Environmental groups are suing the Canadian government in a bid to overturn its approval of Equinor ASA's huge Bay du Nord offshore oil project, Sierra Club Canada, one of the plaintiffs, announced on Wednesday. The Canadian government approved the $12 billion Bay du Nord project in April, after an environmental assessment concluded it would not cause significant adverse effects. The project involves building a floating platform to drill an estimated resource of up to 1 billion barrels in [Read more]
U.S. natgas futures rise 2% on lower daily output, higher demand this week
U.S. natural gas futures gained about 2% on Wednesday on a big drop in daily output over the past three days and forecasts for more demand this week than previously expected. The shutdown of a pipeline carrying Russian gas through Ukraine also helped support U.S. gas futures and temporarily lifted European prices. European futures have stabilized in recent weeks at what are still very high levels relative to U.S. prices in part because stockpiles there are filling fast as Russia keeps [Read more]
Oil turns higher on looming EU ban on Russian oil
Oil rose on Wednesday, following a 9% drop over the previous two sessions, on supply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves. U.S. West Texas Intermediate crude climbed $5.74, or 5.79%, to $104.87 a barrel. Both contracts fell more than $1 in early trade. Brent crude rose $5.55, or 5.48%, to $107.08 a barrel. Oil prices have slumped with commodities and share markets [Read more]
U.S. oil pipeline operators gear up for higher shale output
The volume of crude oil flowing on pipelines from the top U.S. shale field to export hubs on the U.S. Gulf Coast could surge to pre-pandemic levels by October, analysts said, signaling the end of desperate days for some Texas oil pipeline operators. The pandemic doused a shale-oil pipeline construction boom that had added 2.5 million barrels per day export capacity from West Texas to hubs on the U.S. Gulf Coast. As oil prices collapsed in early 2020, that overcapacity led pipeline companies [Read more]
IEA expects record renewable growth despite cost, supply problems
Rising concerns over energy security and climate change will galvanize record new capacity to generate renewable power in 2022, the International Energy Agency forecast on Wednesday. The IEA forecasts that 320 gigawatts will come online this year, equivalent to top European economy Germany's total annual demand, up from a previous record of 295 gigawatts in 2021. Last year's additions, which were driven by growth of solar energy in China and Europe, exceeded the Paris-based agency's [Read more]
Heavy crude steady, synthetic climbs
The discount on Canadian heavy crude versus the West Texas Intermediate benchmark held steady on Tuesday, while the premium on synthetic crude rose. Western Canada Select heavy blend crude for June delivery in Hardisty, Alberta, last traded at $14.40 a barrel below WTI, according to NE2 Group, unchanged from the previous day. Light synthetic crude from the oil sands for June delivery last traded at $7.25 a barrel over WTI, gaining 55 cents from Monday's settlement price. Upgrader [Read more]
U.S. oil settles below $100 a barrel on economic worries, strong dollar
U.S. crude oil price settled below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies. U.S. West Texas Intermediate crude settled down $3.22, or 3.14%, to $99.35 a barrel. Brent crude was down $3.73, or 3.54%, at $101.53 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 [Read more]
Alberta court rules Canada’s environmental impact law is unconstitutional
Alberta's highest court ruled on Tuesday that a Canadian law assessing how major infrastructure projects like pipelines impact the environment is unconstitutional because it interferes with the power of the provinces. The Alberta Court of Appeal said the Impact Assessment Act (IAA), passed in 2019, was a "classic example of legislative creep" and intrudes on provincial jurisdiction. The decision is a win for Alberta Premier Jason Kenney and his United Conservative Party government, which [Read more]
Suncor says company is improving operations, talks with activist firm ahead
Canadian oil and gas producer Suncor Energy, which is under pressure from an activist investor firm, on Tuesday said it is making progress on safety and operational improvements after posting stronger-than-expected first quarter results. Last month Elliott Management publicly called for new board directors, a management overhaul and a strategic review at Suncor, arguing its shares have lagged peers even as crude prices surged to multi-year highs. On Tuesday's call to discuss first-quarter [Read more]
Oil steady but global economic worries and strong dollar persist
Oil prices were steady on Tuesday, rebounding from the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand. U.S. West Texas Intermediate crude rose 36 cents, or 0.35%, to $102.92 a barrel after hitting an intraday low of $100.44. Brent crude was up 25 cents, or 0.24% to $105.41 a barrel after slipping to as low as $103.19. On Monday, both benchmarks posted their [Read more]
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