Suncor Energy said on Wednesday a worker was injured in bear attack at the company's oil sands base plant in northern Alberta, the latest in a series of safety incidents at the Canadian oil producer. The incident happened on Saturday evening and the individual was transferred to hospital and released a few hours later, Suncor said in a statement. [Read more]
US House committee to consider bill on pressuring OPEC
The House Judiciary Committee was set to consider a bill on Wednesday to pressure the OPEC oil production group to stop making output cuts that can result in higher fuel prices for U.S. drivers. The committee was expected to vote on the so-called No Oil Producing and Exporting Cartels, or NOPEC, bill, which would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. OPEC+'s members [Read more]
BP ventures back into oil frontiers to boost output
BP is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions. The move comes as companies try to balance pressure to slash climate-warming pollution against a desire to capitalise on soaring profits from oil and gas sales, even as governments work to tame energy prices following Russia's invasion of Ukraine. BP said that on Monday [Read more]
US natgas down 2% as Canada exports rise, Waha turns negative
U.S. natural gas futures fell about 2% on Wednesday as Canada boosted exports after reducing flows earlier in the week due to wildfires in Alberta and spot gas prices at the Waha hub in West Texas fell to negative levels for the first time in years. Spot gas prices for Wednesday at the Waha hub in the Permian Shale closed in negative territory for the first time since October 2020 as pipeline maintenance prevented some gas from leaving the basin and mild spring weather reduced demand for the [Read more]
Western Canada Select discount narrows further on wildfire outages
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Tuesday. WCS for June delivery in Hardisty, Alberta, ended the day at $13.40 a barrel under the benchmark, according to brokerage CalRock. On Monday the Canadian heavy benchmark settled at $13.60 a barrel under WTI. Market players are concerned about wildfires in Alberta that have shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's [Read more]
Cooler temperatures offer temporary reprieve for Alberta wildfires
Wildfires in Alberta eased on Tuesday thanks to cooler weather, but thousands of people remained under evacuation orders and officials warned temperatures were expected to rise in coming days. The wildfires also forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production. There were 88 wildfires burning across the province, of which 24 are classified as out of control. More than 24,000 people were under evacuation [Read more]
EIA sees US oil output rising 5% in 2023, cuts price forecasts
The Energy Information Administration on Tuesday forecast U.S. crude production will rise about 5% in 2023, while fuel demand will increase 1%, and cut its estimates for Brent and U.S. crude prices. Crude production will rise 5.1% to 12.53 million barrels per day (bpd) in 2023 and 1.3% to 12.69 million bpd in 2024, the EIA said in its Short Term Energy Outlook (STEO). Total petroleum consumption is due to rise nearly 1% to 20.5 million bpd in 2023, and 1.4% to 20.8 million bpd in 2024, the [Read more]
U.S. natgas output to hit record high in 2023, demand to fall
U.S. natural gas production will rise to a record high in 2023, while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 101.09 billion cubic feet per day (bcfd) in 2023 and 101.24 bcfd in 2024 from a record 98.13 bcfd in 2022. The agency also projected domestic gas consumption would fall to 87.54 bcfd in 2023 and 86.05 bcfd in 2024 from a record 88.53 bcfd in 2022. If [Read more]
US natgas futures up 2% on daily output decline, Canadian wildfires
U.S. natural gas futures rose about 2% to a fresh one-week high on Tuesday on a decline in U.S. daily output and a drop in gas exports from Canada as wildfires shut in some oil and associated gas production. Prices climbed despite forecasts for milder weather and less U.S. demand over the next two weeks than previously expected. Front-month gas futures for June delivery on the New York Mercantile Exchange were up 4.1 cents, or 1.8%, to $2.279 per million British thermal units at 9:01 a.m. [Read more]
Oil prices ease in cautious trade ahead of U.S. inflation data
Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. The Brent crude price was down 30 cents, or 0.4%, at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to trade at $72.90 at 0340 GMT. Both contracts had settled up more than 2% in the previous trading session. "Oil [Read more]
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