The Canadian government is backing up to C$2 billion ($1.5 billion) in new commercial loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to the Pacific coast. Information posted on Export Development Canada's website on Friday showed a C$1.75 billion to C$2 billion loan guarantee for TMC was signed on Nov. 30. The government's backing lowers the risk to lenders and would help TMC secure loans at lower interest [Read more]
Iran threatens Mediterranean closure over Gaza, without saying how
An Iranian Revolutionary Guards commander said the Mediterranean Sea could be closed if the United States and its allies continued to commit "crimes" in Gaza, Iranian media reported on Saturday, without explaining how that would happen. Iran backs Hamas against Israel and it accuses the United States of backing what it calls Israeli crimes in Gaza, where weeks of bombardment have killed thousands of people and driven most of the population from their homes. "They shall soon await the [Read more]
More ships carrying oil avoid Red Sea route
At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants. Iran-backed Houthis, who say they are supporting Palestinians under siege by Israel in the Gaza Strip, have attacked commercial shipping with drones and missiles, forcing shippers to change course and take longer routes around [Read more]
US natgas prices slide 2% ahead of Christmas break on record output
U.S. natural gas futures slid about 2% on Friday ahead of the long Christmas holiday weekend on record output and mild weather that should allow utilities to keep pulling less gas from storage through the end of the year. Analysts forecast there was around 10.4% more gas in storage than usual for this time of year. That price decline came despite forecasts for much colder weather and higher heating demand in January and as record amounts of gas flow to the U.S. liquefied natural gas (LNG) [Read more]
US drillers cut oil and gas rigs for second week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid November, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future output, fell by three to 620 in the week to Dec. 21, the lowest since mid November. Baker Hughes said that put the total rig count down 159 rigs, or 20%, below this time last year. Baker Hughes said U.S. [Read more]
Oil extends weekly gains, up 1% as Red Sea tension persists
Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC raised questions over the group's effectiveness in supporting prices. Brent crude futures were up 86 cents, or 1.1%, to $80.25 a barrel by 0409 GMT, while U.S. West Texas Intermediate crude futures were up 81 cents, or 1.1%, at $74.70 a barrel. Both the contracts are also up over 4% for a second consecutive week, as [Read more]
Angola’s OPEC exit is a sideshow with a hard edge
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.) LONDON, Dec 21 (Reuters Breakingviews) - OPEC’s un-Merry Christmas just got gloomier. Less than a month after fresh cuts by the Organization of the Petroleum Exporting Countries that nevertheless saw oil prices fall, Angola said on Thursday it was quitting the 13-strong group. It’s a minor rumpus that points to longer-term fissures. The African state’s exit isn’t hugely surprising: it has chafed [Read more]
US natgas prices gain 2% on cooler forecasts ahead of storage report
U.S. natural gas futures gained about 2% on Thursday on forecasts for colder weather and higher heating demand in early January than previously expected and as record amount of gas continued to flow to liquefied natural gas (LNG) export plants. That price increase came ahead of a federal report expected to show last week's storage withdrawal was smaller than usual for this time of year because warmer-than-normal weather kept heating demand low. Analysts forecast U.S. utilities pulled 80 [Read more]
Oil set to end winning streak over US stock build
Oil prices fell on Thursday and were on track to snap a three-day winning streak, as concerns over low demand following a surprise U.S. crude inventory build outweighed jitters over global trade disruptions due to tensions in the Middle East. Brent crude futures fell 22 cents, or 0.3%, to $79.48 a barrel by 0303 GMT while U.S. West Texas Intermediate crude was at $74 a barrel, also down 22 cents or 0.3%. Both benchmarks ended higher on Wednesday for a third straight session, as [Read more]
US natgas prices slide 2% on record output and mild weather
U.S. natural gas futures slid about 2% on Wednesday on record gas production and lowered forecasts for temperatures and heating demand next week that should allow utilities to keep pulling less gas from storage than usual through the end of December. Analysts forecast there was around 8.7% more gas in storage than usual for this time of year. Still, record amounts of gas flowed to liquefied natural gas (LNG) export plants and forecasts were lifted for gas demand this week. Front-month [Read more]
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