Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. U.S. West Texas Intermediate crude was at $80.38 a barrel, down 4 cents, or 0.05%. Brent crude futures slipped 3 cents, or 0.04% to $84.75 a barrel. Both contracts rose for a third straight week last week, returning to levels last seen in November, after the Organization of the Petroleum [Read more]
Energy markets await ‘steady ground’, RBC says, cuts oil price forecast
RBC Capital Markets updates price forecasts for crude oil, natural gas as market continues to assess the impact of OPEC+ surprise production target cut, U.S. bank failures and central bank tightening. Cuts Brent 2023 price forecast to $88.84/bbl from $95.56/bbl; WTI 2023 forecast to $84.45/bbl from $92.06/bbl. RBC says while China's recovery post COVID remains in focus, recessionary fears loom in the background as commodity markets await further signals surrounding global demand [Read more]
Exxon eyes potential purchase of shale driller Pioneer -WSJ
Exxon Mobil Corp has held preliminary talks with Pioneer Natural Resources Co about a possible acquisition of the U.S. fracking company, the Wall Street Journal reported on Friday, citing people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a potential tie-up with at least one other company. Exxon on Tuesday signaled that its first-quarter operating profits dropped [Read more]
Western Canada Select discount steadies
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) was little changed on Thursday. WCS for May delivery in Hardisty, Alberta, traded between $15.60 and $15.50 a barrel under WTI, according to brokerage CalRock, having traded between $15.75 and $15.50 a barrel under the U.S. benchmark on Wednesday. Despite the widening, Canadian heavy crude remains relatively strong. The WCS differential reached its narrowest level since last May in recent days at [Read more]
Rare shipments of Forties crude head to East Coast refiners
U.S. and Canadian refiners have turned to North Sea "Forties" crude oil for the first time in seven years in the latest sign of changing global oil flows from Russia's invasion of Ukraine. Nearly 2.6 million barrels of the crude are set to arrive at U.S. East Coast ports since February, according to Customs data on Refinitiv Eikon. Some of the oil is likely headed to Canada via pipeline. The light, low-sulfur Forties crudes are blended with others to replace Russian crudes that have been [Read more]
U.S. natgas futures ease ahead of storage report
U.S. natural gas futures edged lower on Thursday as market participants awaited cues from a federal report expected to show a bigger-than-usual storage draw last week. Analysts forecast U.S. utilities pulled 21 billion cubic feet (bcf) of natural gas from storage last week. That compares with a 24 bcf withdrawal during the same week a year ago and a five-year (2018-2022) average of 0 bcf. "There is nothing much happening in the market right now. There is just some profit-taking ahead of [Read more]
Oil steady but weak US economic data stokes recession fears
Oil was steady on Thursday but weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. West Texas Intermediate U.S. crude rose 23 cents, also 0.27%, to $80.56 a barrel. Brent crude futures rose 25 cents, or 0.29%, to $85.02 a barrel. Brent and WTI have both gained more than 5.5% so far this week, headed towards three straight [Read more]
Unstable markets drag Canadian M&A, debt issuance to four-year low
Canadian dealmakers are optimistic about a return to strength in the second half of the year after mergers and acquisitions (M&A) in the first quarter dropped to pandemic levels, belayed by higher borrowing costs and panic around a banking crisis. The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact [Read more]
Suncor Energy unit charged in relation to death of oil sands worker
A unit of Suncor Energy has been charged with five offences relating to the death of a worker at an oil sands site in northern Alberta in June 2021, the latest blow to the Canadian oil producer's safety record. Syncrude Canada Ltd, majority-owned by Suncor, was charged on March 27 under the Alberta Occupational Health and Safety (OHS) Act and is accused of failing to ensure the health and safety of its worker. "The worker was operating an excavator to build a berm when the bank slumped [Read more]
Energy buyout firm NGP eyes $7 bln Permian asset sales
NGP Energy Capital Management is exploring the sale of two Permian basin-focused oil producers which could collectively fetch the private equity firm more than $7 billion, people familiar with the matter said on Wednesday. Dallas-based NGP is working with investment banks to sell the oil producers, Tap Rock Resources and Hibernia Resources, in auction processes that are expected to kick off in the coming weeks, the sources said. Efforts to cash out on the assets come as higher energy [Read more]
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