Canada's largest crude-producing province Alberta downgraded its 2017-18 revenue forecast on Wednesday because of lower-than-expected oil prices that have battered the once-booming economy. In a first quarter update the government said total revenues are likely to be C$44.4 billion this fiscal year, C$648 million lower than expected in the annual budget, and downgraded its U.S. crude oil price assumption to $49 a barrel from $55 a barrel. U.S. crude was last trading at $48.28 a barrel. [Read more]
Oil edges up on eighth weekly U.S. crude stock drawdown
Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and a storm approached the Gulf Coast with the potential to disrupt oil and refined products output. Brent crude futures climbed 58 cents to $52.45 a barrel by 12:12 p.m. EDT (1612 GMT), while U.S. West Texas Intermediate crude futures were trading at $48.34, up 51 cents. U.S. crude inventories fell 3.3 million barrels last week, compared with analyst expectations for a decrease of 3.5 million [Read more]
Oil prices fall on concerns of oversupply
Oil prices fell early on Wednesday, squeezed by concerns of oversupply sparked by rising Libya output. Brent crude futures, the international benchmark for oil prices, were at $51.61 per barrel at 0105 GMT, down 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.63 a barrel, down 20 cents, or 0.4 percent. Bernstein Research warned that low prices and ample supplies were resulting in low oil industry investment levels. "We see (oil [Read more]
Malaysia’s Petronas considering pipeline investments to monetize Canada gas assets -Bernama
Malaysia's Petroliam Nasional Berhad is considering investing in a pipeline to market its Canadian gas assets after scrapping plans for a liquefied natural gas (LNG) project in Canada, state news agency Bernama said on Wednesday. Petronas, as the company is known, would use the pipeline to connect and market natural gas resources from an area of western Canada which has 22.3 trillion cubic feet of proven unconventional gas to the rest of Canada and North America, Bernama said, citing an [Read more]
North American exodus at PetroChina sparks speculation of company shift
A flurry of departures across the U.S. and Canadian units of Chinese state energy firm PetroChina Co Ltd have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region. More than 30 people in its Houston and Calgary offices have left PetroChina since 2016, including heads of desks in crude, financial, natural gas and chemical trading, the company confirmed to Reuters. Sources say that PetroChina had [Read more]
Oil prices climb as traders eye another U.S. crude drawdown
Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field. U.S. crude inventories were expected to have fallen for an eighth straight week and dropped 3.4 million barrels last week, a Reuters poll showed, ahead of weekly data. Libya's Sharara oil field was gradually reopening after its latest shutdown, field workers said. Earlier in the day an oil official said it was [Read more]
Oil prices fall almost 2 percent after end-of-week rally
Oil prices fell nearly 2 percent on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply. Brent crude futures lost 2 percent, or $1.07, at $51.65 a barrel as of 12:01 p.m. EDT, after surging more than 3 percent on Friday. U.S. West Texas Intermediate crude futures fell 1.9 percent, or 90 cents, to $47.63 a barrel. The contract had also risen 3 percent in the previous session. "We are currently seeing some profit-taking [Read more]
Canadian oil sands producers: Heady days may not last long
Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity. Demand for heavy crude extracted from Canadian oil sands surged in the past few months as U.S. [Read more]
Oil prices fall after rally encourages profit-taking
Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 15 cents at $52.57 a barrel at 1214 GMT, after surging more than 3 percent in the previous session. U.S. West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent. The contract had also risen 3 percent in the previous session. "We are currently [Read more]
U.S. drillers cut oil rigs for second week in three – Baker Hughes
U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 64 weeks since the start of June 2016. The [Read more]