Canada on Monday formally invoked a 1977 treaty with the United States to request bilateral negotiations over Enbridge Inc's Line 5, escalating a long-running dispute over one of Canada's major oil export pipelines. Line 5 ships 540,000 barrels per day of crude and refined products from Superior, Wisconsin, to Sarnia, Ontario, but the state of Michigan ordered Enbridge to shut it down due to worries a leak could develop in a four-mile section running beneath the Straits of Mackinac in the [Read more]
Canada formally invokes 1977 pipeline treaty with U.S. over Line 5 dispute
Canada on Monday formally invoked a 1977 treaty with the United States to request negotiations over Enbridge Inc's Line 5 oil pipeline, which the state of Michigan has ordered to shut down over concerns it could leak into the Great Lakes. Gordon Giffin, legal counsel for the Canadian government, filed a letter to the federal court dealing with the legal dispute between Enbridge and Michigan, informing the judge of the move. Canada's foreign ministry did not immediately respond to a request [Read more]
Oil rebounds ahead of OPEC+ supply policy meeting
Oil climbed on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained. U.S. West Texas Intermediate (WTI) crude futures rose $1.94, or 2.56% to $77.64, after gaining for the past six weeks. Brent crude was up $2.22 or 2.81% at $81.42 per barrel. It rose 1.5% last week, its fourth weekly gain in a row. Oil prices have risen due to the supply disruptions and a rise [Read more]
U.S. natgas jump over 7% on higher demand, soaring global prices
U.S. natural gas futures jumped over 7% to a fresh seven-year high on Monday on forecasts power generators will burn more of the fuel this week than previously expected and as record global gas prices keep demand for more U.S. liquefied natural gas (LNG) exports strong. Even though the weather is expected to remain milder than normal on average across the United States through mid October, lingering pockets of warm were still expected to keep air conditioners humming in some parts of the [Read more]
OPEC meets on output increase as oil prices rally
OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. The oil price rally to a three-year high is exacerbated by an even bigger increase in gas prices, which have spiked 300% and have come to trade close to an equivalent of $200 per barrel due to supply shortages and low production of other fuels. The Organization of the Petroleum Exporting [Read more]
Fossil fuel demand shakes off pandemic in blow to climate fight
Demand for coal and natural gas has exceeded pre-COVID-19 highs with oil not far behind, dealing a setback to hopes the pandemic would spur a faster transition to clean energy from fossil fuels. Global natural gas shortages, record gas and coal prices, a power crunch in China and a three-year high on oil prices all tell one story - demand for energy has roared back and the world still needs fossil fuels to meet most of those energy needs. "The demand fall during the pandemic was entirely [Read more]
Heavy crude differential widens as new trade cycle gets underway
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Friday, the first day of the monthly Canadian crude trading window. Western Canada Select heavy blend crude for November delivery in Hardisty, Alberta, last traded at $12.05 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from the previous settlement of $11.70 a barrel below the benchmark. The widening WCS differentials held close to levels hit last week, the tightest in five months, [Read more]
U.S. drillers add oil and gas rigs for fourth week in a row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as more storm-hit offshore units resumed service in the Gulf of Mexico, and as crude prices this week hit three-year highs, prompting drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose seven to 528 in the week to Oct. 1, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count [Read more]
OPEC+ considers options for releasing more oil to the market
OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil prices are near a three-year high and consumers are pressing for more supply. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on Monday to review output policy. In July, the group agreed to boost output by 400,000 bpd a month to phase out 5.8 million bpd in cuts. Four OPEC+ [Read more]
Column: Hurricane Ida’s lingering effects tighten global oil market: Kemp
Hurricane Ida's extensive and unexpectedly lingering disruption to output in the Gulf of Mexico has been the single most important factor contributing to the surge in oil prices over the last month. Damage to offshore installations has cut cumulative oil production by more than 30 million barrels since late August, according to statistics from the U.S. Bureau of Safety and Environmental Enforcement. Production losses have fallen from a peak of almost 1.75 million barrels per day (bpd) [Read more]
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