Canadian crude-by-rail exports to the United States climbed to a six-month high of 137,000 barrels per day in October, data from the National Energy Board showed on Friday, the latest sign that tight pipeline capacity is pushing more oil onto railroads. October was the third straight month in which rail exports climbed. Volumes rose 2 percent from September, but were up 33 percent from the same month in 2016 when Canada shipped 103,000 barrels per day of crude by rail. The amount of crude [Read more]
U.S. oil rig count ends 2017 40 pct above year-ago levels -Baker Hughes
The U.S. oil rig count rose by about 42 percent by end-2017 compared to the levels seen during the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices. Drillers held the number of oil rigs steady for a second straight week at 747 in the week to Dec. 29. That was 222 more than the 525 rigs at the end of 2016, General Electric Co's Baker Hughes Inc energy services firm said on Friday. (Reporting by Vijaykumar Vedala in Bengaluru; Editing by [Read more]
Deals of the day-Mergers and acquisitions
The following bids, mergers, acquisitions and disposals were reported by 1050 GMT on Wednesday: ** Japan's Mitsubishi UFJ Financial Group (MUFG) said it was cautiously optimistic of winning approval to take control of PT Bank Danamon Indonesia - in what could become the biggest acquisition of an Indonesian firm on record. ** China's Geely Holding , which already owns the Volvo Car Group, is buying an 8.2 percent stake in Swedish truck maker AB Volvo from activist [Read more]
Oil price rise underpins Canadian dollar, greenback eases
The dollar eased against a basket of currencies on Wednesday, while commodity-linked currencies such as the Canadian dollar were underpinned by this week's rally in oil prices. Oil prices had surged to 2-1/2 year highs on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts. That helped lend support to the currencies of commodity exporting countries, with the Canadian dollar touching a high of C$1.2678 at one point, its [Read more]
Oil price rise underpins Canadian dollar, greenback steady
The dollar held steady versus a basket of major currencies on Wednesday, while the Canadian currency traded near a three-week peak, drawing support after oil prices climbed to 2-1/2 year highs. The dollar index, which measures the greenback against a basket of six major rivals, was little changed at 93.300. The Canadian dollar last stood at C$1.2694 per U.S. dollar, near Tuesday's peak of C$1.2684, which was the loonie's highest level since Dec. 6. Oil prices surged to 2-1/2 year [Read more]
Libya has lost around 90,000 bpd from pipeline blast
LONDON (Reuters) - Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said. NOC was still assessing the damage, the source said. A Libyan military source said earlier armed men had planted explosives at the pipeline. [Read more]
Oil hits 2-1/2 year highs on Libyan pipeline blast
NEW YORK (Reuters) - Oil prices touched two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts. Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage. A Libyan military source said earlier that armed men had planted explosives at the pipeline. The country’s output had been recovering in [Read more]
U.S. oil drilling rig count holds steady this week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, even though crude prices hovered near their highest level since the summer of 2015. The rig count , an early indicator of future output, held at 747 in the week to Dec. 22, still much higher than a year ago when only 523 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The [Read more]
Surge in U.S. shale hedging to boost drilling in 2018
NEW YORK (Reuters) - WhMore than 144 million barrels were added to hedges, after global oil markets LCOc1 rallied by as much as $13 in the quarter. Higher prices help producers lock in profits for future sales. That should guarantee that total production exceeds 10 million bpd in 2018, which would be an all-time record for U.S. drilling. Traders say growth next year will likely exceed government forecasts, heralding a record year that could pressure prices in the near term. For oil [Read more]
UK’s Forties North Sea oil pipeline due to restart in early Jan
LONDON (Reuters) - Britain’s Forties oil and gas pipeline, one of the biggest in the North Sea, should be repaired around Christmas, its operator Ineos said on Thursday, the earlier end of a timeframe the company gave to carry out the work. The announcement pushed oil prices lower. Forties plays an important role in the global market as it is the biggest of the five North Sea crudes underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. The system, [Read more]