The U.S. Transportation Department on Thursday issued final rules requiring railroads to develop oil spill response plans and to disclose details of shipments to states and tribal governments after a series of high-profile incidents. The department's Pipeline and Hazardous Materials Safety Administration said the rules, first proposed in July 2016, would "improve oil spill response readiness and mitigate effects of rail accidents and incidents involving petroleum oil and high-hazard flammable … [Read more...]
Keystone operator TransCanada profit beats on higher U.S. demand
Keystone operator TransCanada Corp on Thursday beat analysts' estimates for quarterly profit, helped by higher demand for its natural gas and oil pipelines in the United States.Canadian pipelines are running in full capacity due to a rise in production in recent years. TransCanada said earnings from its Keystone pipeline system rose to C$401 million ($302.39 million) in the fourth quarter from C$346 million a year earlier.The company's net income attributable to shareholders rose … [Read more...]
US Gulf Coast crude prices rise on falling imports, rising Cushing supply
U.S. Gulf Coast crude prices climbed sharply this week after fog-related port closures slowed the nation's crude imports and as supplies rose at the U.S. storage hub in Cushing, Oklahoma, traders and analysts said on Wednesday. Buyers bid up U.S. coastal grades like Light Louisiana Sweet and Mars Sour after imports fell to the lowest in more than two decades last week, the result of several days-long Gulf Coast port closures, refinery maintenance and slumping Canadian crude-by-rail shipments, … [Read more...]
Heavy crude discount narrows on rising demand
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Wednesday:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $10.25 a barrel below WTI crude futures , narrower than Tuesday's settle at $10.90 below WTI, according to Net Energy Exchange.* A Calgary industry source said increased demand for Canadian heavy crude, due to U.S. sanctions against Venezuela's state oil company, has kept … [Read more...]
Partial shutdown of Keystone oil pipeline to last ‘days not weeks’ -Cenovus
A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada, Cenovus executive vice-president of downstream, Keith Chiasson, said the pipeline company has identified the location of the leak and is working on a repair plan. The 43-barrel leak caused TransCanada to shut an arm of Keystone from Steele City, … [Read more...]
Global oil supply to swamp demand in 2019 despite output cuts – IEA
The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. "It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, … [Read more...]
Heavy crude discount narrows even as part of Keystone stays shut
Canadian heavy oil differentials narrowed slightly against the West Texas Intermediate (WTI) benchmark on Monday even as a portion of TransCanada's Keystone pipeline remained shut while officials searched for the source of a leak in Missouri:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, settled at $11 a barrel below WTI crude futures slightly narrower than Friday's settle at $11.45 below WTI, according to Net Energy Exchange.* A portion of … [Read more...]
U.S. approves part of TransCanada Gulf XPress natgas pipe for service
The Federal Energy Regulatory Commission said on Monday it approved a request by TransCanada Corp's Columbia unit to put part of the company's $600 million Gulf XPress natural gas pipeline into service in Kentucky, Mississippi and Tennessee.Gulf XPress is one of several pipelines designed to connect growing output in the Marcellus and Utica shale basins in Pennsylvania, West Virginia and Ohio with customers in the U.S. Southeast and Gulf Coast The 0.88-billion cubic feet per day … [Read more...]
Part of Keystone pipeline still shut after Missouri leak -TransCanada
TransCanada Corp said on Monday a part of its Keystone crude pipeline from Steele City, Nebraska, to Patoka, Illinois, remained shut after a leak was discovered in the St. Louis, Missouri, area last week.The cause and source of the spill have not been determined and there is no estimated timeline for a restart, TransCanada spokesman Terry Cunha said in an email. The 590,000 barrels-per-day Keystone pipeline system is a critical artery taking Canadian crude from northern Alberta to U.S. … [Read more...]
Heavy crude discount grows, Keystone section stays closed
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Friday, as a section of the Keystone pipeline remained closed because of an oil leak in Missouri:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $11 a barrel below WTI crude futures wider than Thursday's settle at $10.25 below WTI, according to Net Energy Exchange.* A portion of TransCanada Corp's Keystone oil pipeline between … [Read more...]
