Oil prices moved up on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.17%, to $66.24 a barrel, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 87 cents, or 1.27% to $69.51 a barrel, adding to a 23 cent gain on Tuesday. Data from the American Petroleum Institute industry group showed U.S. [Read more]
Canada says U.S. ties could be undermined if Michigan shuts pipeline
A day before Michigan's deadline to close down a key crude oil pipeline, Canada issued its strongest remarks so far, saying the move could undermine relations with the United States, its closest ally and trading partner. Canadian company Enbridge Inc is preparing for a legal battle with Michigan and courting protests from environmental groups, betting it can ignore the state's Wednesday deadline to shut down Line 5, which runs under the Straits of Mackinac. The Canadian government said in [Read more]
Enbridge vows to keep pipeline open, girds for legal fight with Michigan
Canadian pipeline company Enbridge Inc is squaring off for a legal battle with Michigan and courting protests from environmental groups, betting it can ignore the U.S. state's Wednesday deadline to shut its oil pipeline that runs under the Straits of Mackinac. "We will not stop operating the pipeline unless we are ordered by a court or our regulator, which we view as highly unlikely," Enbridge spokeswoman Tracie Kenyon said in a statement this week, ahead of Michigan's deadline of May 12 for [Read more]
Oil falls on easing of pipeline outage fears
Oil prices fell on Tuesday as fears of prolonged outage of the largest U.S. fuel pipeline system, Colonial Pipeline, faded, while some U.S. Gulf Coast refiners cut output. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.47%, to $64.55 a barrel. Brent crude futures dropped 32 cents, or 0.47%, to $67.92 a barrel. "The rally in oil prices was short-lived as the Colonial Pipeline disruption seems it will not have a prolonged impact," Edward Moya, senior market analyst at [Read more]
Heavy crude discount tightens
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Monday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, narrowed to last trade at $13.30 per barrel below WTI, according to NE2 Canada Inc, tightening from Friday's discount of $13.90 per barrel below the benchmark. Light synthetic crude from the oil sands for June delivery settled at 50 cents per barrel below WTI, according to NE2. On Friday it settled at 85 cents below U.S. [Read more]
Knowns and unknowns about the hack at Colonial Pipeline
Ransom-seeking hackers have broken into Colonial Pipeline, prompting the company to shut one of America's major arteries for fuel delivery. Here is a look at what we know, and what we don't, about one of the most disruptive digital shakedown efforts to hit a U.S. company. Who is Involved? Alpharetta, Georgia-based Colonial Pipeline and the U.S. government have both blamed ransomware for the massive outage, pointing the finger at cybercriminal gangs who routinely hold data and computer [Read more]
Crescent Point Energy Corp expected to post earnings of 47 cents a share
Crescent Point Energy Corp is expected to show a fall in quarterly revenue when it reports results on May 12. The company is expected to report a 55.5% decrease in revenue to C$492.1 million from C$1.11 billion a year ago, according to the estimate from one analyst, based on Refinitiv data. Refinitiv's mean analyst estimate for Crescent Point Energy Corp is for earnings of 6 cents per share. For the same quarter last year, the company reported a loss of C$4.40 per share. The current [Read more]
U.S. Southeast braces for fuel price rises after pipeline shutdown
The southeastern United States will be the first to see price rises at the pumps due to the supply disruption caused by the shutdown of the country's top fuel pipeline network - and demand has already picked up as drivers fill their tanks, industry experts said on Sunday. The attack forced Colonial Pipeline to shut down its entire system on Friday. Some smaller lines were restarted Sunday, but Colonial has given no timeline for the restart of its main pipelines. The network ships more than [Read more]
Colonial says main fuel lines remain offline, some smaller lines restart
Colonial said on Sunday its main fuel lines remain offline but some smaller lines between terminals and delivery points are now operational. Neither Raimondo nor the company gave an estimate for a full restart date and Colonial declined further comment on Sunday. U.S. gasoline futures jumped more than 3% to $2.217 a gallon, the highest since May 2018, as trading opened for the week and market participants reacted to the closure. Colonial transports roughly 2.5 million barrels per day of [Read more]
Dutch govt grants $2.4 bln in subsidies to huge carbon storage project
The Dutch government has granted a consortium that includes oil majors Royal Dutch Shell and ExxonMobil around 2 billion euros ($2.4 billion) in subsidies for what is set to become one of the largest carbon capture and storage (CCS) projects in the world, the Port of Rotterdam said on Sunday.Shell and Exxon requested the subsidies in January together with industrial gas suppliers Air Liquide and Air Products for a project which aims to capture CO2 emitted by factories and refineries in the [Read more]
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