NEW YORK, Dec 12 (Reuters) - Oil prices settled up about $2 a barrel on Monday on supply jitters, as a key pipeline supplying the United States closed and Russia threatened a production cut even as China's loosening COVID-19 restrictions bolstered the fuel demand outlook. Brent crude futures settled at $77.99 a barrel, gaining $1.89 or 2.5%. U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%. Last week, Brent and WTI fell to their lowest since December 2021 [Read more]
Keystone pipeline timetable for restart unclear; traders worry about supply
Traders expressed worry on Monday about how long Canada's TC Energy Corp's cleanup efforts would take in order to restart its Keystone oil pipeline after more than 14,000 barrels of oil leaked last week, the largest U.S. crude oil spill in nearly a decade. TC Energy shut the pipeline after the spill was discovered late last Wednesday in Kansas. The company told officials in Washington County, Kansas, on Monday that they have not yet determined the cause and that they started excavating around [Read more]
Jefferies sees minimal impact of Keystone pipeline shutdown on Canadian producers
Jefferies says TC Energy's Keystone pipeline shutdown following a spill in Kansas creek to have a relatively minor impact on its coverage. Assuming shutdown for two weeks (for no other reason than precedent), crude sales in Q4 for Cenovus Energy, Canadian Natural Resources and Suncor Energy will be affected only by an estimated ~2.2%, ~0.2% and ~1.5%, respectively. Says production shouldn't be impacted given excess storage regionally. The ~622,000-barrels-per-day pipeline was shut down [Read more]
U.S. natgas rallies 10% as cold weather seen boosting demand
U.S. natural gas futures jumped more than 10% to their highest in over a week on Monday, driven by forecasts for colder than normal weather and higher heating demand over the next two weeks. Front-month gas futures for January delivery on the New York Mercantile Exchange were last up 56.1 cents, or 9%, at $6.806 per million British thermal units (mmBtu) at 9:56 a.m. EST (1456 GMT), the highest since Dec. 1. "The difference between today's weather models versus Friday's weather models are [Read more]
Oil rises on uncertainty over U.S. pipeline restart, Russian supplies
Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. U.S. West Texas Intermediate crude was at $72.17 a barrel, up 66 cents, or 0.93%. Brent crude futures were up 4 cents, or 0.5%, to $76.75 a barrel. The price gains on Monday for Brent and WTI follow declines in both grades last week to their lowest since December 2021 amid [Read more]
TC Energy says has not found cause of Keystone oil pipeline leak
TC Energy said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade. "Our teams continue to actively investigate the cause of the incident. We have not confirmed a timeline for [Read more]
Brent could quickly top $90/bbl on Fed pivot, China demand recovery
Global oil benchmark Brent could rebound and quickly rise past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve's monetary policy and a "successful" economic reopening by China, Bank of America (BofA) Global Research said. Lately, oil prices have been steadily declining due to fears that a weakening global economy would slash fuel demand, setting prices on track for a second consecutive quarterly fall. BofA forecasts Brent prices - trading at $75.95 a barrel on [Read more]
Heavy crude discount narrows even as Keystone shutdown continues
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Friday, despite the Keystone pipeline remaining shut down because of a leak: TC Energy shut its 622,000 barrel-per-day Keystone pipeline, crimping the flow of Canadian oil to U.S. refineries, after a spill into a Kansas creek on Wednesday night. On Friday, TC said it is still determining when Keystone can return to service. Officials from the U.S. Environmental Protection Agency said [Read more]
Oil drops in volatile trade, records biggest weekly slump in months
Dec 9 (Reuters) - Oil price settled lower in volatile trading on Friday, with both benchmarks recording their biggest weekly declines in months, as growing recession fears negated any supply woes after weak economic data from China, Europe and the United States. U.S. West Texas Intermediate crude settled 44 cents lower at $71.02 a barrel, a new low for 2022. Brent crude settled 5 cents lower at $76.10 per barrel. "Any concerns about supply are secondary to worries about the economy," [Read more]
Key Canada-U.S. oil pipeline outage to hit U.S. refiners’ supplies, exports
An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil-refining centers, analysts and traders said on Friday. TC Energy's Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. It was shut late Wednesday after a breach spewed more than 14,000 barrels of oil into a Kansas creek, making it the largest crude spill in the United States in nearly a [Read more]
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