
U.S. shipments of crude oil via rail in April fell by 27,000 barrels per day (bpd) from the previous month to 408,000 bpd,according to data released Friday by the U.S. Energy Information Administration. Shipments within the United States in April fell by 80,000 barrels per day (bpd) from the previous month to 250,000 bpd,while shipments from Canada to the United states rose by 53,000 barrels per day (bpd) from the previous month to 157,000 bpd.Summary Feb-18 [Read more]