Suncor Energy's Sarnia, Ontario refinery will undergo planned maintenance for about eight weeks, news website blackburnnews.com reported on Tuesday. Starting Tuesday, the refinery may experience visible flaring and increased noise, the report said quoting company officials and added that the work will last until June 1. Suncor operates a 85,000 barrel-per-day (bpd) refinery in Sarnia, Ontario, according to the company website. [Read more]
Hedge fund oil bulls downplay macro risks: Kemp
LONDON, April 3 (Reuters) - Hedge fund managers have turned bullish again towards oil prices, casting aside the caution that prevailed during much of February and March. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to petroleum prices by 85 million barrels in the week to March 27. Portfolio managers have increased their net long position in Brent, NYMEX and ICE West Texas Intermediate crude, U.S. [Read more]
Oil falls as earlier rally fizzles
ONDON (Reuters) - Oil prices fell on Monday, reversing an earlier rally, as a rise in Russian production and concern about a U.S.-China trade spat offset a drop in U.S. drilling activity. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output. Brent crude LCOc1, the international benchmark, fell 56 cents to $68.78 a barrel by 1358 GMT, having [Read more]
U.S. oil drillers cut rigs for first week in three
U.S. energy companies this week cut oil rigs for the first time in three weeks even as crude prices hover near three-year highs. Drillers cut six oil rigs in the week to March 29, bringing the total count down to 798, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday. Baker Hughes published its North American rig count report on Thursday, one day earlier than usual, due to the Good Friday holiday on March 30. The U.S. rig count, an [Read more]
U.S. oil producer costs climb with more drilling: Fed Survey
HOUSTON (Reuters) - Oil and gas business activity continued to climb last quarter, driven by an improved oilfield services sector, but costs for goods and labor also rose, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly energy survey. About 65 percent of the 140 energy firms surveyed in Texas, southern New Mexico and northern Louisiana reported increased activity from a year ago. During that time, U.S. oil prices have climbed more than 30 percent to near $65 a barrel [Read more]
OPEC to stick to supply curbs despite oil rally
LONDON/DUBAI, March 28 (Reuters) - OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on [Read more]
Canadian railways in a catch-22 over crude shipment
Canadian railway operators see a lucrative opportunity to transport more crude oil to the United States as a rise in output force producers to find new routes to its southern neighbour. However, their need for long-term contracts and the pressure to move a surplus of grains in the country is making it hard to cash-in on the prospect. Canada moves about 95 percent of its oil by pipelines, which are currently full. A 20 percent rise in crude production in the past five years has increased [Read more]
U.S. drillers add oil rigs for second consecutive week
(Reuters) - U.S. energy companies added oil rigs for a second week in a row as crude prices hover near three year highs, prompting drillers to boost spending plans for this year. Drillers added four oil rigs in the week to March 23, bringing the total count to 804, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago when [Read more]
U.S. natural gas Henry Hub premium over Marcellus on track for 5 year low
The premium of U.S. natural gas prices at the Gulf Coast over the Marcellus and Utica shale in Appalachia was on track to fall to its lowest since 2013 as more pipelines enter service, boosting takeaway capacity from the Northeast region. The new pipes have enabled producers to sell more of their low cost fuel from the pipeline-constrained Pennsylvania, West Virginia and Ohio region to other parts of the country where prices are higher. The premium of the Henry Hub benchmark in Louisiana [Read more]
Petronas says involved in TransCanada’s proposal to build gas pipeline extension
Malaysia's Petronas said on Friday it is one of the producers involved in TransCanada's proposal to expand a pipeline system that would open up more markets for the energy company's gas produced in Western Canada. Pipeline operator TransCanada in February said it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its Nova Gas Transmission Line (NGTL), which moves gas from Alberta and British Columbia to markets all over North America. In an emailed statement to Reuters, [Read more]