Oil prices were steady on Friday as reports of sluggish economic growth in China, the world's biggest crude importer, raised concerns about future fuel demand and countered optimism from the signing of the Sino-U.S. trade deal earlier in the week. In the fourth quarter of 2019, the world's second-largest economy increased by an expected 6% from a year earlier, while the full-year expansion was 6.1%, the slowest in 29 years, government data showed on Friday. "A well-expected fourth-quarter … [Read more...]
Canada top court rejects bid by British Columbia to regulate oil pipeline
The Supreme Court of Canada on Thursday quickly dismissed an attempt by the western province of British Columbia to regulate what can be transported in a major crude oil pipeline crossing its territory. British Columbia wanted the right to require permits for companies shipping oil and other hazardous substances through the Trans Mountain pipeline, which transports oil from neighboring Alberta. Unusually, the top court delivered its decision immediately after hearing arguments. The … [Read more...]
Indigenous group vows peaceful pipeline opposition as Canadian police clamp down
An indigenous group that opposes construction of the Coastal GasLink pipeline in British Columbia will refuse workers access to their land, but in peaceful fashion, according to one of its chiefs. The statement comes after Royal Canadian Mounted Police (RCMP) established a checkpoint on Monday for access to a remote, forested area along Coastal GasLink's route, aiming to avoid a repeat of protests a year ago that resulted in arrests. Police last week launched a criminal investigation after … [Read more...]
Heavy discount touches new 13-month high on big inventories, cold weather
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude widened to a fresh 13-month high on Thursday, amid a cold snap in Alberta and large oil inventories in the province. In cold weather, shippers dilute bitumen volumes with additional ultralight oil, taking up more pipeline capacity. Inventories in Alberta have not yet drained to normal levels after building up late last year due to a temporary outage on the Keystone pipeline and a Canadian National … [Read more...]
Oil gains after U.S.-China trade deal, fall in inventories
Oil prices rose on Thursday buoyed by the long-anticipated signing of an initial Sino-U.S. trade deal that sets the stage for a jump in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected. U.S. crude was up by 30 cents, or 0.5%, at $58.11 a barrel. Brent was 30 cents, or 0.5%, higher at $64.30 a barrel . Under the so-called Phase 1 deal to call a truce in a trade war between the world's two biggest economies, China committed to buying … [Read more...]
Heavy discount widens slightly on big inventories, limited transport
The discount on Canadian heavy crude widened slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, amid large Alberta oil inventories and congested transportation. Weakness in Canadian heavy oil prices also reflects the impact of IMO regulations, which require ships to emit less sulphur, said John Coleman, principal research analyst at consultancy Wood Mackenzie. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, was trading … [Read more...]
Oil prices slip on concerns U.S.-China trade deal may not boost demand
Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world's biggest crude users, may not lead to more fuel demand as the U.S. intends to keep tariffs on Chinese goods in place. U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday. That could temper China's oil demand growth by limiting its access to its second-largest trading partner. … [Read more...]
TC Energy to resume work on Keystone XL oil pipeline in February
Canadian pipeline company TC Energy Corp said on Tuesday that it planned to start pre-construction work in February for its Keystone XL oil pipeline, the start of a busy planned work schedule in 2020 for the long-delayed project. TC said in a filing with U.S. District Court in Montana that in February it would start mobilizing heavy construction equipment in Montana, South Dakota and Nebraska, and aim to begin building a 1.2-mile (1.93 km) segment spanning the U.S.-Canada border in … [Read more...]
Heavy discount widens with congested transport, big stocks
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, as congested transport and high inventories weakened prices. Many western Canadian grades have seen weakening prices, with crude by rail movement seeming to flatten in recent weeks, and storage levels remaining elevated, said Matt Murphy, analyst of upstream and integrateds for Tudor Pickering Holt & Co. Murphy added that more diluent is required to move bitumen through … [Read more...]
Oil prices rise ahead of trade deal, likely stock draw
Oil prices climbed on Tuesday after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased. U.S. West Texas Intermediate (WTI) crude was up 39 cents, or 0.7%, at $58.47. Brent futures were up 66 cents, or 1%, at $64.86 a barrel by 12:45 p.m. EST (1745 GMT) That put WTI front-month futures on track to close below the second month CLc1-CLc2 for the first time since Nov. 19, which is known in the trading industry … [Read more...]
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