NEW YORK (Reuters) - Oil prices rose nearly 3 percent on Tuesday as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without harming the global economy. West Texas Intermediate crude futures gained 2.9 percent, or $1.85, to $65.27 a barrel. Brent crude futures were up $2, or 2.9 percent, at $70.65 a barrel by 12:53 (1653 GMT). President Xi Jinping on Tuesday promised to open China’s economy further and lower import tariffs, [Read more]
Trudeau’s cabinet to discuss troubled Kinder Morgan pipeline
Prime Minister Justin Trudeau will meet on Tuesday with his cabinet ministers to discuss Kinder Morgan Canada Ltd's threat to walk away from a troubled pipeline expansion as various levels of government signal interest in spending public funds to ensure the project proceeds. The company, losing patience with moves by politicians and activists to block plans to almost triple the capacity of its Trans Mountain pipeline, is vowing to halt all work on May 31 unless the challenges can be [Read more]
Heavy crude discount narrows
The Canadian heavy oil discount narrowedagainst the West Texas Intermediate (WTI) benchmark on Monday,as output cuts by producers helped ease pipeline and railbottlenecks. * Western Canada Select (WCS) heavy blend crude for Maydelivery in Hardisty, Alberta, settled at $16.20 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Friday's settle of $16.80. * The discount has narrowed in recent weeks as producerslike Canadian Natural Resources , [Read more]
Oil rallies as stock market rebounds
NEW YORK (Reuters) - Oil prices rose on Monday, supported by a rebound in the stock market as concerns of a trade war between the United States and China eased. U.S. West Texas Intermediate (WTI) crude futures rose $1.21 to $63.27 a barrel, a 2.0 percent gain. Brent crude futures rose $1.25 to $68.36 a barrel, a 1.9 percent gain, by 12:29 p.m. EDT (1629 GMT). Prices were on track for their largest daily percentage gain since March 23. “Once again we find the oil market being swept up in [Read more]
Canada’s options on pipeline as Kinder Morgan threatens to quit
Canada's Liberal government isunder pressure to push through the expansion of Kinder MorganCanada Ltd's Trans Mountain pipeline from the Albertaoil sands to the Pacific province of British Columbia.But the company said it would scrap plans to nearly triplethe Trans Mountain pipeline's capacity unless various legalchallenges could be resolved by May 31. Prime Minister JustinTrudeau's federal government approved the project. Why has this issue arisen?The minority [Read more]
Phillips 66 JV Borger refinery continuing to restart units -sources
Phillips 66 was continuing onMonday to restart units at its 146,000 barrel per dayjoint-venture Borger, Texas, refinery as it wraps up a plannedtwo-month, plantwide overhaul, sources familiar with plantoperations said.Phillips 66 spokesman Dennis Nuss confirmed that plannedmaintenance was under way at the refinery, but declined to saywhich units were involved or when the work would be completed.The refinery restarted a coking unit and a reformer over theweekend, the sources said.All units shut [Read more]
Phillips 66 JV Borger refinery continuing to restart units -sources
* Phillips 66 was continuing on Monday to restart units atits146,000 barrel per day (bpd) joint-venture Borger, Texas,refinery as it wraps up a planned plantwide overhaul, saidsources familiar with plant operations.* The refinery restarted a coking unit and a reformer overtheweekend, the sources said. (Reporting by Erwin Seba) [Read more]
Kinder Morgan Canada shares sink on Trans Mountain halt
Shares of Kinder Morgan Canada fell as much as 19 percent on Monday to their lowest since its stock exchange listing, a day after the company suspended most work on its C$7.4 billion expansion of the Trans Mountain pipeline. Chief executive Steve Kean said on Sunday he would scrap plans to nearly triple the capacity of the pipeline, which carries crude from Alberta's oil sands to a facility in British Columbia, unless legal challenges are resolved by May 31. The expansion, for which [Read more]
Kinder Morgan Canada say no dividend cuts despite Trans Mountain suspension
Kinder Morgan Canada said on Monday its dividend payouts would not be affected by the suspension of works on C$7.4 billion ($5.8 billion) oil pipeline expansion. Chief executive Steve Kean said on Sunday he would scrap plans to nearly triple the capacity of the Trans Mountain pipeline, unless legal challenges are resolved by May 31. The pipeline carries crude from Alberta's oil sands to a facility in the Pacific province of British Columbia. [Read more]
Cation Capital targets board seats at Crescent Point
Cation Capital, a private investmentfirm led by the former deputy head of global oil and gas atMacquarie Group, said on Monday it intends to nominate fourcandidates to Crescent Point Energy's board at ashareholders meeting next month.Cation said it was "compelled to take this action given thesignificant destruction of shareholder value and the abjectfailure of the Canadian oil producer's current leadership acrossall aspects". The firm, which does not have a website and [Read more]