TransCanada Alberta 185 MW MacKay River gas power plant on line, the Alberta ESO said on Friday [Read more]
Alberta sees $8.8 billion budget deficit in 2018-19
Alberta said on Thursday it will run a smaller-than-expected budget deficit in the coming fiscal year and vowed to balance the books in five years as it tightens spending. Alberta, home to Canada's vast oil sands, said it would run a deficit of $8.8 billion in the fiscal year 2018-19, less than its forecast of $9.7 billion in 2017's budget. [Read more]
LNG Canada on track for final approval this year
The LNG Canada liquefied natural gas project is on track for a final investment decision (FID) later this year, an official for the province of British Columbia said on Thursday. The British Columbia-based project led by Anglo-Dutch Royal Dutch Shell in partnership with PetroChina ,South Korea's KOGAS and Japan's Mitsubishi Corp has an estimated development cost of C$40 billion. A FID was expected in late 2016, but was delayed due to falling oil and gas prices between 2014 and 2016, which [Read more]
Setback for Trump administration after tepid offshore oil lease sale
(Reuters) - Oil and gas drillers bid modestly on Gulf of Mexico acreage in the largest lease sale in American history on Wednesday, dealing a setback to the Trump administration’s efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31.2 million hectares) for development in the Gulf with discounted royalty rates on the shallower tracts as part of a broader effort by President Donald Trump’s administration to ramp up U.S. fossil [Read more]
U.S. actively looking into Venezuelan oil sanctions: official
WASHINGTON (Reuters) - The Trump administration is actively exploring options to impose sanctions on Venezuela’s oil sector, a senior U.S. official said on Monday, after the White House issued an executive order barring the use of Venezuelan cryptocurrencies. “We are considering all options, including oil sector sanctions options,” a senior administration official told reporters on a conference call. “We are actively considering what steps we want to take and what the best timing is to [Read more]
A small oil field in Oklahoma is seeing big bets from producers
A little-known shale oil play in Oklahoma is attracting more drilling and investment as risingout put from newer wells is enticing companies to boost production beyond the giant Permian basin in Texas. The Meramec formation is a part of what is called the STACK region - Sooner Trend Anadarko basin Canadian and Kingfisher counties - where companies such as Marathon Oil and Devon Energy bought up acreage following the oil slump in 2014. Those investments are now paying off as production [Read more]
Funds trim bullish oil positions, but no rush for exit: Kemp
LONDON (Reuters) - Hedge funds continue to turn more cautious on the outlook for oil prices, but the liquidation of former bullish positions is very gradual, suggesting most see price risks close to balance. Hedge funds and other money managers cut their net long position in the six most important futures and options contracts linked to petroleum prices by 23 million barrels in the week to March 13. Funds have trimmed their net long position in six of the last seven weeks by a total of 268 [Read more]
India shows crude battle is much more than OPEC vs U.S. shale: Russell
LAUNCESTON, Australia, March 19 (Reuters) - The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand. While there are solid reasons for industry participants to focus on these dynamics, there is also the risk of missing out on other factors that help shape the market. Such a factor is India, which has long flown below the radar of the crude oil [Read more]
Oil prices fall as increased U.S. drilling points to higher output
Oil prices fell on Monday asincreased drilling in the United States pointed to more output,raising concerns about a return of oversupply.U.S. West Texas Intermediate (WTI) crude futures wereat $62.03 a barrel at 0248 GMT, down 31 cents, or 0.5 percent,from their previous close.Brent crude futures were at $65.88 per barrel, down33 cents, or 0.5 percent.Monday's price falls in part reversed increases last Friday,which came on concerns over tensions in the Middle East. "Despite [Read more]
Oil price volatility at lowest since before the slump
LONDON (Reuters) - If the oil market has felt unusually quiet in recent weeks and months, that probably reflects the almost complete lack of sharp daily price movements. While prices have soared by more than 40 percent since the middle of 2017, day-to-day volatility has fallen to its lowest level since 2014, with a relatively smooth and orderly upward adjustment in prices. Short-term volatility has been trending downwards since early 2016 and in January fell to its lowest since August [Read more]