The Canadian heavy oil discountnarrowed slightly on Monday against the West Texas Intermediate(WTI) benchmark, but remained in its recent range as takeawaycapacity remains tight, creating a supply glut in theoil-producing province of Alberta. * Western Canada Select (WCS) heavy blend crude for Aprildelivery in Hardisty, Alberta, settled at $25.25 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Friday's settle of $25.55.* The discount [Read more]
Hedge funds resume liquidating bullish oil positions: Kemp
LONDON (Reuters) - Hedge funds have resumed liquidating their bullish long positions in crude oil and refined fuels amid more signs that the earlier rally in prices has fizzled out. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum prices by 50 million barrels in the week to March 6. The reduction largely reversed an increase of 68 million barrels the previous week, according to position [Read more]
U.S. states slow Trump offshore oil drilling expansion plan
HOUSTON (Reuters) - The Trump administration’s plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of “energy dominance.” But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. The [Read more]
Questerre jumps 9 pct after increase in oil reserve estimates
** Shares of Canadian oil and gas firm Questerre surge 9 pct to 6.97 Norwegian crowns after anupgrade of reserves in year-end report** "Our reserve growth reflects the active drilling programat Kakwa this year and the light oil acquisition at Antler", CEOMichael Binnion says in the statement** Proven and probable gross reserves grew by 20 pct to18.41 MMBoe in ** On its Utica gas resources in Quebec Binnion said: "Thebest estimate of risked contingent resources net to Questerrefor [Read more]
Heavy crude discount narrows, stays within recent range
The Canadian heavy oil discount narrowed on Friday against the West Texas Intermediate (WTI) benchmark,but remained in its tight recent range with no significant increase in takeaway capacity easing a supply build-up in the oil-producing province of Alberta. A significant reduction in the heavy oil discount may occur by mid-year, once railways have moved a grain backlog and can handle more crude, a Calgary industry source said. Western Canada Select (WCS) heavy blend crude for April [Read more]
North American energy IPOs set to rebound in 2018 as oil price stabilizes
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile. IPOs in the United States and Canada could reach their highest in four years, and oilfield services companies are seen leading the recovery, given their pressing capital needs. More than a dozen energy [Read more]
U.S. oil drillers cut rigs for first week in seven
(Reuters) - U.S. energy companies this week cut oil rigs for the first time in seven weeks even as crude prices hovered near a three-year high, prompting more drillers to boost spending plans for 2018. Drillers cut four oil rigs in the week to March 9, bringing the total count down to 796, 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 617 [Read more]
Heavy crude discount narrows for first time in four sessions
The Canadian heavy oil discount narrowed on Thursday against the West Texas Intermediate (WTI) benchmark for the first time in four trading days. Rail locomotive capacity remains tight, with both supply and demand high, said a crude by rail terminal operator. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $26.10 a barrel below the WTI benchmark crude price, according to Shorcan Energy brokers, compared with Wednesday's settle of [Read more]
Shell’s U.S. shale output plans prioritize oil over natgas
Royal Dutch Shell Plc is focused on increasing its U.S. shale operation's oilproduction while slowing investment in lower-margin natural gas,an executive said on Thursday. The Anglo-Dutch company aims to boost its overall shale production by 200,000 barrels of oil equivalent per day (boe/d) to 500,000 boe/d between 2017 and 2020, mostly in the United States with some production in Argentina. Although the shale business has yet to generate a profit, it is expected to do so next year, Greg [Read more]
Trump seeks balance with Canada and Mexico, U.S. energy chief says
The Trump administration istrying to find the right balance with top trade partners Canadaand Mexico as it considers tariffs on imports of steel andaluminum, U.S. Energy Secretary Rick Perry said on Thursday. "We are partners. But we're competitors. And finding that nice balance is what this is all about," Perry said on CNBC when asked whether Canada and Mexico were concerned that President Donald Trump's proposed tariffs could hurt the U.S. neighbors.Perry was speaking from the CERAWeek [Read more]