The Canada Energy Regulator (CER) granted on Thursday a request of government-owned oil pipeline operator Trans Mountain to keep the names of its insurers confidential, to protect them from pressure by protesters. Activists have stepped up pressure on banks and insurers to drop financing and insurance for fossil fuel companies, leading to European companies like AXA and Zurich pulling back from underwriting coal and oil sands projects. Trans Mountain has said it incurred higher costs last [Read more]
Oil prices extend gains as bullish demand outlook outweighs India concerns
Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer outweighed concerns about the impact of rising COVID-19 cases in India, Japan and Brazil. U.S. West Texas Intermediate crude for June was at $65.27 a barrel, up $1.60, or 2.5%. Brent crude for June rose $1.77, or 2.63%, to $68.75 a barrel. Oil cartel OPEC, together with Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual [Read more]
Oil rises on optimistic demand outlook; uncertainties remain
Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains. U.S. West Texas Intermediate (WTI) crude futures rose 61 cents, or 0.95%, to $63.67 a barrel, after gaining 1.7% on Tuesday. Brent crude futures rose 44 cents, or 0.65%, to $67.03 a barrel, following a 1.2% gain from Tuesday. An OPEC+ decision to stick to plans for a phased [Read more]
Imperial Oil Ltd expected to post earnings of C$1.21 a share
Imperial Oil Ltd is expected to show a rise in quarterly revenue when it reports results on April 30. The company is expected to report a 22% increase in revenue to C$8.161 billion from C$6.69 billion a year ago, according to the mean estimate from 3 analysts, based on Refinitiv data. Refinitiv's mean analyst estimate for Imperial Oil Ltd is for earnings of 53 cents per share. For the same quarter last year, the company reported earnings of 15 cents per share. The current average [Read more]
Column: Who will pay for the energy transition?
The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide. New investments could support millions of new jobs in construction and manufacturing, but policymakers are struggling to decide whether to recover the costs from consumers or taxpayers. In most countries, the cost of providing energy commodities and services, including gas, electricity, [Read more]
Oil rebounds, but gains limited amid demand concerns as India reels from COVID-19
Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases. U.S. oil gained 63 cents, or 1%, to $62.57, having declined by 0.4% the previous session. Brent crude was up 40 cents, or 0.6%, at $66.12 a barrel after dropping 0.7% on Monday. India's woes comes as the Organization of the Petroleum Exporting [Read more]
OPEC+ ministers meet amid concern about rising virus cases
Ministers from OPEC, Russia and their allies met on Tuesday to discuss production policy amid upbeat forecasts for energy demand despite concerns about new coronavirus spikes in India, Brazil, and Japan. The group, known as OPEC+, began a meeting of its joint ministerial monitoring committee (JMMC) a day ahead of schedule, an OPEC+ source told Reuters. Before the meeting, OPEC+ sources said it was not clear if OPEC+ would hold a full ministerial meeting on Wednesday as originally planned or [Read more]
Frustrated Canada presses White House to keep Great Lakes oil pipeline open
Canada is pushing on several diplomatic fronts against the U.S. state of Michigan's efforts to close a cross-border oil pipeline, the second such dispute since Joe Biden became U.S. president in January, complicating the governments' efforts to work together to lower carbon emissions. The conflict over the aging but key pipeline highlights the disruptions caused by a global shift away from fossil fuels. Both governments are working to accelerate the energy transition, but their oil industries [Read more]
Rangebound oil prices leave funds on sidelines: Kemp
Portfolio managers increased their exposure to petroleum slightly last week, focusing mainly on Brent, but positions remained rangebound as OPEC+ production discipline was offset by a new wave of coronavirus infections. Hedge funds and other money managers bought the equivalent of 14 million barrels in the six most important petroleum futures and options contracts in the week ending April 20. The combined positions across all six contracts rose to a three-week high of 832 million barrels, [Read more]
Oil inches lower on concerns over COVID-19 surge in India, Japan
Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth-largest oil importers, would cut fuel demand in Asia. U.S. West Texas Intermediate (WTI) crude futures was down 86 cents, or 1.38%, at $61.25 a barrel. Brent crude futures fell 87 cents, or 1.32%, to $65.10 a barrel following a rise on Friday. Both benchmark crudes fell about 1% last week. "Market sentiment was dented on worries that surging [Read more]
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