U.S. Treasury Secretary Janet Yellen said on Friday that new price caps by the West on Russian oil products would build on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied. "The caps we have just set will now serve a critical role in our global coalition’s work to degrade Russia’s ability to prosecute its illegal war (in Ukraine)," Yellen said in a statement after the agreement was released. "Combined with our historic [Read more]
U.S. oil & gas rig count falls by the most in a week since June 2020
U.S. energy firms this week cut the number of oil and natural gas rigs by the most since June 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 12 to 759 in the week to Feb. 3, the lowest since September. Despite this week's rig decline, Baker Hughes said the total count was still up 146 rigs, or 24%, over this time last year. U.S. oil rigs fell 10 to 599 this week, their [Read more]
Canada regulator licences Equinor’s significant oil discovery offshore
A Canadian offshore oil regulator said on Friday that it has licensed a significant discovery by Equinor ASA near the country's Atlantic coast. Global oil companies are pumping billions of dollars into offshore drilling because they can turn profits at lower prices than some onshore production, although they are expensive to build. They also can generate fewer emissions per barrel due to their massive scale, but still add to overall air pollution. Canada's Atlantic coast attracted extra [Read more]
U.S. natgas drops 3% to 25-month low on less cold weather in February
U.S. natural gas futures fell about 3% to a 25-month low on Friday on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. That put the gas contract on track to drop over 63% over the past seven weeks, its biggest seven-week collapse in history after weather in the U.S. Lower 48 states was the second warmest on record in January with an average temperature of about 41.8 degrees Fahrenheit (5.7 Celsius). The warmest January on record was [Read more]
Oil stable but heads for weekly loss awaiting China recovery signs
Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies. U.S. West Texas Intermediate (WTI) crude futures gained 12 cents, or 0.16%, to $76.08 a barrel. Brent crude futures rose 6 cents, or 0.07%, to $82.23 a barrel. So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. [Read more]
Heavy crude discount holds steady
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) was broadly steady on Thursday. WCS for March delivery in Hardisty, Alberta, settled at $22.90 a barrel below WTI, according to brokerage CalRock, the same level as Wednesday's close. Earlier in the session WCS widened to $23.10 a barrel under U.S. crude. Canadian heavy crude is steadying after weakening in the second half of last year, when a number of factors including the U.S. Strategic Petroleum [Read more]
U.S. natgas futures gain 3% on colder forecasts ahead of storage report
U.S. natural gas futures rose about 3% on Thursday from a 21-month low in the prior session on forecasts for higher heating demand over the next two weeks than previously expected and growing expectations the Freeport liquefied natural gas (LNG) export plant in Texas could start pulling in big amounts of gas in February. On Wednesday, federal regulators approved Freeport's plan to start sending gas to one of the plant's three liquefaction trains, which turn gas into LNG. Freeport, the [Read more]
Oil slips as Russian oil products ban looms
Oil prices slipped on Thursday as looming sanctions on Russian oil products added uncertainty over supply and a build in U.S. fuel stocks suggested sluggish demand despite signs of global economic recovery. U.S. West Texas Intermediate Crude futures lost 41 cents, or 0.53%, to $76.25. Brent crude futures fell 42 cents, or 0.51%, to $82.51 a barrel. Both benchmarks plunged more than 3% overnight after U.S. government data showed a large build in oil stocks. A European Union ban on Russian [Read more]
Enbridge reports unplanned outage on T-south section of British Columbia natgas line
Enbridge Inc is working to restore full service on the southern (T-South) mainline system of its British Columbia (BC) natural gas pipeline following an unplanned outage. A segment of a 36-inch pipeline near Chilliwack, British Columbia, was isolated for assessments as a precaution while another 30-inch line continued to operate, the company said in a statement posted on its website on Wednesday. "Those assessments have been completed and we are currently repressuring the 36-inch pipeline [Read more]
Heavy crude discount widens slightly as new trade cycle begins
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) widened on Wednesday as the new monthly trade cycle got underway: * WCS for March delivery in Hardisty, Alberta, settled at $22.90 a barrel below WTI, according to brokerage CalRock, having traded at $22.55 a barrel under the benchmark earlier in the day. * Canadian heavy crude is steadying after weakening in the second half of last year, when a number of factors including the U.S. Strategic [Read more]
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