LONDON, Oct 2 (Reuters) - The U.S. Energy Information Administration (EIA) is distorting oil prices by being far too optimistic in its forecasts for U.S. production, according to Harold Hamm, the chief executive of Continental Resources . Hamm, who also chairs the Domestic Energy Producers Alliance (DEPA), a lobbying group, blames EIA for both the outright decline in U.S. oil prices and their underperformance compared with Brent since June. Hamm faults EIA for being too optimistic about U.S. [Read more]
Oil falls more than 2 percent on signs of higher output
NEW YORK (Reuters) - Oil fell more than $1 a barrel to below $56 on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years. Iraq announced its exports rose slightly in September while OPEC overall boosted output, a Reuters survey showed. In its report on Friday, General Electric Co’s Baker Hughes energy services firm said drillers added six oil rigs in the week to Sept. 29, bringing the [Read more]
Lawsuit against Kinder Morgan pipeline expansion starts in Canada
A Canadian judicial review that could overturn the federal approval of Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion will begin on Monday in Vancouver. More than a dozen parties, including the company, government departments, environmental and aboriginal groups, will present their cases over two weeks before Canada's Federal Court of Appeal. A decision against the C$7.4 billion ($5.9 billion) expansion would send it back for assessment, a move that would cause [Read more]
U.S. drillers add oil rigs for first week since mid-August -Baker Hughes
U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August as crude prices were on track for their strongest third quarter in 10 years. The U.S. oil rig count, however, is down for the second month in a row and posted its biggest monthly and quarterly declines since the second quarter of 2016. Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750, General Electric Co's Baker Hughes energy services [Read more]
Profit taking ahead of weekend subdues bullish oil streak
NEW YORK (Reuters) - Oil prices were down slightly on Friday on weekend profit taking following a rally in prices around geopolitical instability in Iraqi Kurdistan, which helped Brent make its strongest third-quarter performance since 2004. Global benchmark Brent crude was down 7 cents at $57.37 a barrel at 12:08 p.m. EDT (1607 GMT), notching up a third-quarter gain of around 20 percent. On the week, Brent was up 0.9 percent. The contract had reached its highest in more than two years earlier [Read more]
Bullish oil streak propels Brent to strongest third quarter in 13 years
Oil edged higher on Friday as tensions around Iraqi Kurdistan threatened the region’s crude supplies, helping Brent prices to their strongest third-quarter performance since 2004. Global benchmark Brent crude was up 17 cents at $57.58 a barrel at 1225 GMT, notching up a third-quarter gain of around 20 percent. The contract had reached its highest in more than two years earlier in the week, resulting in a fifth consecutive weekly gain. This performance is Brent’s longest weekly bull run since [Read more]
Canadian producer prices rise on energy, petroleum products
Canadian producer prices rose in August on higher costs for energy and petroleum products as refineries in the United States were shut down due to Hurricane Harvey, data from Statistics Canada showed on Friday. The 0.3 percent increase was shy of economists' forecasts for a gain of 0.5 percent, while figure for July was downwardly revised to show a decline of 1.6 percent from the originally reported 1.5 percent decrease. Prices for energy and petroleum products jumped 2.8 percent due to [Read more]
Kinder Morgan Canada complies with order to stop some pipe work
Kinder Morgan Canada Ltd has complied with an order by the country's National Energy Board (NEB) to stop some work on its Trans Mountain pipeline expansion, the regulator said on Thursday. The company has told the NEB it will stop installing mats to stop fish from spawning along the C$7.4 billion ($5.9 billion) pipeline project - work that had "not yet been authorized," the regulator said in a statement on its website. Kinder Morgan Canada, a unit of Houston-based Kinder Morgan Inc , did [Read more]
Cenovus Energy files for $7.5 billion mixed shelf offering
Canadian oil and gas producer Cenovus Energy filed a mixed shelf offering for $7.5 billion with Canada and U.S. regulators on Thursday, although the company said it currently has no plans to issue more debt or equity. In a mixed shelf a company may sell securities in one or more separate offerings without filing a prospectus for each one. The filing does not necessarily mean the securities will be sold. Cenovus spokesman Reg Curren said the filing is a "corporate housekeeping [Read more]
Oil prices slip, pulling back from recent gains
NEW YORK (Reuters) - Oil prices slipped on Thursday, further backing off from 2015 peaks hit earlier in the week as tension around northern Iraq following the Kurdistan region’s vote in favor of independence spurred fresh supply concerns. Crude has risen sharply in the last two-and-a-half weeks as traders anticipated renewed demand from U.S. refiners who were resuming operations after shutdowns due to Hurricane Harvey. Major world oil producers have also indicated that they will stick with [Read more]