Canadian producer prices rose in January, lifted by higher prices for energy and petroleum products, data from Statistics Canada showed on Wednesday. The 0.3-percent increase was short of economists' forecasts for a gain of 0.5 percent. Of the 21 major commodity groups, prices were up in seven and down in 10, leaving four unchanged. Prices for energy and petroleum products rose 3.4 percent, driven by more expensive motor gasoline, diesel fuel and light fuel oils. Excluding the energy and [Read more]
South Korea’s Hyundai Oilbank buys first Canadian crude
South Korean refiner Hyundai Oilbank Corp has bought its first cargo of Canadian Cold Lake crude oil that will arrive in late April to early May, three sources with knowledge of the matter said on Wednesday. Hyundai, South Korea's smallest refiner by capacity, bought 300,000 barrels of the crude from Chevron Corp , they said. The purchase is part of South Korean refiners' efforts to diversify their crude imports and tap on cheaper oil from Canada. Chevron's oil tanker is expected to [Read more]
Hedge funds continue to exit oil but OPEC stems rout
LONDON, Feb 27 (Reuters) - Hedge funds continued to take profits on their bullish positions in crude and especially refined fuels in the most recently reported week but supportive comments from OPEC helped steady oil prices. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 48 million barrels in the week to Feb. 20. The hedge funds’ net long position has been cut in each [Read more]
OPEC to meet with U.S. shale firms in Houston on Monday
LONDON/HOUSTON, Feb 27 (Reuters) - OPEC will hold a dinner on Monday in Houston with U.S. shale firms, two industry sources said, the latest sign of the producer group widening talks about how best to tame a global oil glut. OPEC Secretary General Mohammad Barkindo plus other OPEC officials will attend the dinner, one of the sources said. A second source said the chief executives of U.S. shale companies of various sizes have been invited. The meeting will be on the first day of the [Read more]
Exxon selling stake in Canada’s Terra Nova oil project
Exxon Mobil Corp is selling its entire stake in the Terra Nova project off the eastern coast of Canada, according to data from Schlumberger's oil and gas asset sale business. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, a document related to the sale said. The Terra Nova project consists of a floating [Read more]
U.S. oil rig count rises for fifth straight week
(Reuters) - U.S. energy companies added one oil rig this week, the fifth weekly increase in a row, as oil prices hovered at two-week highs. Drillers added one oil rig in the week to Feb. 23, bringing the total count up to 799, the highest level since April 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.That was the first time since June that drillers added rigs for five consecutive weeks. The U.S. rig count, an early indicator [Read more]
Enerplus quarterly profit beats expectations on higher oil prices
Canadian oil and gas producer Enerplus Corp beat quarterly profit expectations on higher prices for oil and natural gas. Enerplus has said it plans to drill new oil wells as it expects oil to account for more than 55 percent of its total production this year. The Calgary-based company, which has a bulk of its assets in the United States, stood by its capital expenditure forecast of C$535 to C$585 million in 2018, saying it will spend 75 percent of that amount to develop its North Dakota [Read more]
British Columbia edges back from ban on increased oil shipments
British Columbia on Thursday edged back from its pledge to block increased shipments of crude oil through the Pacific Coast province, saying it is now pursuing legal advice on whether it has jurisdiction to impose the temporary ban. The province sparked a trade war with neighboring Alberta last month, when it announced numerous new environmental rules, including plans to bar any increase in heavy oil shipments while a panel studied the impact of heavy oil spills. "We believe it is our [Read more]
U.S. crude stocks fall unexpectedly as net imports hit record low: EIA
(Reuters) - U.S. crude oil stockpiles fell unexpectedly last week as net imports dropped to a record low due to a surge in exports, while inventories at the key storage hub in Cushing, Oklahoma continued to slide, the Energy Information Administration said on Thursday. Crude inventories fell 1.6 million barrels in the week to Feb. 16, compared with analysts’ expectations for an increase of 1.8 million barrels. Net crude imports fell last week by 1.6 million barrels per day to 4.98 million [Read more]
Oil falls as dollar firms, U.S. oil output expected to rise
Oil prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production. U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement. Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel. Wang Tao, Reuters technical commodity analyst, said Brent could fall into a range of $63.92 to [Read more]