Canadian energy company Pieridae Energy said on Thursday it has shut-in the production of about 6,250 barrels of oil equivalent per day (boe/d) that flows to a third-party owned and operated facility, in response to low natural gas prices. Pieridae said the shut-in of the uneconomic sour gas production was due to extremely low AECO natural gas prices and high processing costs. The AECO hub, located in the Canadian province of Alberta, is one of the largest storage facilities in North [Read more]
A Trump presidency to pose mostly bearish risks for oil, Citi says
A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies, and pushing the Organization of the Petroleum Exporting Countries and allies (OPEC+) to release more oil into the market, Citi said in a research note on Thursday. "Trump could roll back environmental policies, though broadly overturning the (Inflation Reduction Act) looks unlikely due to its positive impacts in red states," analysts noted, referring to [Read more]
Trans Mountain says pipeline near Jasper, Alberta, continues to operate safely
Trans Mountain Pipeline on Thursday said there is no indication of damage to its infrastructure, and a pipeline continues to operate safely after a wildfire reached the Canadian town of Jasper, Alberta. "We continue to work with the Town of Jasper and Jasper National Park to safely monitor the pipeline," the operator said. The 890,000-barrel-per-day (bpd) oil pipeline, which runs from Edmonton to Vancouver, passes close to the town of Jasper, Alberta. Around 25,000 people were forced to [Read more]
Huge wildfire burns down part of western Canadian town, rain forecast
A raging wildfire has burned down part of the western Canadian tourist town of Jasper and firefighters were working on Thursday to save as many buildings as possible, authorities said. Jasper is in the middle of Jasper National Park, in the province of Alberta. The town and the park, which draws more than two million tourists a year, were evacuated on Monday, when officials estimated there were 15,000 visitors in the park. Environment Canada is forecasting 10 mm (0.4 inches) to 20 mm of [Read more]
Freeport LNG in Texas seen back on Thursday after shutting on Wednesday
U.S. liquefied natural gas (LNG) company Freeport LNG's export plant in Texas was on track to return to service on Thursday after shutting on Wednesday, according to data from financial firm LSEG and a company filing with Texas environmental regulators. Freeport is one of the most-watched U.S. LNG export plants in the world because it has a history of swaying global gas prices when it shuts and restarts. With Freeport down on Wednesday, expectations of lower amounts of gas flowing to LNG [Read more]
Russia’s Novak says no friction with OPEC+ over exceeding production quotas
Russian President Vladimir Putin's oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world's second largest oil exporter would compensate for its overpumping. Russia said on Wednesday that its crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged to stick to the required output level in July. The de facto Saudi-led Organization of the Petroleum Exporting Countries [Read more]
Canadian wildfire reaches Jasper, firefighters battle to protect oil pipeline
A wildfire reached the Canadian town of Jasper on Wednesday, one of hundreds ravaging the western provinces of Alberta and British Columbia, as firefighters battled to save key facilities such as the Trans Mountain Pipeline, authorities said. Wildfires burning uncontrolled across the region include 433 in British Columbia and 176 in Alberta, more than a dozen of them in the area of Fort McMurray, an oil sands hub. The pipeline, which can carry 890,000 barrels per day (bpd) of oil from [Read more]
Oil falls on weak China demand concerns, Mideast ceasefire talks
Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 63 cents, or 0.8%, to $81.08 a barrel by 0355 GMT. U.S. West Texas Intermediate crude for September slid 63 cents, or 0.8%, to $76.96 per barrel. Both benchmarks settled higher on Wednesday, snapping consecutive [Read more]
Spreading Canadian wildfires prompt more evacuation warnings, oil production worries
Hundreds of uncontrolled wildfires burned across western Canada on Wednesday, putting more communities under evacuation alert and raising concerns about the blazes impacting Canadian crude production. There are 430 active wildfires in British Columbia and 177 active wildfires in Alberta, including more than a dozen in the Fort McMurray region, Canada's key oil sands hub. This week British Columbia was hit by more than 58,000 lightning strikes, according to the provincial wildfire agency, [Read more]
Venezuela grants license to BP, Trinidad’s NGC for offshore gas project
Venezuela on Wednesday granted a long-term license to British energy producer BP and state-owned National Gas Company of Trinidad and Tobago (NGC) to develop the Venezuelan side of a gas field that extends into the Caribbean country's waters. The Cocuina-Manakin field, which on Venezuela's side is part of the vast gas offshore project Plataforma Deltana, which remains inactive, has some 1 trillion cubic feet of proven gas reserves. The companies accelerated negotiations with Venezuela's [Read more]
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