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]
Cenovus seeks partner for $1.3 billion Narrows Lake project
Cenovus Energy Inc is seeking a partner to fund C$1.3 billion in costs to build the supporting infrastructure at its Narrows Lake oil sands project in Alberta, people familiar with the matter said on Friday. Cenovus has been seeking to raise billions to support its projects and reduce its debt burden after its pent C$17 billion on acquiring oil sands and natural gas assets from ConocoPhillips last year. Cenovus earlier this month hired Credit Suisse and RBC Capital Markets as advisers on [Read more]
U.S. drillers add oil rigs for 7th week in eight
U.S. energy companies added oil rigs for the seventh time in the last eight weeks on expectations crude prices in 2018 will top 2017, prompting more drillers to boost spending plans for this year. Drillers added four oil rigs in the week to March 16,bringing the total count to 800, 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 631 rigs were [Read more]
Heavy crude discount widens on supply buildup
The Canadian heavy oil discount widenedon Thursday against the West Texas Intermediate (WTI) benchmarkas the International Energy Agency (IEA) warned of globalinventory build ups and a lack of capacity to move heavy crudeout of Alberta continued to weigh. * Western Canada Select (WCS) heavy blend crude for Aprildelivery in Hardisty, Alberta, settled at $26.85 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Wednesday's settle of $25.85.* [Read more]
Suncor issues all clear, shuts boiler after leak at Sarnia refinery- alert
* Suncor Energy issued all clear after a boilerfeedwaterleak and was shutting down the unit at its Sarnia, Ontariorefinery, according to a community alert message.* "Earlier this morning the Suncor Sarniarefinery experienceda water leak in one of our unit heaters... there are nohazardous materials involved," Suncor said in an email response.* The company had earlier issued an alert on theSarnia-Lambtonalert site for a unit upset causing high flaring, steam, andnoise. * Suncor [Read more]
Global oil demand picks up but still lags rising supply: IEA
LONDON (Reuters) - Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. The IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd) from 97.8 million bpd in 2017. Commercial oil inventories in industrialized OECD nations rose in January for the first time in seven months to 2.871 billion barrels, 53 [Read more]
Heavy crude discount widens again
The Canadian heavy oil discount widenedon Wednesday against the West Texas Intermediate (WTI) benchmarkas U.S. oil prices strengthened and planned maintenance at amajor oil sand project was moved forward, impacting output. * Western Canada Select (WCS) heavy blend crude for Aprildelivery in Hardisty, Alberta, settled at $25.85 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Tuesday's settle of $25.50.* U.S. oil prices, including WTI, [Read more]
OPEC sees oil supply surge from rivals, countering its cuts
OPEC on Wednesdayraised its forecast for non-member oil supply this year toalmost double the growth predicted four months ago as higherprices spur U.S. shale drilling, offsetting OPEC-led output cutsand a collapse in Venezuelan production.In a monthly report, the Organization of the PetroleumExporting Countries said non-OPEC producers would boost supplyby 1.66 million barrels per day in 2018. That was the fourthstraight rise from 870,000 bpd forecast in November."For 2018, higher growth is [Read more]