While oil prices were slightly down on Friday, they still saw their biggest weekly gains since mid-December, fuelled by supply worries amid escalating unrest in Kazakhstan and outages in Libya. U.S. West Texas Intermediate (WTI) crude futures dropped 56 cents, or 0.70%, to $79.07 a barrel, after a 2.1% gain in the previous session. Brent crude futures slid 21 cents, or 0.26%, to $81.76 a barrel, after a 1.5% jump in the previous session. Brent and WTI were on track for a more than 6% gain [Read more]
U.S. oil futures show tight supply to stay despite Omicron fears
Benchmark U.S. crude futures suggest oil supplies will remain tight early in the new year, even as the Omicron coronavirus variant has raised worries that the pandemic, which has dampened fuel consumption, is not going away anytime soon. The tighter market could lead to higher prices for energy consumers, as OPEC+ struggles to raise production while U.S. drillers restrain output because of investor demands. Fuel consumption has roared back from pandemic lows, creating relatively steady [Read more]
Shell pursues $7 billion buyback ‘at pace’ despite LNG troubles
Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling its U.S. shale business "at pace" as its liquefied natural gas (LNG) production was hit once again by unplanned outages. Fuel sales were also hit by a slowdown in global economic activity due to the spread of the Omicron COVID-19 variant, Shell said on Friday in a trading update ahead of its quarterly results on Feb. 3. Shell, the world's largest trader of liquefied natural gas (LNG), said that its [Read more]
Heavy crude differential widens slightly
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude widened slightly on Thursday. Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $12.40 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $12.10 per barrel below the U.S. crude benchmark on Wednesday. Despite the widening, WCS differentials remained close to their strongest levels since October, supported by a prolonged bout [Read more]
Extreme cold grips much of western Canada, natural gas prices jump
Icy temperatures across western Canada sent natural gas prices spiking higher on Thursday, as weather forecasters said the conditions would persist at least until Friday. Alberta, the main energy-producing province, is under an "extreme cold" warning and wind chill temperatures could drop to below minus 40 degrees Celsius (minus 40°F) in places, said Environment Canada. Spot natural gas prices at the AECO hub in Alberta jumped above C$5 a gigajoule, the highest since October, and also [Read more]
Oil extends rally on Kazakhstan unrest and Libyan outages
Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. U.S. West Texas Intermediate (WTI) crude futures gained $2.18, or 2.8%, to $80.03, the highest since mid-November. Global benchmark Brent crude futures rose $1.78, or 2.2%, to $82.58 a barrel by 1445 GMT, the highest since late November. Brent's six-month backwardation stood at about $4 a barrel, its widest since late November. [Read more]
After record M&A in 2021, Canada set for another strong year for dealmaking
Low interest rates, and strong debt and equity markets that propelled Canadian mergers and acquisitions (M&A) to an all-time high in 2021 would underpin robust dealmaking this year too, M&A bankers said, though another record was unlikely. Pent-up demand for dealmaking from 2020, when the coronavirus pandemic roiled global markets, helped last year's record activity. But with inflation and supply chain bottlenecks threatening to derail economic recovery, dealmaking could slow down [Read more]
TC Energy says 590,000-bpd Keystone pipeline shut as extreme cold grips
TC Energy's 590,000-barrels-per-day Keystone oil pipeline was shut down on Tuesday evening for unplanned maintenance, the company said on Wednesday, as parts of Western Canada grappled with frigid winter weather. TC said efforts to restart the pipeline, which ships crude from the oil sands province of Alberta to the U.S. Midwest, were being challenged by extremely cold temperatures at its Hardisty terminal in central Alberta. "We are currently working to safely restore service as soon as [Read more]
Heavy crude differential edges narrower
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude narrowed marginally on Wednesday, building on gains from the previous day. Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $12.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $12.15 per barrel below the U.S. crude benchmark on Tuesday. That was the narrowest WCS differential since early October. RBN Energy analyst [Read more]
Brent Crude Oil extends gains above $80 after OPEC+ output hike
Oil prices extended gains on Wednesday, rising towards $81 a barrel after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.12%, to $77.55. Brent crude futures were up 95 cents, or 1.19%, to $81.08 a barrel. OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with [Read more]
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