Canada's TC Energy on Friday said a 14,000-barrel oil spill from its Keystone pipeline in rural Kansas in December was primarily due to a progressive fatigue crack, which originated during the construction of the pipeline. The Calgary-based company released the findings after receiving an independent third-party root cause failure analysis (RCFA), as required by regulators. Keystone's spill into a Kansas creek was the biggest U.S. oil spill in nine years and prompted a 21-day shutdown of a [Read more]
US natgas steadies on little changes in weather and demand forecasts
U.S. natural gas futures held steady on Friday on minor changes in weather and demand forecasts for the next two weeks from previous outlooks. That lack of price movement came even as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants remained on track to hit a record high for a second month in a row in April after Freeport LNG's export plant in Texas exited an eight-month outage in February. Front-month gas futures fell 0.6 cents, or 0.3%, to $2.243 per million [Read more]
Imperial Oil CEO apologises for tailings leaks
Imperial Oil's chief executive apologised to Canadian lawmakers on Thursday for toxic tailings leaks at its Kearl oil sands mine and conceded the company had been "negligent" in not sharing information with nearby First Nations communities. CEO Brad Corson, grilled for two hours by a parliamentary committee in Ottawa, said Imperial had notified Indigenous communities when discoloured water was spotted pooling near the Kearl site last May. However the company failed to speak directly with [Read more]
Column: U.S. diesel stocks tighten but fear of shortage eases
U.S. inventories of distillate fuel oils such as diesel and heating oil have been depleting since the start of March, reversing some of the accumulation over the previous five months, mostly because of an acceleration in exports. Distillate stocks stood at 112 million barrels on April 14, down from 122 million on March 3, according to the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, April 19). Inventories were -18 million barrels (-14% or -1.16 standard [Read more]
Oil slips as dollar strengthens and demand concerns weigh
Oil prices fell in Asian morning trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve. West Texas Intermediate crude (WTI) futures dropped $1.62 or 2.05% to $77.39 a barrel. Brent crude futures dropped $1.72 or 2.08% to trade at $81.34 a barrel. Both benchmarks, declining for a second day after a 2% fall on Wednesday, are at their lowest since [Read more]
U.S. natgas futures ease ahead of weekly storage report
U.S. natural gas futures eased about 1% on Thursday ahead of a federal report expected to show a bigger than usual storage build and after forecasts for milder weather and lower heating demand this week than previously expected. That small price decline came despite forecasts for colder weather and higher heating demand next week than previously expected, and a preliminary drop in U.S. daily output. Prices fell even though the amount of gas flowing to U.S. liquefied natural gas (LNG) [Read more]
Oil price relapse
Throwing another curve ball into an already confusing inflation picture, crude oil prices have retreated sharply again this week and taken some of the edges off renewed anxiety in interest rate markets. Both Brent crude and West Texas Intermediate crude futures dropped another 1% on Thursday $1.02 to their lowest since late March, just before a surprise OPEC+ production cut announcement. Although oil prices have not yet reversed all their gains from the OPEC move, Brent is down more than [Read more]
Alberta targets net-zero by 2050 in climate plan, no interim targets
Alberta on Wednesday released a climate plan aimed at reaching net-zero carbon emissions by 2050, but did not announce any interim targets in a move that puts it at odds with the federal government. Prime Minister Justin Trudeau's Liberal government has targeted a 40-45% cut in emissions by 2030 and will need to see major reductions from Alberta, the country's centre of the fossil fuel industry. Alberta Environment Minister Sonya Savage said the province is working on developing [Read more]
Oil dips as potential Fed rate hike overshadow falling stocks
Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. West Texas Intermediate U.S. crude was down $1.42, or 1.75% to $79.51 a barrel. Brent crude futures shed $1.52, or 1.78% to $83.43 a barrel. The U.S. Federal Reserve likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael [Read more]
U.S. natgas futures drop 5% on forecasts for mild weather
U.S. natural gas futures fell about 5% on Wednesday from a one-month high in the prior session on forecasts confirming the weather will remain mostly mild and heating demand low for the next two weeks. That price decline came despite a drop in preliminary daily output and as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants remained on track to hit a record high for a second month in a row in April after Freeport LNG's export plant in Texas exited an eight-month [Read more]
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