Canada's Enbridge Inc on Thursday said it was "disappointed" by the U.S. Army Corps of Engineers' decision to extend the federal permitting process for the company's proposed Great Lakes Tunnel that would rehouse its Line 5 oil pipeline underneath the Straits of Mackinac. Calgary-based Enbridge said the move will delay its plan to replace the existing Line 5 pipeline, which runs underwater for four miles (6.4 km) between Lakes Michigan and Huron, and push back the start of construction until [Read more]
US energy secretary says it could take years to refill oil reserve
It could take years for the United States to refill the Strategic Petroleum Reserve, the U.S. energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to the lowest level since the early 1980s. "This year, it will be difficult for us to take advantage of this low price," Energy Secretary Jennifer Granholm told U.S. representatives in a congressional hearing. "But we will continue to look for that low price into the future because [Read more]
US natgas rose 2% on rising LNG exports, ahead of storage report
U.S. natural gas futures rose about 2% on Thursday after collapsing 8% in the prior session as the amount of gas flowing to liquefied natural gas (LNG) export plants remains on track to hit a record high this month after Freeport LNG's plant in Texas exited an eight-month outage in February. That price increase came despite a rise in output so far this month and forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. The price move also [Read more]
Oil steady after weekly U.S. crude stocks exceed expectations
Oil was steady in trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. U.S. West Texas Intermediate (WTI) crude futures slightly rose 26 cents, or 0.37%, at $69.72. Brent futures, which have risen more than 3% this week, rose 39 cents, or 0.52%, at $75.42 a barrel. Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by [Read more]
OPEC+ likely to stick to its guns despite price slump, delegates say
OPEC+ is likely to stick to its deal on output cuts of 2 million barrels per day (bpd) until the end of the year, even after a banking crisis sent crude prices plunging, three delegates from the producer group told Reuters. Oil prices hit 15-month lows on Monday in response to the banking crisis that followed the collapse of two U.S. lenders and resulted in Credit Suisse being rescued by Switzerland's biggest bank UBS. Brent crude was trading around $75 a barrel on Wednesday morning. Last [Read more]
US natgas futures fall 4% as output rises, demand declines
U.S. natural gas futures fell about 4% on Wednesday, erasing most of the prior session's 6% gain, as output continues to rise while demand declines with the coming of seasonally milder, spring-like weather. That price decline came even as the amount of gas flowing to liquefied natural gas (LNG) export plants was on track to hit a record high this week after Freeport LNG's plant in Texas exited an eight-month outage in February. Prices also dropped despite forecasts for cooler weather and [Read more]
Traders, funds bullish on oil price despite banking woes
The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end. Pierre Andurand, founder of hedgefund Andurand Capital, was the most bullish and saw a potential Brent oil price of $140 a barrel by the end of the year. He said the current oil price downturn was speculative and not based on fundamentals. Oil prices rose for a second day on Tuesday after slumping to [Read more]
US natgas slips to 1-month low on ample storage as weather moderates
U.S. natural gas futures slipped for a third straight session to their lowest in a month on Tuesday, weighed down by lower heating demand as weather moderates with sufficient inventory in storage. Front-month gas futures for April delivery traded 6.6 cents lower, or 3%, to $2.16 per million British thermal units (mmBtu) at 10:47 a.m. EDT (1447 GMT) after hitting a fresh low since Feb. 23 earlier. "We're seeing a combination of weather softening and lower feed gas into some of the LNG [Read more]
Oil rises for second day as banking fears ease for now
Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and reduce fuel demand. Sentiment across financial markets has improved following UBS' takeover of Credit Suisse, announced on Sunday, and after major central banks said they would enhance market liquidity and support the banking system. U.S. West Texas Intermediate (WTI) gained $1.23, or 1.80%, to [Read more]
Scotiabank says Suncor Energy’s challenges will need time to fix even with new CEO
Scotiabank downgrades Canada's Suncor Energy Inc to "sector perform" from "sector outperform." Brokerage says new CEO Rich Kruger will have a fresh approach to some of SU's operational issues over the past few years but "there is still plenty of work to do." Highlights challenges like safety, minimizing downtime, reducing operating costs and replacing production at aging mines. SU said last month that former Exxon Mobil Corp executive Rich Kruger will be its chief executive from April [Read more]
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