The province of Alberta will look to use its plentiful natural gas reserves to become an exporter of hydrogen, a clean-burning fuel, by 2040, Premier Jason Kenney said on Tuesday. The pandemic has hit Alberta's oil industry hard, as travel restrictions crushed demand for fuel. The province's struggles date back years, however, as the oil sands' high emissions made it a target for environmental activists and have led to some investors, banks and insurers cutting ties with the industry. "The [Read more]
Oil prices gain on supply disruptions, Trump’s hospital exit
Oil prices gained on Tuesday amid supply disruptions in Norway, a new hurricane in the Gulf of Mexico, and U.S. President Donald Trump’s return to the White House from hospital. U.S. West Texas Intermediate (WTI) crude futures were trading $1.02 higher, or 2.6%, at $40.24 a barrel. Brent crude futures were up $1.02, or 2.5%, by 1220 GMT at $42.31 a barrel. An oil workers’ strike in Norway will cut the country’s total output capacity by just over 330,000 barrels of oil equivalent per day, or [Read more]
Oil firms begin offshore U.S. evacuations as record-breaking storm threatens
Energy companies on Monday began evacuating offshore oil platforms as the 25th named storm of the year formed in the Caribbean and was forecast to move into the Gulf of Mexico and threaten the Gulf Coast this week. Tropical Storm Delta was expected to strengthen as it crosses the warm waters of the Gulf of Mexico midweek and to approach the northern Gulf Coast as a hurricane with up to 105 mile per hour (194 kilometers per hour) winds, the National Hurricane Center said. If Delta makes a [Read more]
Heavy discount narrows on low inventories, steady demand
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Monday, reflecting low inventories and steady demand. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $10 under. Rising production as curtailments are reversed looks likely to increase inventories this autumn and push the heavy differential wider, a Calgary trading source [Read more]
U.S. oil refiners look to leapfrog Canadians in making renewable diesel
U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada's greener fuel standard before Canadian refiners modify their own plants. Canadian Prime Minister Justin Trudeau's government intends to present its Clean Fuel Standard this year, aiming to cut 30 million tonnes of emissions by 2030. Renewable diesel, made by processing spent cooking oil, canola oil or animal fats, can be used in high concentrations or without blending in conventional [Read more]
Heavy discount narrows on strong demand, low stocks
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Friday, amid strong demand and low Western Canadian inventories. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $10.20 per barrel below WTI, according to NE2 Canada Inc. It settled on Thursday at $10.70 under. Rising production as curtailed facilities come back on line look to widen the differential this autumn, a trader said. Indian oil refiner Reliance [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018 after price increases in recent months prompted some producers to start drilling again. The oil and gas rig count, an early indicator of future output, rose five to 266 in the week to Oct. 2, 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, according [Read more]
Oil drops for second day as worsening pandemic threatens demand drop
Oil prices fell on Friday, extending losses into a second day as rising production of crude comes amid a worsening COVID-19 pandemic which threatens to bring more restrictions on movement and consumption that will likely hit demand for fuel. U.S. oil was $1.51, or 3.91%, lower at $37.05, having fallen nearly 4% in the previous session. Brent crude was also down $1.56, or 3.81%, at $39.17 a barrel, having fallen more than 3% on Thursday. U.S. oil is heading for a drop of nearly 5% this [Read more]
Heavy discount narrows after Indian sale as trading cycle begins
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed slightly on Thursday, the first day of the monthly trading cycle, after news of a big sale to India. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $10.75 per barrel below WTI, according to NE2 Canada Inc. It settled on Wednesday at $10.95 under. Indian oil refiner Reliance Industries has agreed to purchase 2 million barrels of Canadian heavy crude per month, [Read more]
U.S. oil producers on pace for most bankruptcies since last oil downturn
Oasis Petroleum Inc and Lonestar Resources US Inc's bankruptcy filings are the latest in a slew of restructurings that put oil-and-gas producers on track for their biggest year of bankruptcies since the 2016 shale downturn. Thirty-six producers with $51 billion in debt filed for bankruptcy protection in the first eight months of the year, according to the law firm Haynes and Boone. The coronavirus pandemic crushed fuel demand and left debt-laden producers without access to credit. The [Read more]
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