Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world's two biggest economies that has raised big questions about global demand for crude. West Texas Intermediate (WTI) crude was up 31 cents, or 0.5%, to $59.49 a barrel, the highest since Sept. 16. Brent futures climbed 43 cents, or 0.7%, to $64.63 a barrel, its highest since Sept. 23. "Risk appetite ran wild after Trump … [Read more...]
U.S. natgas futures fall over 2% on less cold weather forecasts
U.S. natural gas futures on Friday dropped over 2% on forecasts for less cold weather later in December than previously expected. In addition, traders noted prices fell because the market expects inventories to return to a surplus over the five-year average over the next week or two as rising production enables utilities to leave more gas in storage, wiping away lingering concerns of potential supply shortages this winter. Front-month gas futures for January delivery on the New York … [Read more...]
Canada will consider climate plan in Teck oil project decision
The government will take into account its plan to make Canada carbon neutral by 2050 when it considers whether to approve Teck Resources Ltd's plan for a giant oil sands mine, the new environment minister said on Thursday. Teck wants approval for its C$20.6 billion ($15.5 billion) Frontier project, which involves an open pit mine to eventually produce 260,000 barrels per day (bpd). The mine in northern Alberta would open in 2026 and operate until 2067. Prime Minister Justin Trudeau's … [Read more...]
Canada’s Syncrude oil facility ramps up output after disruption
Canada's Syncrude oil sands facility has ramped up production after a disruption last week due to operational problems, three market sources said on Thursday. Syncrude is a joint venture, majority owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. The facility planned to reduce December production by a total of 1.6 million barrels due to the operational problems, three … [Read more...]
About 9000 barrels of product spilt after train derailed
About 9000 barrels of product are estimated to have been spilled this week after a Canadian Pacific Railway train derailed and caught fire, the Transportation Safety Board (TSB) of Canada said on Wednesday. A preliminary examination suggests about 19 of the 23 cars at the head end of the train lost their entire loads, while 10 at the tail end suffered minimal damage, it added. "A more precise determination of the tank car damage and the amount of product released will be made as product is … [Read more...]
Heavy discount widens as inventories swell
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, sliding to near the weakest level in a year as stockpiles hit record levels. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, settled at $22.25 per barrel below WTI, according to NE2 Canada Inc, near the widest level since early December 2018. WCS settled at $20.40 below futures on Tuesday. Light synthetic crude from the oil sands … [Read more...]
Heavy discount widens as stockpiles remain elevated
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, as stockpiles remained elevated due to transportation constraints. "The train that derailed in Saskatchewan caused much damage to the track so it might take a few more days or even a week and a bit to get back into service ... which might back some crude by rail potentially," one trader said Fires are still burning at the site where a Canadian Pacific Railway train derailed … [Read more...]
Father’s energy legacy haunts Canada’s Trudeau as he seeks to heal rift with angry Alberta
Canadian Prime Minister Justin Trudeau has an unusual challenge as he seeks to charm angry westerners who fear he will destroy the region's oil and gas industry - the legacy of his father, who was reviled in much of the west for his energy policies. Pierre Trudeau, also a Liberal prime minister, pushed through a series of measures in 1980 to artificially depress the price of oil and help the more populous and politically influential east, in what is now the fourth largest oil producer in the … [Read more...]
Exxon wins climate change lawsuit, as cases over global warming proliferate
Exxon Mobil Corp on Tuesday scored a win in a closely-watched case after a judge ruled that the company did not hide the true cost of climate change regulation from investors.The case, brought by the New York Attorney General, is one of dozens of lawsuits in the United States brought against oil companies by local and state governments over global warming. Justice Barry Ostrager said that the state had failed to prove investors were misled.The following is a summary of how climate change … [Read more...]
Oil prices slip again as spectre of trade war, demand concerns haunts market
Oil prices dropped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC's agreement with associated producers at the end of last week to deepen crude output cuts in early 2020. West Texas Intermediate oil futures were down 7 cents, or 0.1% to $58.95 a barrel. Brent futures were down 11 cents, or 0.2%, at $64.14 per barrel. The benchmarks fell 0.3% and 0.2% respectively on Monday. "The euphoria (on output cuts) was short … [Read more...]
