Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude … [Read more...]

U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week … [Read more...]

Shippers scrambled to shift freight onto trucks on Thursday as a strike at Canada's biggest railroad, Canadian National Railway Co , entered its third day and left many goods stranded. Some 3,200 unionized employees, including conductors and yard workers, hit picket lines on Tuesday in the biggest such action in a decade. The strike, which is over working conditions, has slowed output at industrial plants making chemicals, canola oil and other products. Some major retailers and pulp and … [Read more...]

U.S. natural gas futures fell to a fresh three-week low on Tuesday as production rose to an all-time high and the latest weather forecasts confirmed an earlier outlook calling for near normal temperatures through early December. After dropping around 4.5% on Monday on moderating weather forecasts, front-month gas futures for December delivery on the New York Mercantile Exchange fell 5.6 cents, or 2.2%, to settle at $2.510 per million British thermal units, their lowest close since Oct. 28 for … [Read more...]

About 3,000 workers of Canadian National Railway , the country's largest railroad operator, went on strike on Tuesday, labor union Teamsters Canada said after both parties failed to resolve contract issues. "Conductors, trainperson and yard workers at Canadian National Railway are now officially on strike," the union said in a tweet . Canada, one of the world's biggest exporters of farm products, relies on its two main railways to move canola and wheat over the vast distances from western … [Read more...]

Canada's Liberal government sent two ministers on Monday to meet with representatives of Canadian National Railway Ltd and its largest union, as already hard-hit shippers pleaded for government intervention to avert a strike planned for early on Tuesday. The threatened strike by 3,000 workers with Teamsters Canada comes as the country is grappling with softer demand for freight. Labor Minister Patty Hajdu and Transportation Minister Marc Garneau were to meet with representatives from CN, … [Read more...]

Canadian National Railway said on Saturday that the Teamsters labor union had given it notice it plans to strike starting Nov. 19, following a stalemate in negotiations between the two parties. The company, the largest Canadian railroad operator, offered the Teamsters Canadian Rail Conference a binding arbitration, which the union declined, CN's Chief Operating Officer Rob Reilly said in a statement. "If a settlement cannot be reached this weekend, we will once again encourage the union … [Read more...]