A proposed $40 billion liquefied natural gas export terminal on British Columbia’s coast edged closer to reality on Friday, as the company behind the project said it had chosen a contractor to lead project construction once financing is in place. A JGC Corp and Fluor Corp joint venture has been selected to do the final engineering, procurement and construction for the LNG Canada terminal, with a final investment decision on the build still expected later this year, LNG Canada said. LNG [Read more]
U.S. energy shares outperform as companies begin to report
NEW YORK (Reuters) - After losing ground and underperforming the broad market in 2017, U.S. energy shares are climbing fast with oil prices and gaining attention from investors who think the trend may hold. Oil prices are near their highest since late 2014 thanks to strong demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia. This will support energy earnings growth, investors and strategists say, particularly for [Read more]
Mission accomplished for OPEC as oil moves from slump to boom: Kemp
LONDON, April 24 (Reuters) - The slump that characterised the oil market between the middle of 2014 and the middle of 2016 has been replaced by what looks like the beginning of a boom. Benchmark Brent prices have already risen by more than $45 per barrel or 170 percent from their cyclical trough in early 2016. Front-month futures prices, at almost $75 per barrel, are now trading close to the inflation-adjusted average for the last price cycle, which started in 1998 and finished in [Read more]
Irving attempt to restart Saint John FCC fails, unit shut -source
Irving Oil's attempt to restart the70,000-barrels-per-day gasoline-making unit at its Saint John,New Brunswick, refinery failed, according to a source familiarwith the refinery's operations.Irving's gasoline-making fluid catalytic cracker (FCC) wasdown as of Saturday, the source said. Irving had begunrestarting the unit after unexpectedly shutting it on Apr. 16. Irving actively bought in New York Harbor on Monday, sourcessaid. On the East Coast, F2 RBOB gained 0.25 centa [Read more]
Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia
MOSCOW/LONDON (Reuters) - As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs. Now, the relatively high prices [Read more]
Facing shipping constraints, Canada moving oil one truckload at a time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's fifth largest producer but full pipelines and a rail car shortage have made it difficult for drillers to ship oil out of [Read more]
TransCanada files for new short-term committed rates for MarketLink shippers
TransCanada Corp onFriday filed for a new "flexible short-term program" for itsMarketLink pipeline from Cushing, Oklahoma to Gulf Coast marketsthat would allow shippers to sign up for short term commitmentsat lower rates, effective June 1:* The company plans to charge between $1.40 to $3.71 perbarrel to haul light crude from Cushing to Port Arthur orHouston, Texas; Between $1.680 to $4.452 a barrel to haul heavycrude from Cushing to Port Arthur or Houston* Duration of the flexible [Read more]
U.S. drillers add oil rigs for third consecutive week
U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs. Drillers added five oil rigs in the week to April 20,bringing the total count to 820, 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 rigs are in the Permian basin in west Texas and eastern New [Read more]
Trump slams OPEC, says will not accept high oil prices
WASHINGTON (Reuters) - U.S. President Donald Trump criticized OPEC on Friday for output curbs that have helped raise global oil prices and said “artificially” high prices would not be accepted, drawing rebukes from oil-producing countries as prices dipped following his remarks. “Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!” Trump wrote on [Read more]
HSBC to stop financing most new coal plants, oil sands, arctic drilling
Europe's largest bank HSBC said on Friday it would mostly stop fundingnew coal power plants, oil sands and arctic drilling, becomingthe latest in a long line of investors to shun the fossil fuels.Other large banks such as ING and BNP Paribas have madesimilar pledges in recent months as investors have mountedpressure to make sure bank's actions align with the ParisAgreement, a global pact to limit greenhouse gas emissions andcurb rising temperatures. "We recognise the need to [Read more]