Oil prices fell on Friday, set for their fourth weekly decline, as renewed economic concerns in the United States and China revived anxieties about fuel demand growth in the world's two largest oil consumers. Brent crude futures fell by 37 cents, or 0.49%, to $74.61 a barrel by 0510 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 30 cents, or 0.42%, to $70.57. Both benchmarks are set to fall by about 1% for the week, which would be the longest streak of weekly declines [Read more]
Western Canada heavy oil differential narrows
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) narrowed on Thursday. WCS for June delivery in Hardisty, Alberta, ended the day at $13.10 a barrel under the benchmark, according to brokerage CalRock. On Wednesday the Canadian heavy benchmark ended at $13.45 a barrel under WTI. The heavy crude benchmark has tightened this week on concerns about wildfires in Alberta, although the wildfires have recently eased, allowing some producers to [Read more]
US permit crackdown poses new hurdles for proposed LNG projects -analysts
The U.S. Department of Energy's refusal to grant export permit extensions to liquefied natural gas (LNG) developers that fail to meet a construction deadline poses a new hurdle for greenfield plants, analysts said on Thursday. The DOE last month said it would grant future extensions solely on extenuating circumstances and rejected an extension for Energy Transfer's proposed Lake Charles LNG project. The change will fall heavily on firms without a track record and available financing, [Read more]
Canadian military deployed to help fight Alberta wildfires
Canada brought in the military to help firefighting and recovery efforts in Alberta on Thursday after wildfires forced thousands to evacuate homes and prompted several oil and gas producers to shut operations in Canada's main crude-producing province. The armed forces were deployed after Ottawa approved Alberta's request for federal support to tackle the more-than 100 wildfires that ignited across the western Canadian province in the last week, Prime Minister Justin Trudeau said. The [Read more]
Oil prices turn negative in U.S. trading amid debt talks
Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders' meeting, raising jitters about a possible recession in the world's biggest oil consumer. U.S. West Texas Intermediate Crude futures dipped $1.11, or 1.53%, to $71.62. Brent crude was down $1.15, or 1.50%, to $75.44 a barrel. Both contracts are still on track for their first weekly percentage gain in four. The Bank of England raised its [Read more]
US natgas futures little changed ahead of federal storage report
U.S. natural gas futures were little changed on Thursday as the market waited for direction from a federal report expected to show a smaller-than-usual storage build last week when cold weather kept heating demand for the fuel high. Prices did not react to a bullish decline in output over the past few days or forecasts for higher demand over the next two weeks than previously expected. Analysts forecast U.S. utilities added 74 billion cubic feet (bcf) of gas into storage during the week [Read more]
Oil prices tick up on positive U.S. fuel demand data
Oil prices rose on Thursday, clawing back some of the previous day's losses, supported by fuel demand data from the United States, the world's top oil consumer. U.S. crude futures gained 48 cents, up 0.7%, to $73.04. Brent crude rose 52 cents, or 0.7%, to $76.93 a barrel. Both contracts were on track for their first weekly percentage gain in four. A sharper than expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels. U.S. gasoline [Read more]
Western Canada Select discount edges wider as wildfires ease
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) inched wider on Wednesday. WCS for June delivery in Hardisty, Alberta, ended the day at $13.45 a barrel under the benchmark, according to brokerage CalRock. On Tuesday the Canadian heavy benchmark settled at $13.40 a barrel under WTI. The heavy crude benchmark has tightened this week on concerns about wildfires in Alberta, one trader said, even though so far only light oil and gas production [Read more]
Oil drops 1% after US data points to further rate hikes
Oil prices fell by more than a dollar a barrel on Wednesday, ending a three-day rally, as economic data suggested that the U.S. Federal Reserve might hike interest rates further. U.S. West Texas Intermediate crude (WTI) fell 67 cents, or 0.91%, to $72.83 a barrel. Brent crude dropped 58 cents, or 0.74%, to settle at $76.85 a barrel. U.S. consumer prices rose in April, potentially raising the likelihood that the Fed will maintain higher interest rates. Rising global interest rates have [Read more]
TC Energy restarts all compressor units that were shut down due to Alberta wildfires
TC Energy says it has restarted compressor units at all locations that were shut down due to wildfire precautions in Alberta. [Read more]
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