Canadian pipeline operator TC Energy Corp said on Monday Chief Operating Officer François Poirier will take over as its president and chief executive officer after current boss Russ Girling retires at the end of this year. Girling, who has headed the company since July 2010, has been witness to the roadblocks faced by its decade-old Keystone Pipeline project, which has been delayed by opposition from landowners, environmental groups and tribes. In July, the U.S. Supreme Court reinforced a [Read more]
Lower Canada crude flows to U.S. helps chip away at Cushing glut
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Crude inventories at Cushing fell 646,578 barrels the week ending on Tuesday, according to traders, citing the latest data from market intelligence firm Genscape. Cushing has eased as U.S. imports of Canadian crude fell to 3,057,000 barrels a day the week ending Sept. 11 [Read more]
U.S. drillers add oil and gas rigs for second week in three
U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday. That total rig count fell to a record low of 244 rigs during the week ended Aug. 14. That was 613 rigs, [Read more]
U.S. natgas futures ease to 7-week low as output rises after Hurricane Sally
U.S. natural gas futures eased on Friday to a seven-week low with output rising as Gulf of Mexico producers return wells shut for Hurricane Sally. That price decline came despite an increase in U.S. liquefied natural gas exports to their highest since April as rising prices in Europe and Asia make U.S. gas more attractive. Front-month gas futures fell 1.5 cents, or 0.7%, to $2.027 per million British thermal units (mmBtu) at 11:27 a.m. EDT (1527 GMT), their lowest since July 31 for a [Read more]
OPEC+ panel to meet amid oil price decline, worry of virus impact
OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to a copy of the report seen by [Read more]
U.S. oil producers, exporters tally damages from Hurricane Sally, begin restarts
Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left about 570,000 homes and businesses from Mississippi to Florida without power. Sally became a tropical storm and spread heavy rains overnight from Alabama to Georgia. Crews returned to at least 30 offshore oil and gas platforms. Chevron Corp began [Read more]
Trump administration eyes at least $300 million aid to refiners denied biofuel waivers
The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said. Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court [Read more]
Heavy discount narrows on final day of trading cycle
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Wednesday, the last day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.80 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $8.05 under. The tight spread reflects global tightness in heavy oil supplies as U.S. Gulf Coast refiners seek alternative supplies to replace declining output from Venezuela and [Read more]
Oil rises as storm closes U.S. production, inventories drop
Oil prices rose for a second day on Wednesday as a hurricane closed U.S. offshore oil and gas production and an industry report showed a decrease in U.S. crude inventories. U.S. crude rose $1.77, or 4.65%, to $40.18. Brent crude rose $42.24, or 3.91%, to $42.24 a barrel. Both contracts rose by more than 2% on Tuesday. More than 25% of U.S. offshore oil and gas output was shut and export ports were closed on Tuesday as Hurricane Sally sat just off the U.S. Gulf Coast. "Our current [Read more]
Oil rises but bleaker demand outlook weighs
Oil prices rose on Tuesday, but forecasts of a slower than expected recovery in global fuel demand due to the coronavirus pandemic weighed. U.S. West Texas Intermediate (WTI) crude futures were up 52 cents, or 1.4%, at $37.78 a barrel. Brent crude was up 44 cents, or 1.1%, at $40.05 a barrel by 1209 GMT, while Both contracts fell on Monday. The International Energy Agency (IEA) on Tuesday trimmed its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd, citing caution about [Read more]
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