Canada's Inter Pipeline Ltd said on Monday it had restored services to its Polaris pipeline after a leak caused an outage to a part of the system. The oil pipeline operator said the Alberta Energy Regulator approved the installation of a 400-meter bypass pipeline that enables the western portion of Polaris to transport diluent to customers north of Fort McMurray. The company detected a leak in its system late last month and reported a spill of 90 cubic meters (566 barrels) of light oil, 80 [Read more]
Heavy discount narrows on tight supplies
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Monday with supplies tight. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $8.10 under. The heavy differential trades at "unsustainably low" levels and is likely to widen into the autumn as industry shut-ins continue to lift, TD Securities analyst Menno Hulshof said in a [Read more]
Oil industry sounds alarm on coronavirus dent in demand
Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday. The Organization of the Petroleum Exporting Countries (OPEC), energy giant BP and commodities trading giant Vitol all made grim forecasts as rising rates of COVID-19 infections sap hopes for quick recovery. OPEC said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a [Read more]
Offshore wells, ports shut as U.S. Gulf Coast storm advances
Energy companies, ports and refiners on Monday were racing to complete shut-downs as Tropical Storm Sally took aim at the central U.S. Gulf Coast with soaking rains and high wind. Sally was forecast to sock Louisiana and Mississippi with up to 85 mile per hour (137 kph) winds and drop 8- to 16-inches (20-40 cm) of rain, causing widespread flooding. Officials in the two states issued mandatory evacuations for residents in low-lying areas. The Louisiana Offshore Oil Port, the nation's [Read more]
U.S. natgas futures jump 4% as output falls, LNG exports soar
U.S. natural gas futures jumped 4% on Monday as output fell and liquefied natural gas exports soared. That price increase came despite forecasts for milder weather expected to produce little heating or cooling demand over the next two weeks. After falling to a four-week low last week, front-month gas futures rose 9 cents, or 4.0%, to $2.359 per million British thermal units at 9:11 a.m. EDT (1311 GMT). On Friday, the contract closed at its lowest since Aug. 13. Gas speculators cut their [Read more]
Oil mixed as storm threatens U.S. gulf production
Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels. U.S. West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.2%, at $37.24 a barrel. Brent crude was down 3 cents at $39.80 a barrel. Both contracts ended last week lower, a second consecutive week of declines. Tropical Storm Sally gained in strength in [Read more]
Heavy discount edges wider, remains in narrow range
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Friday, but stayed at tight levels on supply concerns and strong demand. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8 per barrel below WTI, according to NE2 Canada Inc. It settled on Thursday at $7.45 under. Imperial Oil Ltd shut production at its 220,000-barrel-per-day Kearl oil sands site in Alberta this month due to an outage of part of the Polaris [Read more]
U.S. oil & gas rig count falls for the first time in four weeks
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in four weeks even as a rebound in crude prices from coronavirus lows over the past few months prompted some producers to return to the wellpad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to 254 in the week to Sep. 11, according to data on Friday from energy services firm Baker Hughes Co . That total rig count fell to a record low of 244 rigs during the week ended [Read more]
‘Enough is enough’: Canada’s Montney producers swap oil and gas assets for cash
A wave of consolidation is underway in Canada's Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch. Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing prices so low that producers worldwide have made record output and spending cuts. The Montney, which straddles Alberta and British Columbia, has seen at [Read more]
Canada touts plan to cut fuel carbon intensity; refiners fret about costs
The Canadian government says its plan to require reductions in carbon intensity of fuels will boost the economy as it recovers from the coronavirus pandemic, but oil and chemical companies say they are worried it will boost their costs as they struggle to rebound. Ottawa intends to release plans this autumn to reduce the carbon intensity of liquid fuel by 12% by 2030, including by requiring refiners to blend cleaner combustibles with fossil fuels under a Clean Fuel Standard, government and [Read more]
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