The United States should try to prove it was not behind the destruction of the Nord Stream gas pipelines that connected Russia to Western Europe, the Russian embassy to the United States said on Thursday. Moscow considers the destruction of Nord Stream 1 and Nord Stream 2 pipelines last September "an act of international terrorism" and will not allow it to be swept under the rug, the embassy said in a statement. The embassy referred to a blog post by journalist Seymour Hersh citing an [Read more]
Western Canada Select discount tightens slightly
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed marginally on Wednesday. WCS for March delivery in Hardisty, Alberta traded between $18.75 and $18.20 a barrel under WTI, according to brokerage CalRock. On Tuesday WCS traded between $18.80 and $18.50 a barrel under the U.S. benchmark. The tightening came as Enbridge Inc said apportionment on its Mainline system in March fell to 2% on both light and heavy crude lines, down from 19% and 17% [Read more]
Suncor working on options to replace supply from key oil sands mine
Suncor Energy on Wednesday said it is weighing options for replacing around 200,000 barrels per day of raw supply from its oil sands Base Mine, which is set to run out in the mid-2030s. The mine is a key part of Suncor's Base Plant operations in northern Alberta, feeding two upgraders that produce roughly 350,000 per day of high value synthetic crude. The company is working on a regulatory application to extend Base Mine, after being warned last year by the federal government that the [Read more]
Oil prices drop as U.S. inventories jump fuels demand worries
Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. U.S. West Texas Intermediate (WTI) crude futures shed 42 cents, or 0.52% to $78.38. Brent crude futures slid 36 cents, or 0.42%, to $84.89 per barrel. U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market [Read more]
Resurgent China will drive 2023 oil demand but deficit could loom
China will make up nearly half of this year's oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency (IEA) said on Wednesday, but restrained OPEC+ production could mean a supply deficit in the second half. "Supply from OPEC+ is projected to contract with Russia pressured by sanctions," the Paris-based agency said in its monthly oil report. "World oil supply looks set to exceed demand through the first half of 2023, but the balance could quickly shift to [Read more]
U.S. natgas futures slide 2% on forecasts for less demand
U.S. natural gas futures slid about 2% on Wednesday on forecasts for lower demand than previously expected over the next two weeks. That price decline came despite forecasts for colder weather in late February, an increase in the amount of gas going to U.S. liquefied natural gas (LNG) export plants to an eight-month high, and a decline in gas output so far this month. Front-month gas futures for March delivery fell 3.8 cents, or 1.5%, to $2.529 per million British thermal units (mmBtu) by [Read more]
Oil prices fall on U.S. crude reserve release
Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed. U.S. West Texas Intermediate Crude futures fell by $1.40, or 1.77%, to $77.72 per barrel. Brent crude futures fell by $1.42, or 1.66%, to $84.33 per barrel. The U.S. Department of Energy (DOE) said after the previous session ended that it would sell [Read more]
Savage says Canada emissions cap stalls other climate action
Sonya Savage said Canada's proposed oil and gas emissions cap is a stumbling block in the province's discussions with the federal government about clean-energy policies including in carbon capture and storage (CCS) needed to meet Canada's ambitious 2030 climate targets. Opposition to federal climate policies from the oil-rich province of Alberta, where premier Danielle Smith is readying for a May election, risks pushing Canada further behind in its emissions-cutting commitments this [Read more]
Oil and gas industry earned $4 trillion last year, says IEA chief
The global oil and gas industry's profits in 2022 jumped to some $4 trillion from an average of $1.5 trillion in recent years, the head of the International Energy Agency (IEA), Fatih Birol, said on Tuesday. Despite those profits, countries depending on oil and gas revenue should prepare to reduce their reliance on petroleum as demand is going to fall in the longer term, Birol told a conference in Oslo while speaking via video link. "Especially the countries in the Middle East have to [Read more]
U.S. gas producers skimped on price hedges and now face a reckoning
A rout in natural gas prices will hurt first-quarter earnings and cash flows at gas producers as hedges - the industry's version of price insurance - were inadequate to offset the expected losses, analysts and industry experts said. Producers starting the year with fewer hedges than historically will have to sell more gas at the market rate of about $2.45 per million British thermal units (mmBtu), below the breakeven prices for producing gas in some regions, and that may force some companies [Read more]
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