Shell's U.S. trading arm onMonday urged regulators to deny a new program proposed byTransCanada Corp for its Marketlink oil pipeline from Cushing,Oklahoma, to Gulf Coast markets, saying it violates sections ofthe Interstate Commerce Act (ICA):* Shell Trading (US) Company (STUSCO), a shipper onMarketlink, said the proposed ""flexible short-term program" isalso inconsistent with the FERC-approved rate structure.* FERC's rate structure provides that walk-up shippers pay [Read more]
Oil stocks gain as U.S. crude breaches $70 mark
(Adds details, updates shares, changes headline)** Oil stocks up after light crude prices breachedthe psychologically important $70 mark** Prices up to their highest levels since late-2014,boosted by fresh troubles for Venezuelan oil company PDVSA andupcoming decision on whether the United States will re-imposesanctions on Iran.** ConocoPhillips is set to take over Caribbean assets ofPDVSA, Reuters reported, adding to pressure on Venezuelancompany's falling output ** S&P energy [Read more]
U.S. drillers add oil rigs for fifth straight week
(Reuters) - U.S. energy companies added oil rigs for a fifth week in a row as they follow through on plans to spend more on drilling this year with higher crude prices boosting their profits and pushing nationwide production to record highs. Drillers added nine oil rigs in the week to May 4, bringing the total count to 834, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total oil [Read more]
Oil strong as U.S. decision on Iran sanctions looms
LONDON (Reuters) - Oil prices strengthened on Friday but stayed below recent highs as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. U.S. light crude was 30 cents higher at $68.73. Brent crude oil was up 30 cents at $73.92 a barrel by 1110 GMT. The benchmark contract hit a 3-1/2 year closing high of $75.17 on Monday. “The energy complex is entering a consolidation phase as a wait-and-see approach takes hold ahead of [Read more]
U.S. lifts Keystone oil pipeline pressure restrictions
May 3 (Reuters) - Pressure restrictions on TransCanada Corp’s Keystone oil pipeline were lifted on Tuesday in a letter issued by U.S. pipeline safety regulators, a spokesman for the agency told Reuters on Thursday. It was not immediately clear what current flow rates are, said Darius Kirkwood, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA). The company in November shut down its 590,000-barrel-per-day Keystone pipeline, which links Alberta’s oil [Read more]
Enbridge agrees to pay $1.86 mln in pipeline inspection settlement
Enbridge Inc has agreed to pay $1.86 million in penalties for an alleged failure in inspecting certain lines within its Lakehead pipeline system. The settlement with the U.S. Justice Department and the Environmental Protection Agency, made public on Wednesday,resolves differences of opinion around the schedule under the consent decree for several internal inspections of pipelines - Line 2, 3, 4 and 5, Enbridge said. In 2016, Enbridge agreed to pay $1.77 million in penalties and improve [Read more]
TransCanada to start work on Keystone XL in Montana in fall 2018
TransCanada Corp plans to start preliminary work on its Keystone XL pipeline project in Montana in the fall of 2018 ahead of full construction in 2019, according to a letter from the U.S. State Department to Native American tribes. The letter, dated April 10, and seen by Reuters, states that the Assiniboine and Sioux tribes were being notified of the upcoming work as part of government consultation aimed at minimizing any adverse effect on their historic territory in northeast Montana. The [Read more]
Canadian Natural Resources profit more than doubles on higher output
Canadian Natural Resources Ltd ,Canada's largest independent petroleum producer, said onThursday its quarterly profit more than doubled, helped byhigher oil sands production.The Calgary-based company said net income rose to C$583million, or 47 Canadian cents per share, in the first quarterended March 31, from C$245 million, or 22 Canadian cents, a yearearlier. Overall daily production rose to 1.12 million barrels of oilequivalent per day (boepd) from 876,907 boepd. (Reporting by Karan [Read more]
Oil prices fall on rising U.S. crude inventories, record production
Oil prices dipped on Thursday,weighed down by swelling U.S. crude inventories and recordweekly U.S. production which is countering efforts by producercartel OPEC to cut supplies and prop up prices.Brent crude oil futures were at $73.21 per barrel at0150 GMT, down 15 cents, or 0.2 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were down 8cents, or 0.1 percent, at $67.85 per barrel.Prices were pulled down by a report from the U.S. EnergyInformation [Read more]
Alberta to hold talks on crude transport with producers, railways -minister
CALGARY, Alberta (Reuters) - Alberta will hold talks with rail operators and oil producers aimed at smoothing the path to get more crude moving by rail amid a transportation bottleneck in the Western Canadian province, Alberta’s energy minister said on Wednesday. The first session on Friday will include senior executives from Canada’s top oil producers and the two main railways, Canadian Pacific Railway and Canadian National Railway, the minister, Margaret McCuaig-Boyd, told reporters at a [Read more]