A U.S. appeals court on Tuesday upheld a rule from President Joe Biden's administration that set the amount of biofuels that oil refiners were required to blend into the nation's fuel mix from 2020 through 2022, rejecting a challenge by oil refiners to the mandates. The U.S. Court of Appeals for the District of Columbia Circuit found that the U.S. Environmental Protection Agency, which administers the obligations under the Renewable Fuel Standard (RFS), lawfully exercised its discretion in [Read more]
Canada’s energy regulator orders reduction in pressure on TC Energy’s NGTL pipeline
The Canada Energy Regulator (CER) on Tuesday said it had issued an order to TC Energy's NOVA Gas Transmission Ltd (NGTL) to further reduce the operating pressure for the Grande Prairie Mainline gas pipeline near Edson, Alberta. A section of the NGTL gas pipeline system in Alberta was ruptured and caught fire on April 16, sparking a wildfire in a remote area. Last month, TC Energy said its NGTL gas pipeline system has resumed normal operations. The cause of the rupture, which sparked a [Read more]
Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas
Kazakhstan opened on Tuesday a thorny debate on OPEC+ production levels, saying it believed it should be allowed to pump more oil in 2025, when all current output cuts by the producer group are due to expire. Kazakhstan's comments reported by Interfax come as OPEC+ prepares to meet on June 1. The group has also ordered a review of members' oil output capacity to set reference production levels for next year. The review is due by the end of June. The subject of reference production numbers [Read more]
US natgas prices turn negative in Texas again on pipe maintenance
U.S. spot natural gas prices in Texas averaged below zero for Tuesday for the fourth time this month and the 17th time since March as pipeline maintenance trapped gas in the Permian Shale in West Texas amid low demand for energy. U.S. next-day power and gas prices have turned negative several times so far this year, especially in Texas, Arizona and California. Negative prices signal there is too much power or gas being produced in a region. Energy firms can either reduce output, pay [Read more]
US natgas prices ease on lower demand forecast, storage oversupply
U.S. natural gas futures eased about 1% on Tuesday from a 15-week high in the prior session on forecasts for lower demand over the next two weeks than previously expected and worries about a big oversupply of gas in storage. Analysts forecast the amount of gas in storage was around 31% above normal levels for this time of year. That price decline came despite a big reduction in output in recent months due to relatively low prices and an increase in gas flows to liquefied natural gas (LNG) [Read more]
Weak Asia refining margins see swing to crude from the Americas: Russell
The profit from turning a barrel of crude oil into fuels in Asia is at the lowest in seven months, which is leading refiners to turn away from expensive Middle East grades and seek cheaper alternatives from the Americas. Refiners are being hit by the double whammy of higher prices from Saudi Arabia, the top exporter and price-setter for much of the crude exported from Middle East, as well as soft demand for some refined products, including industrial and transport mainstay diesel. The [Read more]
Oil steady as investors eye US inflation, OPEC report
Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week. Brent crude futures inched 4 cents higher to $83.40 a barrel at 0315 GMT, while U.S. West Texas Intermediate crude futures rose 5 cents to $79.17 a barrel. The benchmark contracts settled higher on Monday on signs of improving demand in the U.S. and China, world's top two oil [Read more]
Heavy oil discount steadies
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) held steady on Monday: * WCS for June delivery in Hardisty, Alberta, settled at $12.75 a barrel below WTI, according to brokerage CalRock, unchanged from Friday's closing price. * Canadian heavy crude has strengthened this month as the 590,000 barrel per day (bpd) Trans Mountain pipeline expansion (TMX) started commercial operations, although the first oil tanker is not [Read more]
Canadian crews battle wildfire threatening remote western town
Firefighters on Monday battled a large wildfire heading towards a remote western Canadian town as winds and tinder dry conditions threatened to spread the flames further, a provincial minister said. The largely evacuated town of Fort Nelson in British Columbia is in the line of one of the season's first major wildfires that have spread to 10,000 hectares (24,710 acres) across Western Canada and are sending smoke plumes over five provinces, as well as parts of the northern U.S. Bowinn Ma, [Read more]
ISS recommends Hess shareholders abstain from voting for merger with Chevron
Proxy advisory firm ISS recommended on Monday that Hess shareholders abstain from voting for Chevron's proposed $53 billion acquisition of Hess. Hess shareholders are set to vote on the deal at a meeting scheduled for May 28. ISS questioned the timing for the vote amid uncertainty around the deal due to an arbitration process filed by Exxon Mobil claiming a right of first refusal (ROFR) over the deal. That arbitration case could drag on until 2025. "Investors are presently unable to [Read more]
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