LONDON (Reuters) - Crude oil prices and calendar spreads have started to soften in recent trading sessions, in what is likely to be profit-taking after hedge funds amassed a record bullish position in the petroleum complex. Hedge funds and other money managers had accumulated a record net long position in the five largest futures and options contracts linked to crude and fuels by Nov. 7, according to regulatory and exchange data. Fund managers held a net long position equivalent to 1,085 [Read more]
Nebraska regulator to announce Keystone XL permit decision on Nov. 20
The Nebraska Public Service Commission announced Monday it will issue its decision on whether to approve the permit to allow construction of the Keystone XL pipeline on Nov. 20, the last regulatory hurdle for the controversial project. On that day, the five-member PSC will take a vote on the decision in Lincoln, Nebraska, which will be open to the public. The decision will mark the final hurdle for the long-delayed project after President Donald Trump gave it federal approval in [Read more]
Canada’s Cenovus finishes main divesture plans with Weyburn sale
Canada's Cenovus Energy Inc has reached a deal to sell its Weyburn oil facility for C$940 million ($738.53 million), the company said on Monday, completing its main divesture plans. Weyburn, to be sold to the western Canadian energy company Whitecap Resources Inc , is the last of four main assets for which Cenovus has reached agreements to sell to pay down debt incurred in the C$16.8 billion acquisition of ConocoPhillips assets this year. The Weyburn sale would bring Cenovus' [Read more]
Canada’s Cenovus to sell Weyburn asset to Whitecap for $739 mln
Canada's Cenovus Energy Inc has reached an agreement to sell its Weyburn oil facility for C$940 million ($738.53 million) to Whitecap Resources Inc , Cenovus said on Monday, completing its main divesture plans. Cenovus has been selling assets to pay down debt used to fund its C$16.8 billion acquisition of some ConocoPhillips assets this year. The Weyburn sale would bring Cenovus' asset sale proceeds to about C$4 billion compared with its target of C$4 billion to C$5 billion [Read more]
Questerre seeks output growth as Q3 net loss widens
Canadian oil and gas firm Questerre said in its Q3 earnings report: * Q3 revenues $5.4 million vs year-ago $4.1 million * Q3 net loss $2.6 million vs loss $1.0 million * Q3 adjusted funds flow from operation $1.9 million vs $1.4 million * Q3 output rose to 1,643 barrels of oil equivalents per day from year-ago 1,275 boe/d * If company continues to drill more wells at Kakwa, it could see "another major increase in production" by next December * Says draft regulations released this [Read more]
U.S. Justice pledges to prosecute activists who damage pipelines
The U.S. Department of Justice on Friday pledged to prosecute protesters who damage oil pipelines and other energy infrastructure, a decision that could escalate tensions between climate activists and the administration of President Donald Trump. The DOJ said it was committed to vigorously prosecuting those who damage "critical energy infrastructure in violation of federal law." Attempts to "damage or shut down" pipelines deprive communities of services and can put lives at [Read more]
Canadian dollar loosens close ties with oil on energy investment doubts
TORONTO, Nov 10 (Reuters) - The Canadian dollar is unlikely to recapture its tight link with the price of oil even as the interest rate outlook settles, given crude trades far removed from levels needed to affect investment in Canada’s energy sector, economists and strategists said. Canada’s so-called “petro-currency” has historically traded in the same direction as oil, one of the country’s major exports. But the correlation between the currency and the commodity has turned negative in [Read more]
U.S. drillers add the most oil rigs in a week since June: Baker Hughes
(Reuters) - U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. 10, bringing the total count up to 738, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 452 rigs were active after energy [Read more]
Bullish oil and tight supply lift Asian spot LNG market
LONDON, Nov 10 (Reuters) - Asian spot liquefied natural gas (LNG) prices rose this week on already tight supply and production outages in Australia and was further buoyed by climbing crude oil prices. Spot prices LNG-AS for December delivery rose to $9.45 per million British thermal units (mmBtu), 30 cents above last week’s levels. Australia’s North West Shelf export facility suffered a partial outage on Friday morning after several production units were taken offline, though at least one [Read more]
Keystone XL pipe has adequate commercial support: TransCanada
CALGARY, Alberta (Reuters) - TransCanada Corp (TRP.TO) has received adequate support from crude oil shippers on its long-delayed Keystone XL pipeline, but the parties still need to work out specific terms, the company said on Thursday as it reported a rise in quarterly earnings. The pipeline, which would carry 830,000 barrels per day of Canadian crude to U.S. refineries, has been delayed for more than eight years by regulatory hurdles as North American energy projects face increasing [Read more]