NEW YORK (Reuters) - Oil prices were virtually flat on Wednesday as Saudi Arabia said it pumped more in September than August, even as OPEC forecast higher demand for 2018. Brent crude futures were trading down 14 cents, or 0.3 percent, to $56.47 per barrel by 12:32 p.m. EDT (1232 GMT). Brent closed 2 percent higher the previous day. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 7 cents, or 0.1 percent, to $50.99 a barrel. Saudi Arabia told the Organization of the Petroleum [Read more]
Oil rises 2 percent on signs rebalancing underway
NEW YORK (Reuters) - Oil prices rose about 2 percent on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. The Organization of the Petroleum Exporting Countries is seeking to hold a second meeting with U.S. independent oil firms as well as [Read more]
Canada’s Keyera signs pact with Chevron to transport, store NGL
Canadian pipeline operator Keyera Corp said on Tuesday it signed a 20-year agreement with Chevron's Canadian unit to transport and store natural gas liquids (NGL). Under the deal, Chevron will deliver about 50 percent of its NGL from its Kaybob Duvernay operations near Fox Creek, Alberta to Keyera for storage and terminal services. Keyera said it might expand its facilities in the future, depending on the success and scale of Chevron's Duvernay program. (Reporting by [Read more]
WTI discount to Brent reflects logistics constraints: Kemp
Even as crude stocks decline elsewhere in the United States, stocks are rising in the Midwest, especially around the delivery point for the New York Mercantile Exchange's light sweet crude contract at Cushing in Oklahoma. Crude stocks at Cushing hit a low of 56 million barrels on July 28 but have since risen by almost 7 million barrels, according to the U.S. Energy Information Administration (EIA). In the rest of country, commercial crude stocks stood at 426 million barrels on July 28 but [Read more]
Kinder Morgan Canada kills request linked to Trans Mountain pipeline
Kinder Morgan Canada Ltd on Friday withdrew its request to install anti-fish-spawning mats in construction areas for its embattled Trans Mountain pipeline expansion, potentially delaying the C$7.4-billion ($5.91-billion) project. Canada's National Energy Board (NEB) regulator last month barred Kinder Morgan from installing the mats, which are placed on the bottom of waterways to prevent fish from laying eggs, saying they had "not yet been authorized." The company then sought [Read more]
U.S. oil drillers cut rigs for 4th week in five -Baker Hughes
The U.S. oil rig count fell for a fourth time in the last five weeks as a 14-month drilling recovery stalled as energy firms reduced spending plans in response to recent crude price declines. The oil rig count fell by two to 748 in the week to Oct. 6, 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 much higher than a year ago when only 428 rigs were active after energy companies [Read more]
WTI discount to Brent reflects logistics constraints: Kemp
Even as crude stocks decline elsewhere in the United States, stocks are rising in the Midwest, especially around the delivery point for the New York Mercantile Exchange's light sweet crude contract at Cushing in Oklahoma. Crude stocks at Cushing hit a low of 56 million barrels on July 28 but have since risen by almost 7 million barrels, according to the U.S. Energy Information Administration (EIA). In the rest of country, commercial crude stocks stood at 426 million barrels on July 28 but [Read more]
Oil down 3 percent, set to end five-week rally as oversupply fears resurface
NEW YORK (Reuters) - Oil futures plunged 3 percent on Friday, and were set to end Brent’s longest multi-week rally in 16 months following profit taking and the return of oversupply concerns. “Yesterday we had Russia and the Saudis talking about extending cooperation, and today we saw a little bit of backtracking with respect to additional cuts in production.” said Houston-based consultant Andrew Lipow. “What the market gained yesterday is clearly being given back today.” Russia on Friday [Read more]
U.S. Gulf oil producers curtail output ahead of Tropical Storm Nate
HOUSTON (Reuters) - Oil and natural gas operators began evacuating staff and halting production at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to rattle the Gulf Coast energy corridor. Nate, which has killed at least 10 people in Costa Rica and Nicaragua and caused intense rainfall, is forecast to scrape Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall this weekend in Louisiana, near several [Read more]
Oil steady as talk of new OPEC deal balances U.S. exports
LONDON (Reuters) - Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. “OPEC and Russia are talking about extending production limits, but there’s still plenty of supply with U.S. crude exports up sharply,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. Brent crude was up 35 cents at $56.15 a barrel by 1000 GMT. U.S. [Read more]