Oil prices climbed more than 3% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. U.S. West Texas Intermediate (WTI) crude futures were up $1.77 or 3.6% to $51.20 a barrel. Brent crude oil futures were up $1.96, or 3.6%, to $55.78 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group [Read more]
Oil prices climb as OPEC, allies weigh output cuts to cushion coronavirus impact
Oil prices rose on Wednesday, reversing out of a 1% slump in the previous session, boosted by producers weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. Brent crude oil futures were up 44 cents, or 0.8%, to $54.40 a barrel by 0127 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 42 cents or 0.9% to $50.03 a barrel.The Organization of the Petroleum Exporting Countries (OPEC) and its [Read more]
Heavy discount narrows to smallest discount since November
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday to the smallest discount since November, as bloated supplies diminished. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $18.25 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday's settle of $19.65 under. Heavy crude traded for a discount as little as $18, the smallest since Nov. 19. Alberta crude [Read more]
Canada’s oil pipeline projects inch forward
Three proposals to expand pipeline capacity to move Western Canada's crude oil have been stalled for years by environmental and indigenous opposition in both Canada and the United States. Lately, the proposals have cleared several obstacles, but others remain. Canadian oil companies such as Canadian Natural Resources Ltd , Suncor Inc and Cenovus Energy say the projects are critical to lifting prices and ending government-ordered curtailments in Alberta. LINE 3 This Enbridge Inc project [Read more]
Court dismisses challenge to Trudeau government approval of Trans Mountain oil pipeline expansion
Canada's Federal Court of Appeal on Tuesday dismissed a challenge to the government of Prime Minister Justin Trudeau's approval of the Trans Mountain oil pipeline expansion, clearing some uncertainty over the project. The court said in a written decision that the government held "reasonable and meaningful" consultations with indigenous groups as required by law. The Honourable Seamus O'Regan, Minister of Natural Resources, today issued the following statement regarding the decision by the [Read more]
U.S. natgas futures edge up from near 4-year low on cooler forecast
U.S. natural gas futures on Tuesday edged up from a near four-year low on forecasts for slightly cooler weather in mid-February than earlier expected. Front-month gas futures for March delivery on the New York Mercantile Exchange rose 1.6 cents, or 0.9%, to $1.835 per million British thermal units (mmBtu) at 7:52 a.m. EST (1252 GMT). On Monday, the contract closed at its lowest since March 2016. That keeps the front-month in technically oversold territory for 11 of the past 12 sessions, [Read more]
Oil prices rebound from China virus slump amid gingerly recovery across markets
Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday's sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year. U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel. Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%. Both WTI and Brent are currently down by more than 20% from this year's peak on Jan. [Read more]
Heavy discount narrows as inventory levels shrink
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Monday, the first day of the new monthly trading cycle. Alberta oil inventories have shrunk as rail movement increases, a Calgary industry source said. Anticipation of downtime for maintenance at oil production sites in March, the current delivery period being traded, also reduced the discount, the source said. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, [Read more]
Enbridge Line 3 oil pipeline clears hurdle, Minnesota regulator rules environment statement adequate
A Minnesota regulator ruled on Monday that a revised environmental impact statement for Enbridge Inc’s Line 3 oil pipeline replacement is adequate, helping to clear a significant hurdle for the long-delayed project. The Minnesota Public Utilities Commission voted 3-1 to find the revised statement from the state's Department of Commerce adequate. It was to move on Monday afternoon to consider reissuing a certificate of need and route permit for the project. Enbridge shares jumped 1.5%, [Read more]
U.S. drillers cut oil rigs for first week in three
U.S. energy firms reduced the number of oil rigs operating for the first time in three weeks as producers follow through on plans to slash spending on new drilling for a second consecutive year in 2020. Drillers cut one oil rig in the week to Jan. 31, bringing the total count down to 675, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 847 active rigs. In January, the rig count declined for the 13th time in the [Read more]
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