The Canadian government will approve on Wednesday an oil project off the coast of Atlantic Canada proposed by Norway's Equinor ASA, a CTV News reporter said on Twitter, citing an unnamed source. Canada's Environment Ministry did not immediately respond to a request for comment. The Bay du Nord project would involve building a floating platform to drill an estimated resource of 300 million barrels of light crude oil over 12 to 20 years in the ocean near Canada's Newfoundland and Labrador [Read more]
IEA countries to tap 60 mln barrels of oil on top of U.S. release
Member countries of the International Energy Agency besides the United States have agreed to release 60 million barrels of oil from storage, an official from the U.S. government and an IEA member country official told Reuters. The amount will be matched by the United States as part of Washington's pledge last week to tap 180 million barrels of oil from storage, they added. The massive releases are aimed at cooling prices and easing supply concerns as sanctions and buyer aversion disrupts [Read more]
Oil mixed as new Russia sanctions offset demand worries
Oil futures were mixed on Wednesday, recovering from early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown. U.S. West Texas Intermediate futures rose 88 cents, or 0.87%, to $102.03 a barrel, after dipping to as low as $100.37 in an early trade. Brent crude futures were up $1.14, or 1.08%, at $106.69 a barrel, having fallen to $105.06 earlier in the [Read more]
Big Oil to tell Congress markets, not companies, set fuel prices
U.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices. Lawmakers in the U.S. House Energy and Commerce Subcommittee on Oversight and Investigations are holding the hearing, slated for 10:30 ET (14:30 GMT), to grill companies on why gasoline prices remain elevated even though prices for crude oil, the [Read more]
U.S. natgas on track for 6-month high on near record LNG exports
U.S. natural gas futures jumped about 4% on Wednesday, putting the contract on track for its highest close in six months, on a decline in output and forecasts for more gas demand from power generators over the next two weeks than previously expected. U.S. gas futures have soared about 68% so far this year as much higher prices in Europe keep demand for U.S. liquefied natural gas (LNG) near record highs with several countries seeking to wean themselves off Russian gas after Moscow launches its [Read more]
Putin, Serbia’s Vucic discuss expanding energy cooperation
Russian President Vladimir Putin has discussed expanding Moscow's economic cooperation with Belgrade, including in the energy sector, with Serbian counterpart Aleksandar Vucic, the Kremlin said on Wednesday. In the wake of European Union sanctions on Russian companies relating to the latter's invasion of Ukraine, Croatia’s oil transport company Jadranski Naftovod (JANAF) said transportation of crude oil via the Adriatic Oil Pipeline for Serbia's oil company NIS - majority-owned by Gazprom [Read more]
U.S. natural gas up 6% on output decline, cooler forecasts
U.S. natural gas futures jumped about 6% to a nine-week peak on a preliminary drop in U.S. output, cooler forecasts and the possibility that additional sanctions on Russian gas supplies will keep U.S. liquefied natural gas (LNG) exports near record highs for months to come. U.S. gas futures have climbed in recent months - average prices in March hit their highest levels in eight years - while global gas prices and demand for LNG soared as several countries seek to wean themselves off Russian [Read more]
Heavy differential widens as refinery turnarounds weigh
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened on Tuesday. Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, settled at $13.20 a barrel below WTI, according to NE2 Canada Inc, widening from Monday's settle of $12.20 a barrel under the benchmark. One industry source said a refiner with upcoming maintenance was selling May barrels. Light synthetic crude from the oil sands for May delivery settled at $5.45 a [Read more]
Proposed capital projects relying on Alberta carbon capture and storage build-out
Alberta is growing its carbon capture and storage (CCS) industry, and in late March picked proposals for six open-access sequestration hubs in the Edmonton region. The province has attracted a slew of proposals for low-emissions industrial projects over the last year, which will rely on CCS to lower emissions. Below is a round-up of the six storage hubs being developed, and proposed industrial projects that are looking to capture carbon: PROPOSED STORAGE HUBS Enbridge Inc plans to build [Read more]
Alberta’s ambitious carbon capture plans hang on Canada govt and shareholder support
Alberta is moving forward on building a broad carbon capture and storage (CCS) industry, but progress still hinges on government funding and heavy emitters being willing to invest in the costly technology. If successful, Alberta's CCS strategy could unlock billions of dollars in investment from global corporations aiming to hit net-zero emissions by 2050, like chemical maker Dow Inc and hydrogen producer Air Products. The province last week picked six proposals from firms including [Read more]
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