(Reuters) - U.S. crude stocks rose last week even though refineries hiked output, which also boosted gasoline and distillate inventories, the Energy Information Administration said on Wednesday. Refinery crude runs rose by 784,000 barrels per day, EIA data showed. Refinery utilization rates rose by 4.4 percentage points. That boosted inventories of gasoline and diesel fuel heading into the less busy season, feeding concerns about supply. Oil production appeared to reach a new U.S. record, [Read more]
In Canada pipeline feud, Alberta halts B.C. wine purchases
Canada's oil-rich province of Alberta struck back at neighboring British Columbia on Tuesday, halting purchases of that province's wines in retaliation for it potentially holding up expansion of a crude pipeline. British Columbia proposed rules last week to temporarily block increased oil shipments through the Pacific Coast province, adding another hurdle to Kinder Morgan Canada's planned C$7.4 billion Trans Mountain pipeline expansion. Alberta's New Democrat Premier [Read more]
EIA expects U.S. oil output to exceed 11 million bpd by late 2018
NEW YORK, Feb 6 (Reuters) - U.S. oil production is expected to surpass 11 million barrels per day in late 2018, a year earlier than projected last month, the U.S. Energy Information Administration said on Tuesday. Domestic crude oil production in 2018 is also expected to rise by more than previously projected, the agency said in its monthly short-term energy outlook. U.S. production has risen steadily in recent months and is expected to average 10.24 million bpd during the first quarter of [Read more]
Energy stocks have room to build on solid start
NEW YORK, Feb 5 (Reuters) - Energy stocks have got off to a strong start this year and look poised to run further, fueled in part by a rebound in oil prices, climbing U.S. production and investors looking to take advantage of shares that could be a bargain after a disappointing 2017. The S&P 500 energy index fell 3.8 percent in 2017, one of only two of its 11 major sectors to close out the year in negative territory, even as the overall S&P 500 rallied nearly 20 percent. Those declines [Read more]
Next-wave LNG terminals get smaller to offer flexible supply deals
The liquefied natural gas market is growing every year, but the terminals that ship and receive the fuel are shrinking. The booming sector's next-generation infrastructure is being designed for a emerging-market buyers that want smaller volumes on shorter, more flexible contracts. LNG export terminals, where the gas is liquefied and put on vessels for shipping, have traditionally been massive, custom-built facilities that cost tens of billions of dollars. And so to justify the investment, [Read more]
Amid unrest, Canada plans to overhaul energy project assessments
The Canadian government, which faces growing protests against major energy projects, this week will present plans to improve the way oil pipelines and mines are assessed, two well-placed sources said. Three entities share responsibility for probing the environmental impact of proposed projects, a system the ruling Liberals say the public does not trust. Ottawa is due to unveil draft legislation creating a single body to look into projects on federally regulated land, said the sources, who [Read more]
Amid unrest, Canada plans to overhaul energy project assessments
The Canadian government, which faces growing protests against major energy projects, this week will present plans to improve the way oil pipelines and mines are assessed, two well-placed sources said. Three entities share responsibility for probing the environmental impact of proposed projects, a system the ruling Liberals say the public does not trust. Ottawa is due to unveil draft legislation creating a single body to look into projects on federally regulated land, said the sources, who [Read more]
Mexico says Venezuela must find peaceful way out of crisis
Venezuelans must find a peaceful solution to the democratic crisis facing their country, Mexico's Foreign Minister Luis Videgaray said on Friday, a day after U.S Secretary of State Rex Tillerson raised the prospect of a military uprising. Videgaray, who said Mexico would use all available diplomatic means to address the situation in Venezuela, spoke after meeting with U.S. Secretary of State Rex Tillerson and Canada's Foreign Minister Chrystia Freeland in Mexico City. Tillerson said on [Read more]
U.S. drillers add oil rigs for second consecutive week
U.S. energy companies added oil rigs for a second week in a row as crude prices hovered near their highest levels since 2014, prompting drillers to return to the well pad. Drillers added 6 oil rigs in the week to Feb. 2, bringing the total count up to 765, the highest level since August 2017, 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 [Read more]
Canada’s Imperial Oil posts lower-than-expected adj. profit
Canada's Imperial Oil Ltd on Friday reported a lower-than-expected adjusted quarterly profit, hurt by a 22 percent rise in expenses. The Calgary-based company reported a net loss of C$137 million ($111.23 million), or 16 Canadian cents per share, for the fourth quarter as it booked charges of C$566 million related to its Horn River and Mackenzie projects. The company, majority owned by Exxon Mobil Corp , posted a C$1.44 billion profit in the year-ago quarter on a C$988 million gain [Read more]