The fortunes of Alberta's politicians often go hand-in-hand with the Western Canadian province's oil and gas sector, its biggest industry, and the question of who will be its greatest advocate is a major theme in the final week before Albertans pick their leader. Polls are split on whether Premier Danielle Smith's ruling United Conservative Party (UCP) or Rachel Notley's New Democratic Party (NDP) will win the May 29 vote. "We know that as long as we keep our energy industry strong, we're [Read more]
TotalEnergies prepares for Mozambique LNG restart
French energy company TotalEnergies will relaunch its Mozambique LNG project once it has followed the recommendations of a commissioned human rights report that was published on Tuesday, the oil major said. "At this time there is no date for a restart, although the project partners take note of the report and note the security improvements on the ground," a TotalEnergies spokesperson said. "An action plan has been decided upon based on the report's conclusions, and this plan will now be [Read more]
Oil extends gains on higher gasoline demand, tighter supply
Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains. Brent crude futures rose 28 cents, or 0.37%, to $76.27 a barrel by 0320 GMT while U.S. West Texas Intermediate (WTI) crude was at $72.36 a barrel, up 31 cents, or 0.43%. It was the second day of gains after Brent rose 0.5% on Monday. WTI gained 0.6%, amid a 2.8% [Read more]
Oil supply won’t be affected by stricter price cap enforcement
The International Energy Agency (IEA) does not expect moves by the Group of Seven nations to counter the evasion of price caps on Russian energy will change the supply situation for crude oil and oil products, the IEA's Executive Director Fatih Birol said. The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine. The [Read more]
US drillers cut most oil rigs in a week since Sept. 2021
U.S. energy firms this week cut 11 oil rigs, the most in a week since September 2021, energy services firm Baker Hughes Co said in its closely followed report on Friday. That follows last week's cut of 17 natural gas rigs, which was the biggest drop since June 2020. The oil and gas rig count, an early indicator of future output, fell by 11 to 720 in the week to May 19, the lowest since May 2022. Baker Hughes said that puts the total rig count down eight, or 1%, below this time last [Read more]
Biden admin supports Mountain Valley Pipeline for second time in week
The Biden administration has supported for the second time in a week the Mountain Valley natural gas pipeline, a project a key Democratic senator has pushed in legislation to speed permitting of fossil fuel and power transmission projects. Equitrans Midstream Corp's $6.6 billion Mountain Valley Pipeline has been opposed by environmental activists, but has won the backing of Biden administration officials, including Secretary of Energy Jennifer Granholm. She has said the United States must [Read more]
US natgas rises 3% to 10-week high on low wind power, Canada wildfires
U.S. natural gas futures rose about 3% to a 10-week high on Friday on a technical bounce and a lack of wind this week causing power generators to burn more gas to produce electricity. Traders also said prices were supported by the amount of gas exported from Canada to the U.S. remaining low due to wildfires in Alberta and other western provinces. The amount of U.S. power generated by wind this week was on track to drop to just 7% of the total versus a recent high of 17% during the week [Read more]
Oil rebounds on fading risk of US debt default
Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose 59 cents, or 0.8%, to $76.45 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude climbed 48 cents, or 0.7%, to $72.34. "I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold [Read more]
Some Canadian oil and gas producers re-curtail output as wildfires persist
Some oil and gas companies in Canada's main crude-producing province Alberta were forced to re-curtail output as record-high temperatures and tinder-dry vegetation led to an intense, early start to wildfire season in western Canada this year. At one point the fires pushed more than 30,000 people out of their homes while oil and gas producers shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of national production. Following are the latest from Canadian energy [Read more]
Alberta wildfires hit gas flow out of Canada to US, spiking prices
Abnormally hot and dry weather is set to return to Alberta on Thursday after a couple of cooler days helped calm wildfires that have slowed the flow of natural gas out of Canada into the United States and lifted gas prices. Record-high temperatures and tinder-dry vegetation have led to an intense, early start to the wildfire season in western Canada this year and forecasters see no improvement in conditions at least until next week. Alberta, which goes to the polls on May 29, has been the [Read more]
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