Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions. It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). In the run up to the conference, the IEA called on oil and gas producers to let go of "the illusion that implausibly [Read more]
Oil rebounds from six-month-low, demand concerns still cloud
Oil prices reclaimed some ground on Thursday after tumbling to a six-month-low in the previous session, but investors remained concerned about sluggish demand and economic slowdowns in the U.S. and China. Brent crude futures rose 38 cents, or 0.5%, to $74.68 a barrel by 0409 GMT. U.S. West Texas Intermediate crude futures rose 42 cents, or 0.6%, to $69.80 a barrel. "Oil markets may have been oversold," which could mean the recovery is a "short-term rebound," said Tina Teng, a markets [Read more]
Saudi crown prince, Russia’s Putin stress need for OPEC+ to commit to deal – SPA
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin stressed in their meeting in Riyadh the need for OPEC+ members to commit to the group's agreement, Saudi state news agency SPA said on Thursday, citing a joint statement. Prince Mohammed and Putin praised their countries' close cooperation and "the successful efforts of OPEC+ states in boosting the stability of global oil markets", SPA added. OPEC+ is a group that constitutes the Organization of the Petroleum [Read more]
Heavy oil discount narrows further
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened again on Wednesday: * WCS for January delivery in Hardisty, Alberta, settled at $18.40 a barrel under WTI, according to CalRock, having settled at $21.50 a barrel under WTI on Tuesday. * Several market participants said they were surprised by the size of the move, which came a day after Canadian regulators denied a variance request for the Trans Mountain [Read more]
Oil price premiums in future months signal supply glut
Forward prices for U.S. crude were at their steepest premium to prompt barrels on Wednesday, a sign of ample supply and growing fears of weak fuel consumption. Prices for U.S. West Texas Intermediate crude oil to be delivered next July traded on Wednesday about 90 cents higher than crude oil to be delivered in January, the highest premium this year. Barrels for delivery in a year from now traded at a 20-cent premium to one-month forward prices. Investors now feel the market is a bit over [Read more]
Canada to unveil cap and trade system for oil and gas emissions -gov’t source
Canada plans to unveil a cap and trade system starting in 2026 for limiting emissions from the oil and gas sector, a government source said on Wednesday, a step toward fulfilling one of Prime Minister Justin Trudeau's key climate policies. The framework for the cap and trade system will be announced on Thursday at the United Nations COP28 climate summit in Dubai, ahead of draft regulations being released next year. Oil and gas is Canada's highest-polluting industry and produced 189 [Read more]
US crude stockpiles fall, fuel builds as refining ramps up – EIA
U.S. crude oil stockpiles fell last week with production falling for the first time since July, while gasoline and distillate inventories rose as refiners ramped up output, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.6 million barrels in the week ending Dec. 1 to 445 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop. The crude stock figure was adjusted down 2.7 million barrels, the [Read more]
US natgas prices edge up on cooler forecasts, record LNG feedgas
U.S. natural gas futures edged up around 1% on Wednesday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected, and as record amounts of gas flowed to U.S. liquefied natural gas (LNG) export plants. The price increase came despite near-record U.S. output and forecasts for mostly mild weather through late December that have allowed utilities to leave more gas in storage to meet heating demand. Analysts forecast U.S. gas stockpiles on Dec. 1 [Read more]
How would Canada’s proposed oil and gas emissions cap work?
Canada plans to unveil a framework for its long-awaited oil and gas emissions cap at the United Nations COP28 climate summit in Dubai, the only major only-producing country developing such a policy. Here are details of what it is expected to entail, and what it will mean for the fossil fuel sector: WHAT IS THE OIL AND GAS EMISSIONS CAP? Canadian Prime Minister Justin Trudeau first promised a cap that would limit oil and gas emissions during his 2021 re-election campaign. It is a key part of [Read more]
Heavy oil discount narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Tuesday. WCS for January delivery in Hardisty, Alberta, settled at $21.50 a barrel under WTI, according to CalRock, having settled at $22.65 a barrel under WTI on Monday. Market players said WCS sold off sharply from earlier highs, however, after the Canada Energy Regulator denied a variance request for the Trans Mountain Expansion (TMX) project, increasing the [Read more]
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