Oil prices rose on Thursday, building on recent gains after forecasts for stronger oil demand by the International Energy Agency (IEA). Brent crude was up 40 cents at $55.56 a barrel by 1100 GMT, having risen by 89 cents, or 1.6 percent, on Wednesday. U.S. light crude was up 40 cents at $49.70 after a 2.2 percent gain in the previous session. Brent has now climbed by more than $10 a barrel over the past three months and is close to where it was at the beginning of the year, trading between [Read more]
Oil rises as IEA forecast overshadows U.S. crude build
NEW YORK (Reuters) - Crude oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in domestic inventories due to Hurricane Harvey. U.S. gasoline prices fell despite a record drawdown in fuel inventories. Analysts expect supply to increase as refineries return online after Harvey shut nearly a quarter of U.S. capacity. Demand is expected to slip due to the effects of [Read more]
U.S. crude inventories jump, gasoline stocks drop most on record: EIA
U.S. crude oil stockpiles rose sharply last week and gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, the Energy Information Administration said on Wednesday. Refineries operated at the lowest level in nine years after Harvey, which hit the Gulf Coast on Aug. 25, shuttered plants on the Texas Coast as well as oil production operations and ports. Crude oil production that was shuttered in the wake of Harvey have began to return [Read more]
Questfire Energy shuts in 900 boepd because of Alberta wildfire -CEO
Junior Canadian oil and gas producer Questfire Energy Corp has shut in 900 barrels of oil equivalent per day of mostly natural gas production because of a wildfire raging in southern Alberta, the company chief executive said on Wednesday. CEO Richard Dahl said the out-of-control Kenow wildfire is currently about 2-3 kilometres west of the company's operations, which were shut in at about 2 a.m. local time on Tuesday morning. (Reporting by Nia Williams; Editing by Chris Reese) [Read more]
Oil prices rise as IEA sees higher demand, shrinking inventories
Oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink due to robust global demand and an output drop from OPEC and other producers. By 1201 GMT, international benchmark Brent crude was up 47 cents, or 0.8 percent, at $54.74 a barrel. U.S. West Texas Intermediate (WTI) CLc1 was up 47 cents, or 0.9 percent, at $48.70 a barrel. “Based on recent bets made by investors, expectations are that markets are tightening and that [Read more]
One injured in fire at Canadian Natural oil sands project
One person was injured after an electrical fire broke out at Canadian Natural Resources Ltd's Horizon oil sands project on Monday evening, the company said on Tuesday. The fire was quickly extinguished and the person was being treated for minor injuries, Canadian Natural spokeswoman Julie Woo said in a statement. Production is unaffected as the 190,000-barrel-per-day Horizon project is already shut down for 45 days of maintenance, Woo said, adding that the company is assessing the fire [Read more]
Canada’s Desjardins mulls withdrawal from Kinder pipeline expansion
Canadian lender Desjardins is considering backing out of its C$145 million ($113 million) commitment to Kinder Morgan Inc's Trans Mountain pipeline expansion, two people present at a meeting with the financial institution told Reuters. At the meeting last Thursday, Desjardins senior executives told aboriginal leaders the lender will consider their request to pull its financing for the C$7.4 billion ($6.1 billion) project, said Eugene Kung, a lawyer for the west coast Tsleil-Waututh [Read more]
Shell Canada shuts some gas operations due to southern Alberta wildfire
Shell Canada, a subsidiary of Royal Dutch Shell Plc , is shutting some gas operations in its Waterton complex in southern Alberta as a precaution against an uncontrolled wildfire raging nearby, the company said on Tuesday. The Waterton complex includes natural gas wells and a processing plant and has production capacity of nearly 179 million cubic feet per day. So far the company has not shut its Waterton gas plant but is closely monitoring the situation, spokesman Cameron Yost said in a [Read more]
Oil edges up as OPEC output falls, offsets hurricane concerns
Oil prices recouped some losses on Tuesday, helped by OPEC saying its output fell in August, indicating a production-cutting deal with non-member countries is helping to tackle a supply gut. In its monthly report, the Organization of the Petroleum Exporting Countries also raised its demand forecast for 2018, and said two hurricanes that hit the United States in recent weeks would have “negligible” impacts on demand. The market is grappling with Hurricane Irma’s effect on demand, even as [Read more]
Enbridge’s Line 3 oil pipeline upgrade challenged by Minnesota government
CALGARY, Alberta (Reuters) - Enbridge Inc’s upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut. The testimony by Minnesota’s Department of Commerce is the latest challenge against the C$8.2 billion ($6.52 billion) project through the state, which faces fierce opposition from environmentalists and aboriginal groups. The Minnesota Public [Read more]
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