LONDON, Sept 7 (Reuters) - The volume of global price benchmark North Sea crude being held in floating storage has declined sharply since mid-August, according to shipping data and trade sources, a sign that a long-awaited market rebalancing is gaining momentum. Two supertankers being used to store North Sea crudes offshore the UK, Desimi and Gener8 Neptune, contain about 4 million barrels of oil, trade sources said. Three weeks ago, the total was closer to 10 million barrels. The clearing of [Read more]
Calgary energy brokers launch consolidated crude index
Two Calgary energy brokers have joined forces to start a Canadian crude index that consolidates their trading data and will be published by energy information firm Enerdata, the companies said on Wednesday. One Exchange and Marex Spectron say aggregating their indices into one will provide more clarity in the Canadian cash market, greater liquidity and more accurate benchmark pricing for trading financial contracts. At present the Canadian crude market is served by a number of brokers [Read more]
Harvey damage prompts TransCanada to extend pipeline open season
TransCanada Corp will extend the open season on its Keystone pipeline system by a month because of the unprecedented flooding and damage caused by Hurricane Harvey slamming into the Gulf Coast region in late August, the company said on Wednesday. Shippers will now have until Oct. 26 to sign up for committed capacity on the existing Keystone and proposed Keystone XL pipelines that will carry crude from Alberta's oil sands to Cushing, Oklahoma and the Gulf Coast. The open season, which was [Read more]
Harvey damage prompts TransCanada to extend pipeline open season
CALGARY, Alberta, Sept 6 (Reuters) - TransCanada Corp will extend the open season on its Keystone pipeline system by a month because of the unprecedented flooding and damage caused by Hurricane Harvey slamming into the Gulf Coast region in late August, the company said on Wednesday. Shippers will now have until Oct. 26 to sign up for committed capacity on the existing Keystone and proposed Keystone XL pipelines that will carry crude from Alberta’s oil sands to Cushing, Oklahoma and the Gulf [Read more]
France plans to end oil and gas production by 2040
France plans to pass legislation this year to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so, according to a draft bill presented on Wednesday. President Emmanuel Macron wants to make France carbon neutral by 2050 and plans to curb greenhouse gas emissions by leaving fossil fuels, blamed for contributing to global warming, in the ground. Under the draft presented to cabinet, France will no longer issue [Read more]
Oil up after Harvey fallout, but Hurricane Irma heads to Caribbean
Oil prices rose on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey. Brent had gained 82 cents to $54.20 a barrel by 1215 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 55 cents at $49.21 a barrel. "Prices are extending the momentum seen in the last few days due to a number of U.S. refineries restarting after Harvey," said Harry Tchilinguirian, head of commodity [Read more]
Crude prices rebound, gasoline slides as U.S. refineries restart
NEW YORK (Reuters) - Crude oil prices rose and gasoline fell by about 3 percent on Tuesday as the gradual restart of refineries in the U.S. Gulf that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch. Texas was edging towards recovery from the devastation of Harvey that hit its coast late on Aug. 25, as shipping channels, oil pipelines and refineries restarted some operations. At its peak, the hurricane knocked out almost a quarter of all U.S. [Read more]
Cenovus Energy to sell Pelican Lake assets for C$975 mln
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March. Reuters reported in August that Canadian Natural Resources Ltd was among potential bidders for the [Read more]
Canadian Natural nears deal for Cenovus’s Pelican Lake asset -Bloomberg
Canadian Natural Resources Ltd is nearing a deal to buy Cenovus Energy Inc's heavy oil project in Pelican Lake, Alberta, for about C$1 billion ($807 million), Bloomberg reported on Friday. Cenovus had received multiple bids for the Pelican Lake asset including from companies such as Canadian Natural and ARC Financial Corp, Reuters reported earlier in August, citing people familiar with the matter. Canadian Natural advanced to the final round of bidding alongside Cona Resources Ltd for the [Read more]
U.S. gasoline in first slide since Harvey, oil under pressure
NEW YORK (Reuters) - Benchmark U.S. gasoline prices slid for the first day since Hurricane Harvey struck the U.S. oil industry heartland, as some refineries restarted operations, while oil prices remained under pressure and settled about flat. Harvey, downgraded to a tropical storm and losing steam as it moved inland, killed more than 40 people and brought record flooding that shut at least 4.4 million barrels per day (bpd) of refining capacity. Closure of roughly a quarter of the U.S. [Read more]