Oil prices climbed on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic. U.S. West Texas Intermediate (WTI) rose $1.45, or 2.9%, to $51.94 a barrel. Brent crude was up $1.72, or 3.16%, at $55.88 per barrel. According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest [Read more]
Heavy discount narrows to nearly three-month low
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday to a nearly three-month low, as the impact of frigid weather last month hampered production. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $15.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday's settle of $16.75 under. The differential's lowest price, $15.65, represented the narrowest WCS-WTI [Read more]
Alberta agrees to divest crude by rail contracts
The Canadian province of Alberta has agreed to divest its contracts to move additional crude by rail to market, Premier Jason Kenney said on Tuesday, but he declined to release details and said the agreements were still being finalized. The contracts to ship a collective 120,000 barrels per day were negotiated by the previous New Democratic Party government, and Kenney has long said his government planned to transfer them to the private sector. Government officials have for months said that [Read more]
Canadian National Railway could shut parts of network because of pipeline protests
Canadian National Railway Co said on Tuesday it would be forced to shut down parts of its rail network unless rail line blockades in protest against a natural gas pipeline in British Columbia are removed. Blockades by anti-pipeline protesters near Ontario have forced passenger trains and goods transportation to be disrupted for the fifth straight day. Hundreds of trains were affected as was the movement of perishable food, propane, grain, feedstocks and coal, the railway said. The ports of [Read more]
Oil rebounds amid broad market recovery; investors still wary
Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China. U.S. West Texas Intermediate was up 73 cents, or about 1.4%, at $50.34 a barrel. Brent crude rose 87 cents, or 1.6%, to $54.26 a barrel by 0428 GMT, retreating from an intraday high of $54.13. "A broad positive sentiment across Asia markets seems to have boosted crude oil prices," Margaret Yang, market analyst [Read more]
Australia’s Woodside flags $483 mln charge on Kitimat assets in Canada
Australia's Woodside Petroleum said on Tuesday it will record a A$720 million ($483.41 million) charge in its fiscal 2019 results in relation to Kitimat liquefied natural gas assets in Canada. Woodside said in September it would scale down its investment in the Canadian project to reduce capital expenditure. Woodside owns 50% of the Kitimat project, that is operated by Chevron (CVX.N). The U.S. oil and gas major reported a large fourth-quarter loss last month as it took around $10 billion [Read more]
Heavy discount narrows as rail restrictions seen as limited
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Monday, as traders said the impact of new rail restrictions was likely to be limited. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, settled at $16.75 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Friday's settle of $18.05 under. Canada said last week it would impose temporary speed limits on trains hauling dangerous goods [Read more]
Brookfield a potential suitor for Trans Mountain, analyst says
Brookfield Infrastructure Partners LP could be a potential buyer of the Canadian government-owned Trans Mountain oil pipeline, a Stifel FirstEnergy analyst said, as the project expansion struggles with increasing costs arising from regulatory delays. In 2018, Ottawa bought the 67-year-old pipeline for C$4.5 billion to ensure expansion proceeded, but has faced opposition by environmental and some indigenous groups. Brookfield could be a potential "dark horse", as it recently completed a $20 [Read more]
Canadian aboriginal group: Ottawa may have to delay decision on Teck oilsands mine
Canada may have to delay a decision on whether to approve a massive new oilsands mine because some indigenous people have not been consulted adequately, an influential aboriginal band is suggesting. Prime Minister Justin Trudeau's government must rule by end-February whether Teck Resources Ltd can build its C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta, a project that is opposed by environmentalists and some legislators in the ruling Liberal party. Ottawa has consulted [Read more]
Police arrest 33 protesters opposing gas pipe, Vancouver port closure ends
Police have arrested 33 people on Monday, ending the closure of Vancouver ports in British Columbia province by indigenous protesters opposing the construction of Coastal GasLink pipeline. The arrests resulted from an injunction granted by a British Columbia court on Sunday to restore access to ports in the city. Port Metro Vancouver is one of Canada's biggest ports and police say protesters received several requests and warnings to clear the area prior to the arrests. The C$6.6 billion [Read more]
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