TC Energy said on Tuesday indigenous group Natural Law Energy will make an equity investment of up to C$1 billion ($763.77 million) in its controversial Keystone XL pipeline project. The Keystone XL pipeline, which would run from the Canadian energy-producing province of Alberta to Nebraska, has been delayed for more than a decade due to opposition from landowners, environmental groups and tribes. The first phase of the transaction with NLE, created as a coalition of First Nations in [Read more]
Oil prices jump on hopes OPEC+ maintains supply curbs
Oil prices jumped in early Asian trade on Monday, recouping some losses from the previous session as hopes that OPEC+ will continue to curb output offset concerns of weaker fuel demand amid rising COVID-19 cases and higher production from Libya. While U.S. West Texas Intermediate crude for December was at $41.36 a barrel, up $1.25, or 3.22%. Brent crude futures for January rose $1.31 cents, or 3.07%, to $44.02 a barrel. Both contracts gained more than 8% last week on hopes of a COVID-19 [Read more]
Ovintiv puts Eagle Ford shale assets up for sale
Ovintiv Inc is looking to sell its Eagle Ford acreage in south-central Texas, several people familiar with the matter said on Friday, the latest debt-laden oil and gas producer to put assets on the block to raise cash during this year's coronavirus-fueled oil slump. Ovintiv, formerly known as Encana, moved its headquarters from Canada to Denver, Colorado, in January in the hopes of getting access to more capital. The crash in oil prices this year has made investors turn their backs on the [Read more]
Michigan governor files lawsuit to shut down Enbridge pipeline
Michigan's Governor Gretchen Whitmer said on Friday she was revoking a nearly 70-year-old easement that could force Canada's Enbridge to shut down a pipeline that delivers fuel and oil to the U.S. Midwest. The move would require the line to be shut by May 2021. Whitmer said that Enbridge has failed to protect the U.S. Great Lakes, where the pipeline runs, by preventing the line from being damaged. The Enbridge Line 5 pipeline runs under the Straits of Mackinac, where Lakes Huron and [Read more]
U.S. drillers add oil and gas rigs for ninth week in a row
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row to the highest since May, as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June. The oil and gas rig count, an early indicator of future output, rose 12 to 312 in the week to Nov. 13, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 494 rigs, or 61%, below this time last year. The total rig count fell to a record [Read more]
Oil nudges up on hopes OPEC+ will curb supply as COVID-19 cases rise
Oil prices rose on Thursday, taking the week's gains to more than 11% on growing hopes that the world's major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand. U.S. West Texas Intermediate (WTI) crude futures climbed 45 cents, or 1.12%, to $41.86 a barrel. Brent crude futures rose 40 cents, or 0.9%, to $44.16 a barrel. Algeria's energy minister said on Wednesday that OPEC+ - grouping the Organization of the Petroleum Exporting Countries [Read more]
Oil rises on declining U.S. crude stocks, hopes for COVID-19 vaccine
Oil prices climbed over 1% on Wednesday, after an industry report showed U.S. crude inventories have fallen more than expected, while hopes of an effective COVID-19 vaccine continued to bolster sentiment. West Texas Intermediate (WTI) crude futures also rose 48 cents, or 1.2%, to $41.84 a barrel, while Brent crude futures were up 48 cents, or 1.1% to $44.09 a barrel at 0445 GMT. Both benchmarks gained nearly 3% on Tuesday. Crude stockpiles fell by 5.1 million barrels last week to about [Read more]
Successful vaccine would boost oil consumption, but not for 6-12 months
Coronavirus vaccines are expected to boost international passenger transportation and oil consumption, but the first significant impact will not be felt until well into the second half of 2021, based on futures price movements on Monday. Brent calendar spreads surged that day as traders priced in an announcement from Pfizer about successful immunization trials, fuelling optimism an effective vaccine will become available within the next few months. Before Pfizer’s announcement, flat prices [Read more]
TD Bank says it will not finance oil and gas activities in the Arctic
Toronto-Dominion Bank on Monday said it will not provide project-specific financial services for oil and gas-related activities in the Arctic Circle as part of its plan to get to net-zero emissions by 2050, joining a host of global lenders in taking similar action. The Arctic Circle "is warming significantly faster than the rest of our planet, which poses the risk of increased green-house gas releases and further warming," Canada's second-largest bank said in a statement. The bank's move [Read more]
Oil jumps on vaccine hopes and OPEC+ supply signals
Oil jumped by almost 9% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market. U.S. West Texas Intermediate crude was up $3.20, or 8.1%, at $40.42. Brent crude was up $2.86, or 7.26%, to $42.82 a barrel. Both contracts rose more than $4 earlier in the session. “Asset prices move faster than the real economy, and oil and [Read more]
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