U.S. oil refiners and West Coast traders are flagging concerns about the quality of crude shipped on the newly completed Trans Mountain pipeline expansion (TMX), warning that high vapor pressure and acidity limits could deter purchases of Canadian heavy barrels. The $24.84 billion (C$34 bln) expansion started operations last month and has nearly tripled shipping capacity to Canada's Pacific Coast to 890,000 barrels per day (bpd). The roughly 2.5 million bpd U.S. West Coast refining market [Read more]
Oil climbs on optimistic demand outlook
Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week. Brent crude futures rose 50 cents, or 0.6%, to $82.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 62 cents, or 0.8%, to $78.52. The EIA raised its 2024 world oil demand growth forecast to 1.10 million barrels per day from a [Read more]
Heavy oil discount widens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Tuesday: • WCS for July delivery in Hardisty, Alberta, traded at $13.25 a barrel below WTI, according to brokerage CalRock, having settled at $12.85 a barrel under the benchmark on Monday. • There was some speculation in the market that the widening could be due to the 890,000 barrel-per-day Trans Mountain pipeline expansion not shipping as much crude as [Read more]
US EIA deepens forecast for drop in US natgas output in 2024
U.S. natural gas production will drop more this year than earlier estimates and demand will hit a record, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 102.1 bcfd in 2024 as several producers reduce drilling activities after gas prices fell to more than three-year lows in February, March and April. In the May edition of its STEO report, [Read more]
Canada signs second deal to guarantee price of captured carbon
The Canada Growth Fund, a federal clean-tech financing agency, on Tuesday signed its second deal to backstop carbon prices with a proposed Alberta facility that would convert landfill waste to electricity and sequester the resulting carbon emissions. CONTEXT The proposed waste-to-energy facility, located near Edmonton and the first of its kind in Canada, would be a partnership between Calgary-based Gibson Energy, the CGF and Varme Energy Inc. It would have capacity to incinerate 200,000 tonnes [Read more]
EIA forecasts larger records for 2024 US oil output, global demand
U.S. oil output and global oil demand will likely post bigger records this year than previously expected, the U.S. Energy Information Administration said on Tuesday. The agency now expects U.S. oil output to grow by around 310,000 barrels per day (bpd) to 13.24 million bpd this year, about 40,000 bpd higher than its previous forecast in May. It expects U.S output to be around 13.71 million bpd next year, slightly below the previous 13.73 million bpd forecast. Global oil demand this year is [Read more]
US House committee report finds Wall Street ‘colluded’ to curb emissions
A U.S. congressional committee will accuse the biggest Wall Street firms on Tuesday, in a report seen by Reuters ahead of its publication, of colluding with advocacy groups to force companies to shrink their greenhouse gas emissions. The report is the first of its kind produced by the Republican-led Judiciary Committee in the House of Representatives since it launched an investigation in late 2022 into whether corporate efforts to tackle climate change violate antitrust laws. Several [Read more]
The duo atop the biggest and most contentious US LNG exporter
U.S. liquefied natural gas (LNG) exporter Venture Global LNG this year became one of the country's largest producers of the superchilled gas and the industry's most contentious supplier, facing contract claims by six customers. The duo who founded the company, co-chairs Michael Sabel and Robert Pender, have turned the booming business upside down through strong contracts, good timing and a business plan to rapidly build three giant plants. Sabel, a former investment banker, and financial [Read more]
Oil edges down as cautious investors await Fed meet, US CPI data
Oil prices traded lower on Tuesday, as investors waited for key U.S. inflation data and the outcome of the Federal Reserve's policy meeting to glean a clearer picture of where inflation is heading, and how that will affect fuel demand. Brent crude futures fell 11 cents, or 0.13%, to $81.52 per barrel by 0433 GMT and U.S. West Texas Intermediate crude futures slipped 3 cents, or 0.04%, to $77.71. Prices had climbed about 3% to a one-week high on Monday, buoyed by expectations that the [Read more]
Heavy oil discount narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Monday: • WCS for July delivery in Hardisty, Alberta, traded at $12.85 a barrel below WTI, according to brokerage CalRock, having settled at $12.95 a barrel under the benchmark on Friday. • Canadian heavy barrels have traded in a fairly tight range so far this month, supported by the start-up of the 590,000 barrel-per-day (bpd) Trans Mountain pipeline [Read more]
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