Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude narrowed sharply on Tuesday, the first day of the new monthly trade cycle. Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $12.15 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $13.60 per barrel below the U.S. crude benchmark the previous day. That was the narrowest WCS differential since early October. The stronger [Read more]
White House welcomes OPEC+ decision to stick to planned output increase
The White House on Tuesday welcomed a decision by top oil producers to stick with their plans to raise crude production and touted "close" coordination with Saudi Arabia and the United Arab Emirates. Earlier on Tuesday, a group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia stuck to a planned increase of 400,000 barrels per day for February. The decision not to hike output even more helped lift oil prices further. Brent [Read more]
Canadian dollar rebounds as oil prices climb
The Canadian dollar strengthened against its U.S. counterpart on Tuesday, with the currency clawing back some of its decline from the prior day as oil prices rose and domestic data showed factory activity expanding at the slowest pace in five months. The price of oil, one of Canada's major exports, rose as OPEC+ producers agreed to stick with their planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand. U.S. crude [Read more]
Oil prices edge higher ahead of OPEC+ output policy meeting
Oil prices rose on Tuesday as investors embraced expectations that oil producers will add supply at a meeting on Tuesday as a sign that fuel demand remains robust despite the spread of the Omicron variant of COVID-19. U.S. West Texas Intermediate (WTI) crude recouped its earlier loses and rose 89 cents, or $1.17 to $76.90 a barrel. Brent crude futures gained $1.03, or 1.29% to $79.89 a barrel. The benchmark contracts both climbed more than 1% on Monday. "Number one driver (of global [Read more]
OPEC+ agrees oil output increase from February
OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February, four sources from the group told Reuters, because it expects the Omicron coronavirus variant to have a short-lived impact on demand. The group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia has raised its output target each month since August by 400,000 barrels per day (bpd). The United States has urged the group to pump more crude to help the [Read more]
Colonial allocates Cycle 3 shipments on main gasoline Line 1
Colonial Pipeline Co is allocating space for Cycle 3 shipments on Line 1, its main gasoline line, the company said in a notice sent to shippers on Tuesday. Committed information will be available on Jan. 6, the company said. Colonial's Line 1, with a capacity of 1.2 million barrels per day (bpd), runs from Houston to Greensboro, North Carolina. The current allocation is for the pipeline segment north of Collins. The company generally announces allocations when nominations, or requests, for [Read more]
Exxon Q4 earnings poised to exceed pre-pandemic level -analysts
Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said. Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following Exxon's flagging of sharply higher oil and gas operating profit last week. Official results are due on Feb. 1. The higher earnings outlooks lifted Exxon shares 3.8% on Monday to $63.51 on top of Friday's [Read more]
U.S. crude stockpiles seen lower for sixth straight week
U.S. crude oil inventories were expected to have dropped for the sixth consecutive week, while gasoline and distillate inventories likely rose last week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average that crude stocks decreased by about 3.4 million barrels in the week to Dec. 31. Crude inventories fell 3.6 million barrels in the previous week to 420 million barrels, compared with analysts' expectations in a Reuters poll for a 3.1 [Read more]
U.S. energy firms add oil, gas rigs for record 17th month in a row
U.S. energy firms added oil and natural gas rigs for a record 17 months in a row as higher prices lured some drillers back to the wellpad after last year's coronavirus-driven decline in demand. The oil and gas rig count, an early indicator of future output, was unchanged at 586 in the week to Dec. 31, energy services firm Baker Hughes Co said in its closely followed report on Friday. During December, the total rig count rose by 17. For the quarter, the count was up 65, its fifth increase [Read more]
U.S. natgas rises, set to mark its best year since 2016
U.S. natural gas futures on Friday recovered from a six-month low hit in the previous session on forecasts for colder weather and consequently higher demand in the near-term, ending a remarkable year on a solid note. The contract climbed to multi-year highs of about $6.5 per million British thermal units (mmBtu) earlier in 2021 on a surge in global gas prices. However, the fourth quarter of 2021 is all but certain to be its worst since Q3 2008. "Earlier in the year U.S. production was [Read more]
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