British Columbia's decision this week to toughen emissions standards for new liquefied natural gas (LNG) projects creates one of the most robust climate plans in North America, but sets a high hurdle for the industry even as many countries look to Canada to become a global supplier of gas. As part of a new energy action framework, the western Canadian province will require proposed LNG projects that are going through or entering the environmental assessment process to have a credible plan to [Read more]
Suncor gives Elliott more time to add another director to board
Suncor Energy Inc said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company's board. Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last year. As part of its agreement with Elliott in July 2022, Suncor appointed three independent directors to its board. In January, the two [Read more]
Repsol scraps plans for east coast Canada LNG terminal
Repsol has informed the Canadian government that an east coast liquefied natural gas project (LNG) is not economically viable because the cost of transporting gas to the terminal would be too high, a Canadian government spokesperson said on Thursday. Spanish company Repsol had been looking into developing an LNG export terminal in St. John, New Brunswick, to supply European markets, part of a global push to secure alternative supplies to Russian gas following the invasion of Ukraine. "In [Read more]
OPEC+ views oil price drop as financially driven, delegates say
OPEC+ considers this week's slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters. Oil sank to a 15-month low on Wednesday, with Brent crude below $72 a barrel, on concerns about contagion from a banking crisis. Crude stabilised on Thursday after Credit Suisse was thrown a financial lifeline by Swiss regulators. "It's purely [Read more]
Western Canada Select discount narrows
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Wednesday. WCS for April delivery in Hardisty, Alberta traded between $16.75 and $16.45 a barrel under WTI, according to brokerage CalRock, having traded between $17.10 and $16.90 a barrel under the U.S. benchmark on Tuesday. Canadian heavy crude remains in sight of a nine-month high of around $15 a barrel under WTI hit last week. WTI plunged to its lowest in more than a year before [Read more]
Canada to set up group to speed up oil sands tailings remediation
The Canadian and Alberta governments will establish a federal-provincial working group to accelerate remediation of oil sands tailings ponds, the Alberta government said on Wednesday, as investigations continue into an ongoing tailings leak at Imperial Oil's Kearl project. Federal environment minister Steven Guilbeault and Alberta environment minister Sonya Savage met on Tuesday to discuss the incident at the 240,000 barrel-per-day Kearl mining project in northern Alberta. Industrial [Read more]
US natgas drops over 5% on banking rout-led risk selloff
U.S. natural gas futures dropped more than 5% on Wednesday, pressured by a broader sell-off across financial markets as concern over Credit Suisse reignited banking worries and stifled appetite for risky assets, while expectations for lower heating demand also weighed on prices. Front-month gas futures for April delivery dropped for a second-straight session, slipping 14.5 cents, or 5.6%, to $2.428 per million British thermal units at 10:42 am EDT (1442 GMT). "Concerns about the banking [Read more]
Oil slide resumes as banking fears offset China demand hopes
Oil extended losses on Wednesday with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse's largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks sliding. "Fears of contagion are clearly gaining traction," Tamas Varga of oil broker PVM told Reuters. "As [Read more]
China, air travel rebound set to supercharge oil demand
Global oil demand is edging up slowly but is set for a huge boost from resumed air travel and China's economic reopening after COVID-19 curbs, the International Energy Agency said on Wednesday. "Global oil demand growth started 2023 with a whimper but is projected to end the year with a bang," the Paris-based agency said in its monthly oil report. "Rebounding jet fuel use and a resurgent China will see an overall 1Q-4Q ramp-up of 3.2 million barrels per day (bpd), the largest relative [Read more]
Oil prices fall as SVB collapse spooks financial markets
Oil prices fell more than $1 on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. U.S. West Texas Intermediate crude futures (WTI) dropped $1.72, or 2.30%, to $72.92 a barrel. Brent crude futures were down $1.57, or 1.95%, at $79.12 a barrel. On Monday, WTI dropped to its lowest since December, while Brent fell to its lowest since early January. The sudden shutdown of SVB Financial [Read more]
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