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]
Prospects advance for Canada’s oil pipelines, but hurdles remain
Prospects for expanding pipelines to move Canadian oil to markets have brightened, but plenty of hurdles remain for the Canadian sector, which has struggled for years with low prices and a glut in storage due to long project delays. Two of three major proposals - TC Energy Corp's Keystone XL and the Canadian government-owned Trans Mountain - have cleared obstacles to bring them a step closer to fruition. The third, Enbridge Inc's Line 3, faces a new round of hearings before regulators in [Read more]
Oil falls amid spread of Wuhan virus, rising crude inventories
Oil prices fell on Thursday, resuming their declines after a brief pause earlier this week, as alarm spread over the economic impact of the Wuhan virus in China, while a bigger-than-expected increase in U.S. crude stocks added to the negative tone. U.S. crude was down 51 cents, or 1%, at $52.82 a barrel, after dropping 0.3% in the previous session. Brent was down 62 cents, or 1%, at $59.19 a barrel by 0623 GMT, having risen 0.5% on Wednesday. Prices had steadied in recent days, after [Read more]
Column: LNG, the “champagne” of fuels, should enjoy its beer moment
It's been an extremely weak start to the new decade for liquefied natural gas (LNG) with spot prices in Asia falling to more than 10-year lows, but it's not all doom and gloom for an industry that sees itself as part of the solution to climate change. The average spot price for LNG delivered to north Asia for March dropped to $4 per million British thermal units in the week to Jan. 24, with some cargoes trading at just $3.95. At below $4 per mmBtu, the spot price is at the weakest level in [Read more]
Canada could delay decision on Teck’s oil sands project, says key minister
Canada has the power to delay a decision on whether to approve a new Teck Resources Ltd oil sands project, a key cabinet minister said on Tuesday, a sign Ottawa could push back what will be a contentious decision. Ottawa must decide by end-February if Teck can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta, capable of eventually producing 260,000 barrels of crude oil per day. If the minority Liberal government of Prime Minister Justin Trudeau says yes, it would [Read more]
Oil ends 6 day fall as China virus raises global growth, demand concerns
Oil futures recovered after a 6 day fall on Tuesday as the spread of a new virus in China and several countries raised concerns about a hit to economic growth and oil demand. U.S. West Texas Intermediate was up 27 cents, or 0.5%, at $53.09, after slipping to its lowest since early October in the previous session at $52.13. Brent crude was up 4 cents, or 0.07%, to $58.98 at around 0348 GMT, after touching a three-month low on Monday at $58.50, as the virus outbreak triggered a global [Read more]
Oil drops below $54 as China virus drives demand concern
Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China's coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand. U.S. crude was down by 94 cents, or 1.75%, at $53.28. Brent crude fell by $1.14 a barrel, or 1.88%, to $59.50. Global stock exchanges also fell as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms added oil rigs for a second consecutive week, raising doubts over producers' plans to continue reducing spending on new drilling for a second year in a row in 2020. Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 862 active rigs. The oil rig count, an early indicator of future output, dropped in 2019 after [Read more]
Oil falls 2% as specter of China virus threatens fuel demand
Oil prices fell 2% on Friday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude ended down $1.15, or 2%, at $54.59 a barrel. Brent crude futures fell $1.17, or 1.9%, to settle at $61.00 a barrel. Two Chinese cities were put in lockdown on Thursday as health authorities around the world scrambled to prevent a global pandemic. The [Read more]
Oil market shrugs off Libya crisis amid ample global supply
Oil prices fell on Tuesday on expectations that a well-supplied global market, including supplies from record U.S. production, would be able to absorb disruptions that have cut Libya’s crude production to a trickle. U.S. crude fell $1.16, or 2.05%, to $58.88 per barrel. Brent futures dropped $1.28, or 2.01% to $61.36 a barrel. Libya’s barrels “although plentiful when around, have not been a reliable count,” said Brayton Tom, senior risk manager for INTL FCStone’s energy team. “At the [Read more]
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