U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since June 2018 as producers start drilling again with prices holding around $40 a barrel over the past few months. The oil and gas rig count, an early indicator of future output, rose three to 269 in the week to Oct. 9, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of 244 rigs during the week ended Aug. 14, [Read more]
Hurricane Delta shuts most U.S. offshore oil output in 15 years
A large and powerful Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region's oil and nearly two-thirds of its natural gas output. Delta was packing 120 mile-per-hour (195 km) winds Friday as it churning through the Gulf's prime oil-producing area toward landfall on coastal Louisiana in the evening. It was about 160 miles south of Cameron, Louisiana, according to a 7 a.m. CDT update from the U.S. National Hurricane [Read more]
U.S. natgas on track to hit highest since November as hurricane shuts output
U.S. natural gas futures were on track to reach their highest close since November on Friday as production fell to its lowest in over two years after Gulf Coast energy firms shut wells ahead of Hurricane Delta and on forecasts for colder weather and higher demand in mid October. That price increase came despite a drop in gas flows to liquefied natural gas (LNG) export plants as operators either shut or reduced their Louisiana facilities before Delta makes landfall. Delta was expected to [Read more]
Heavy discount narrows on tight inventories
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Thursday with tight inventories in focus. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.50 per barrel below WTI, according to NE2 Canada Inc. It settled on Wednesday at $9.75 under. Western Canadian inventories sit at multi-year lows, but differentials are likely to widen into early 2021 as production continues to return to market and pipelines increase [Read more]
OPEC, in major shift, says oil demand to plateau in late 2030s
World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand. Oil use will rise to [Read more]
Heavy discount narrows on tight inventories, steady demand
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Wednesday, with inventories low and demand steady. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.75 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $9.90 under. Producers have been restoring curtailed production, but maintenance has limited returning supplies, while demand for Canadian heavy oil has picked up due to declines [Read more]
Canada to impose binding plastic standards for products and packaging
Canada intends to impose binding standards for how much recyclable plastic content there has to be in products and packaging and wants new rules in place within 24 months, a top official said on Wednesday. Environment Minister Jonathan Wilkinson said Canadians threw away around 3 million tonnes of plastic every year, of which only 9% was recycled. “The problem is getting worse,” he told a news conference. Ottawa has a target of zero plastic waste by 2030. “To ensure we keep much more of our [Read more]
Storm-weary offshore energy firms prep for massive hurricane
Oil and gas workers withdrew en masse from offshore production facilities as Hurricane Delta grew into a powerful storm over the Caribbean on its way to the Gulf of Mexico. Delta's winds reached 145 miles per hour (235 kph) as the storm sped toward Mexico's Yucatan peninsula and eventual entry into the Gulf of Mexico, whose warm waters will restore it to a Category 4 storm, the National Hurricane Center said. Oil producers had evacuated 57 production facilities in the U.S. Gulf of Mexico [Read more]
Sole survivor? Saudi Arabia doubles down on oil to outlast rivals
The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But Saudi Aramco plans to boost its production capacity so it can pump as much of the kingdom's vast oil reserves when demand picks up - before a shift to cleaner energy makes crude all but worthless, industry sources and analysts told Reuters. With almost 20% of the world's proven [Read more]
Heavy discount widens slightly, remains in narrow range
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened slightly on Tuesday but remained in a narrow range, as stockpiles remained low. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.70 per barrel below WTI, according to NE2 Canada Inc. It settled on Monday at $9.65 under. Demand for Canadian heavy barrels is holding up relatively well, while inventories are flat, said Martin King, senior analyst at RBN Energy. He [Read more]
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