LONDON (Reuters) - Oil prices steadied just below two-year highs on Thursday, supported by supply cuts by major exporters, but analysts said the market could be vulnerable to a sell-off after several months of gains. Brent crude oil was up 20 cents at $63.69 a barrel by 1120 GMT. On Tuesday, Brent reached an intra-day high of $64.65, its highest since June 2015. U.S. light crude was 15 cents higher at $56.96, just shy of this week’s more than two-year high of $57.69 a barrel. Traders [Read more]
TransCanada reports profit for third quarter
TransCanada Corp on Thursday reported a third-quarter profit compared with a loss a year ago, when the pipeline operator took an after-tax goodwill impairment charge of C$656 million. The Calgary-based company's net income attributable to shareholders was C$612 million ($482 million), or 70 Canadian cents per share, in the quarter ended Sept. 30, compared with a loss of C$135 million, or 17 Canadian cents per share, a year ago. Revenue fell to C$3.24 billion from C$3.63 billion. [Read more]
U.S. crude stocks build unexpectedly as imports jump, output climbs: EIA
NEW YORK (Reuters) - U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, exports tumbled and production inched up to its highest since at least 1983, the Energy Information Administration said on Wednesday. Gasoline and distillate inventories fell to multi-year lows, even as refining rates rose, the statistical arm of the U.S. Department of Energy said. Crude inventories rose 2.2 million barrels in the week to Nov. 3, contrary to analysts’ expectations for a decrease [Read more]
Oil steadies as Middle East tensions offset rising U.S. output
NEW YORK (Reuters) - Oil prices were little changed on Wednesday as rising political tensions in the Middle East offset U.S. government data showing an increase in domestic crude production and a surprise build in stockpiles. U.S. crude production rose to 9.6 million barrels per day during the week of Nov. 3, the most in a week on record according to the Energy Information Administration (EIA) data going back to 1983. “The most notable thing in the EIA report was that production increased. [Read more]
ConocoPhillips vows financial discipline as aims to boost output
NEW YORK (Reuters) - ConocoPhillips (COP.N) said on Wednesday it will boost output over the rest of the decade but vowed to do so only when it was financially prudent as executives emphasized a strict adherence to shareholder returns. The largest U.S. independent oil and natural gas producer plans to spend an average of $5.5 billion annually for the next three years on capital projects as long as oil prices CLc1 stay above $50 per barrel. The spending forecast, an increase from 2017 and [Read more]
Peak oil? Majors aren’t buying into the threat from renewables
HOUSTON/LONDON (Reuters) - Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun. That transformation - marketed as “Beyond Petroleum” - led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands. Today, BP (BP.L) might be more aptly branded “Back to [Read more]
Encana’s profit falls 7 pct as production slips
Canadian oil and gas producer Encana Corp's profit fell 7.3 percent in the third quarter, hurt by lower oil and gas production. The Calgary-based company said on Wednesday its net profit slipped to $294 million, or 30 cents per share, in the quarter ended Sept. 30, from $317 million, or 37 cents per share, a year earlier. Total oil and gas production fell to 284,000 barrels of oil equivalent per day (boe/d) from 338,000 boe/d a year ago, led by a 29 percent fall in natural gas [Read more]
Whitecap among final-round bidders for Cenovus’ Weyburn asset -sources
Canada's Whitecap Resources Inc and at least three other companies have submitted final-round bids for Cenovus Energy Inc's Weyburn oil facility in a deal that could fetch about C$1 billion ($782 million), people familiar with the situation said on Tuesday. NAL Resources Management Ltd, a unit of insurer Manulife Financial Corp , Cona Resources Ltd and Spartan Energy Corp are among other suitors to place final bids, the people added, declining to be named as the matter is [Read more]
Whitecap among final-round bidders for Cenovus’ Weyburn asset
Canada's Whitecap Resources Inc and at least three other companies have submitted final-round bids for Cenovus Energy Inc's Weyburn oil facility in a deal that could fetch about C$1 billion ($782 million), people familiar with the situation said on Tuesday. NAL Resources Management Ltd, a unit of insurer Manulife Financial Corp , Cona Resources Ltd and Spartan Energy Corp are among other suitors to place final bids, the people added, declining to be named as the matter is not yet [Read more]
Kinder Morgan Canada denied expedited appeal for oil pipeline
Canada's National Energy Board (NEB) will take until at least Dec. 4 to review Kinder Morgan Canada Ltd's appeal over its Trans Mountain oil pipeline expansion, the regulator said on Tuesday, rejecting the company's proposed "expedited" timeline. The company, a unit of Houston-based Kinder Morgan Inc , last month asked the regulator to intervene after it said it was unable to obtain permits from the city of Burnaby, British Columbia. Burnaby has long opposed the expansion over [Read more]