Canadian oil producer Whitecap Resources Inc said on Tuesday it has agreed to buy rival TORC Oil & Gas Ltd in an all-stock deal valued at about C$552 million. The collapse in fuel demand due to coronavirus-related lockdowns has hammered energy companies in Canada, the fourth-largest global oil producer, triggering a wave of consolidation and cost-cuts in the sector. Cenovus Energy Inc said in October it had agreed to buy Husky Energy Inc for C$3.8 billion ($2.97 billion) in a deal that [Read more]
Oil holds as gloom grows over soaring COVID-19 cases, lockdowns
Oil prices maintained support on Tuesday, holding gains from the previous session that came as California tightened its pandemic lockdown through Christmas, and coronavirus cases continued to surge in the United States and Europe. U.S. West Texas Intermediate (WTI) crude futures fell 10 cents or 0.2%, to $45.53 a barrel. Brent crude futures rose 5 cents, or 0.1%, to $48.64 a barrel. Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict [Read more]
Heavy discount narrows slightly, trading in tight range
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed slightly on Monday, trading in a tight 15-cent-per-barrel range: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.25 per barrel below WTI, according to NE2 Canada Inc, a tad lower than Friday's settlement of $12.30 under. Demand for WCS looks to remain slack during the trading cycle with refinery operating rates below normal due to the pandemic hitting fuel [Read more]
U.S. natgas futures slide over 6% on milder weather, higher output
U.S. natural gas futures dropped more than 6% to a two-month low on Monday, weighed down by forecasts for warmer-than-usual weather that could result in lower heating demand over the next two weeks amid steady rise in production. Front-month gas futures for January delivery fell 17.5 cents, or 6.8%, to $2.400 per million British thermal units by 2:14 p.m. EST (1914 GMT), after touching its lowest since Oct. 2 at $2.381 earlier in the session. "The weather outlook for the rest of December [Read more]
Oil prices stumble as coronavirus resurgence forces more lockdowns
Oil prices fell on Monday as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world's top oil consumer. West Texas Intermediate oil futures fell 47 cents, or 1%, to $45.65 a barrel. Brent crude oil futures were down 40 cents, or 0.8%, at $48.66 a barrel. Both benchmarks gained for a fifth consecutive week last week. "Crude pared earlier vaccine roll-out gains after Los [Read more]
U.S. drillers add oil and gas rigs for 11th week in 12
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next. The oil and gas rig count, an early indicator of future output, rose three to 323 in the week to Dec. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 476 rigs, or 60%, below this time last year. The number of operating rigs has surged since August, when it hit a [Read more]
Oil prices rise as producers agree on supply compromise
Oil prices rose on Friday, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations. West Texas Intermediate had risen 41 cents, or 0.89% at $46.04 a barrel. Brent was up 48 cents, or 1.03%, at $49.18 a barrel after gaining around 1% on Thursday. OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, failing to [Read more]
OPEC+ to boost output as oil market tightens: Kemp
OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter. The increase is much smaller than the 2 million bpd scheduled last April, but marks a significant shift from the start of November, when the group seemed poised to leave output unchanged for another three months. The shift responds to news of successful coronavirus vaccine trials, which could lead to [Read more]
Heavy discount widens to nearly 4-month high as production slowly rises
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Thursday, touching the highest level since early August: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.10 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settlement of $11.95 under. Slowly increasing production is seen pushing the differential wider, offset partly by demand for heavy oil recovering. The differential is likely [Read more]
Chevron cuts spending plans again, sets 2021 budget of $14 bln
U.S. oil major Chevron Corp on Thursday cut billions more off its long-term capital and exploratory budget after completing a major restructuring of its operations as it seeks to preserve its dividend. The company said it now expects its total capital and exploratory budget through 2025 to be between $14 billion and $16 billion, down from an earlier forecast of between $19 billion and $22 billion. It also said that despite the reduction to the overall budget, it expects to be able to raise [Read more]
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