This week's decision by Australia's Woodside Petroleum Ltd to pull out of a big Canadian liquefied natural gas (LNG) project was the latest blow to a sector that has been heralded for its growth prospects worldwide. Demand for super-cooled LNG has surged in recent years as large energy-consuming nations like China and India wean themselves off dirtier coal. Demand is expected to keep hitting fresh highs, but three North American projects have stopped development in the past few months, as [Read more]
Oil steadies as U.S., Europe reopen economies
Oil prices remained steady on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia. West Texas Intermediate (WTI) dropped 28 cents, or 0.42%, at $66.02 a barrel. Brent crude oil futures dipped 22 cents, or 0.32%, at $69.24 a barrel. Both contracts rose more than 1% on Monday. "Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United [Read more]
Oil mixed in tight range, Asia’s COVID-19 restrictions weigh on sentiment
Oil prices were mixed in a tight range on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia amid surging COVID-19 cases weighed on sentiment. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline's 5,500-mile (8,900-km) system recovered from a crippling cyberattack. West Texas Intermediate (WTI) crude was up 40 cents, or 0.62%, [Read more]
Heavy crude differential steady as trade window wraps up
Canadian heavy crude's discount to West Texas Intermediate (WTI) was flat on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $12.80 per barrel below WTI, according to NE2 Canada Inc, flat to Thursday's discount. Friday is the last day of the monthly Canadian crude trading window, which lasts from the first of each month until the day before nominations to ship crude on pipelines are due. Light synthetic crude from the oil [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms added oil and natural gas rigs for a third week in a row as higher crude prices prompt some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose five to 453 in the week to May 14, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 114 rigs, or 34%, over this time last year. It was also up 86% since falling to a record low of 244 [Read more]
Oil steadies on India COVID-19 cases, U.S. pipeline restart
Oil prices bounced back after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. West Texas Intermediate (WTI) was climbed $1.35, or 2.12%, at $65.13 a barrel. Both prices are heading for their first weekly loss in three weeks. Brent crude oil futures rose $1.42 or 2.12%, at $68.40 a barrel. "The commodity supercycle rally just hit a hard [Read more]
U.S. capital running out of gas, even as Colonial Pipeline recovers
The U.S. capital was running out of gasoline on Friday even as the top U.S. fuel pipeline ramped up deliveries following a cyberattack and Washington officials assured motorists that supplies would return to normal soon. The six-day Colonial Pipeline shutdown was the most disruptive cyberattack on record, which underscored the vulnerability of vital U.S. infrastructure to cybercriminals. Widespread panic buying continued two days after the nation's largest fuel pipeline network restarted, [Read more]
U.S. retail gasoline shortages worsen as pipeline attempts restart
Shortages of gasoline at retail stations in the U.S. Southeast became more widespread after days of panic buying triggered by a major pipeline shutdown that is now in the early stages of an attempted restart. Drivers from Virginia to Florida struggled to find service stations that still had fuel to sell, and those that succeeded waited in long lines to pay prices that had climbed to their highest in years. Nicole Guy, a leasing agent in Atlanta, spent much of Thursday morning driving from [Read more]
Oil drops as India coronavirus crisis tempers rally
Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. West Texas Intermediate (WTI) dropped $1.20, or 1.83%, to $64.49 a barrel, having risen 1.2% in the previous session. Brent crude was down $1.28, or 1.85%, at $67.74 a barrel, after gaining more than 1% on Wednesday. "The path for crude prices [Read more]
Pieridae moves closer to June decision on Nova Scotia LNG export plant
Canadian energy company Pieridae Energy Ltd said on Thursday it still expects to make a final investment decision by June 30 on its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia. That would allow the $10 billion project to produce its first LNG in 2025-2026. Pieridae is one of several firms to have delayed projects to build North American LNG export plants as global gas prices fell to their lowest in years in an oversupplied market in 2019 and then to record [Read more]
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