Oil prices rose on Tuesday as investors looked for bargains following the previous day's plunge of more than 4% on rising output from OPEC+ while strong economic data from the United States and China brightened recovery prospects. U.S. West Texas Intermediate (WTI) crude futures rose $1.44, or 2.47%, to $60.24 barrel, after sliding 4.6% on Monday. Brent crude futures rose $1.38, or 2.22%, to $63.66 a barrel, after falling 4.2% on Monday. Market sentiment was buoyed by a survey from the [Read more]
Whitecap Resources to buy Kicking Horse Oil & Gas for $300 million
Whitecap Resources Inc said on Monday it will acquire Kicking Horse Oil & Gas Ltd, a privately-held indirect subsidiary of Quantum Energy Partners, for C$300 million ($239.08 million) in a stock-and-cash deal. Canada's oil and gas sector had a record start to 2021 in terms of mergers and acquisitions as companies took advantage of improved expectations of oil prices amid the pandemic recovery, and many industry participants expect the trend to continue. Whitecap's indirect acquisition [Read more]
Oil prices dip after OPEC+ agree to ease output cuts
Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July. U.S. West Texas Intermediate crude for May was at $60.17 a barrel, down $1.07, or 1.76%. Brent crude futures for June fell $1.13, or 1.75%, to $63.51 a barrel. Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism [Read more]
U.S. LNG export bonanza reshapes energy map in Asia
U.S. exports of liquefied natural gas (LNG) to China, Japan and South Korea, the biggest importers of the fuel, have surged to record highs in recent months as the heavily industrialised region recovers from the COVID-19 pandemic, Eikon trade data shows. As with the ramp-up of U.S. oil exports that forced heavyweights like Saudi Arabia to find other buyers, what was dubbed Freedom Gas by the administration of President Donald Trump is also changing global energy flows and quietly gaining a [Read more]
Heavy crude narrows to tightest discount since November
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Thursday to the narrowest level since mid-November: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, settled at $9.75 per barrel below WTI, according to NE2 Canada Inc, narrowing from Wednesday's settlement of $10.30 per barrel below the benchmark. Synthetic crude from the oil sands traded at $1.55 a barrel above WTI, weakening from Wednesday's settle of $2.50 a barrel over the [Read more]
U.S. drillers add most oil rigs in a week since January 2020
U.S. energy firms added the most number of oil rigs in a week since January 2020 as higher oil prices in recent months have prompted drillers to return to the wellpad. The combined oil and gas rig count, an early indicator of future output, rose 13 to 430 in the week to April 1, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Thursday. U.S. oil rigs rose by 13, the biggest weekly increase since January 2020, to 337 this week, their [Read more]
Oil gains as OPEC+ meets to decide on production policy
Crude prices rose on Thursday, recouping some of the previous session's losses as hopes grew that OPEC and its allies later on Thursday would decide to keep curtailing production in place in the face of resurgent COVID-19 infections in some regions. U.S. oil was up 85 cents, or 1.45%, at $60.28 a barrel, having dropped 2.3% on Wednesday. Brent crude for June delivery was up by 71 cents, or 1.1%, at $63.72 a barrel after falling 2.2% overnight. Ministers from the Organization of the [Read more]
Canada’s cash-rich oil sands firms face pressure to spend on transition
Canada's biggest oil sands producers are generating billions more in free cash flow in a faster-than-expected pandemic rebound, but taking a cautious approach to spending it that is disappointing environment-minded investors. Their strategy to repay debts and pay shareholders has won praise from investors in Canadian Natural Resources, Suncor Energy, and Cenovus Energy who are eager for higher returns. But greener shareholders warn they could divest or oppose management. The sharp recovery [Read more]
Oil prices slip as focus switches from Suez Canal blockage to OPEC+ supply policy
Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and attention switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns. U.S. oil was down $1.44 at $60.41 a barrel, having fallen 1% in the previous session. Brent crude was down $1.16, or 1.75%, at $64.02 a barrel after gaining 0.6% on Monday. Ships were moving through the Suez Canal again on Tuesday after tugs [Read more]
Oil slumps as Suez Canal container ship starts to move
Oil slumped on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week. U.S. crude fell 60 cents, or 0.77%, to $60.35 a barrel. Brent crude was down 51 cents, or 0.81%, at $63.85 a barrel. The stranded container ship Ever Given has almost been completely floated and will be inspected before it is moved, a shipping source with knowledge of the matter told Reuters on [Read more]
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