U.S. natural gas futures fell nearly 5% on Monday on expectations of warmer weather, which would lead to a reduction in heating demand. Front-month gas futures for January delivery on the New York Mercantile Exchange were down 11.4 cents, or 4.9% to settle at $2.214 per million British thermal units (mmBtu), their bigger daily percentage fall in over three weeks. "(As) the weather last week was colder than normal we would expect a larger-than-usual storage draw. However, somewhat normal to [Read more]
Oil declines, but losses limited as U.S.-China near trade deal
Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed "very shortly". West Texas Intermediate was down 25 cents at $60.19 a barrel. Brent crude was down 15 cents, or 0.2%, at $65.99 a barrel. A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the [Read more]
U.S. drillers add most oil rigs in week since Feb 2018
U.S. energy firms added the most oil rigs this week since February 2018 - primarily in the Permian shale - even though producers have been reducing spending on new drilling for much of this year. Companies added 18 oil rigs in the week to Dec. 20, bringing the total count to 685, the most since early November, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 883 active rigs. In the Permian in West Texas and [Read more]
Canada regulator shuts down Suncor offshore oil site over failed pump
The oil regulator for the Atlantic Canadian province of Newfoundland and Labrador has ordered Suncor Energy's offshore Terra Nova site to shut down, finding the company's fire water pump system was non-compliant. Terra Nova, operating in the Atlantic Ocean 350 kilometres (217 miles) east of St. John's, failed to maintain and inspect critical safety equipment, carry out timely repairs and ensure it mitigated potential hazards, the Canada-Newfoundland and Labrador Offshore Petroleum Board [Read more]
Irving Oil's New Brunswick refinery, Canada's biggest, drops 2020 carbon cut pledge -documents
Irving Oil, operator of Canada’s largest oil refinery, has abandoned a pledge to cut carbon output by 17% from 2005 levels by 2020, replacing it instead with a goal to keep its performance on climate change competitive with rivals, according to documents reviewed by Reuters.The policy change appears likely to ensure the refinery – the nation's 18th biggest greenhouse gas emitter - misses the cuts by a wide margin at a time Ottawa is seeking to slash emissions and build a [Read more]
Enbridge applies to Canada regulator for Mainline oil shipping changes
Enbridge Inc submitted on Thursday its application to the Canada Energy Regulator (CER) to contract out space on its Mainline oil pipeline, and said it had significant support from shippers, documents filed with the regulator showed. Enbridge plans to allow shippers to book 90% of space under long-term contracts on the nearly 3 million barrel per day Mainline, Canada's biggest oil pipeline system, rather than continue to ration space on a monthly basis. The move comes as existing Canadian [Read more]
Oil prices surf U.S.-China trade thaw to 3-month highs
Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets. U.S. West Texas Intermediate (WTI) crude gained 4 cents to $60.97 Brent crude futures edged up 8 cents to $66.25 a barrel. While trading volume was thin, with not even news of President Donald Trump's impeachment by the U.S. House of Representatives stirring the oil market. "We're near the [Read more]
Oil pipeline operator urges Canada court to dismiss indigenous court action
Trans Mountain Corp, the operator of Canada's state-owned oil pipeline, asked a court on Wednesday to dismiss a legal application by four indigenous groups to overturn government approval for expansion. A three-day Federal Court of Appeal hearing began in Vancouver on Monday to hear the groups' concerns that the government did not adequately consult them, the latest obstacle to tripling capacity on the Alberta-to-British Columbia pipeline, which the Canadian oil industry says is badly [Read more]
Oil rises to 3-month highs on U.S.-China trade hopes, supply cuts
Oil prices rose on Tuesday to rreach a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline, set to stoke oil demand in the world's biggest economies. West Texas Intermediate crude was up 43 cents to $60.63 a barrel. Brent crude oil futures had risen by 36 cents to $65.70 a barrel, while Under a partial trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese [Read more]
U.S. natgas futures rise 2% on cold forecasts for this week and in January
U.S. natural gas futures rose 2% on Monday on forecasts confirming cold weather and high heating demand this week, despite an outlook showing next week will be warmer than previously expected. Traders noted the latest weather forecast also called for a likely return of cold in January. Front-month gas futures for January delivery on the New York Mercantile Exchange (NYMEX) rose 4.5 cents, or 2.0%, to settle at $2.341 per million British thermal units, the highest since Dec. 5. That was [Read more]
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