Oil extended gains to hit fresh multi-year highs on Monday, underpinned by a brighter economic and fuel-demand outlook, while investors eyed the outcome of talks between Iran and world powers over a nuclear deal that is set to boost crude supplies. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 and was at $69.58 a barrel, up 20 cents, or 0.29%.  Brent crude futures for August rose 20 cents, or 0.28%, to $71.79 a barrel, their highest since May [Read more]

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as growth in drilling slows despite crude prices hitting their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 456 in the week to June 4, according to data on Friday from energy services firm Baker Hughes Co. Despite this week's decline, the total rig count was up 172 rigs, or 61%, over this time last year. It was also up [Read more]

Oil extended gains above $71 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. [EIA/S] U.S. West Texas Intermediate crude was up [Read more]

Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.60 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Wednesday's settle of $14.10 a barrel. Heavy crude differentials have remained wider than $14 a barrel since the new monthly trade cycle started on Tuesday. Light synthetic crude from the oil sands for July delivery [Read more]

Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Wednesday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, tightening from Tuesday's settle of $14.65 a barrel. One Calgary-based industry source said trade was relatively busy on the second day of the monthly trade cycle. Light synthetic crude from the oil sands for July delivery widened [Read more]

OPEC+, which on Tuesday rubber stamped an earlier decision to go ahead with production increases over the next two months, now sees the oil market tightening further than previously anticipated. Under their existing plan, the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will add 700,000 barrels per day (bpd) in June and 840,000 bpd in July. The oil market, which was largely expecting this outcome, reacted positively, with Brent crude prices [Read more]

Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Tuesday, the first day of the new monthly trade cycle. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.70 per barrel below WTI, according to NE2 Canada Inc, widening 55 cents from the previous settle. Tuesday was the first day of the monthly Canadian crude trading window, which runs for roughly two and a half weeks from the first of each month until the day [Read more]

The Canadian dollar strengthened against its U.S. counterpart on Tuesday, moving close to a recent six-year high, as oil prices rose ahead of an OPEC supply decision and data showed first quarter growth in the domestic economy. The loonie, which has benefited this year from higher commodity prices and a more hawkish stance from the Bank of Canada, rose 0.3% to 1.2031 per greenback, or 83.12 U.S. cents. Two weeks ago, it touched its strongest level since May 2015 at 1.2014. Canada's first [Read more]

Oil prices will see a gradual uptick this year as economies shake off pandemic blues and weather headwinds from the coronavirus crisis in India and a potential return of Iranian supply, a Reuters poll showed on Tuesday. The survey of 45 participants forecast Brent would average $64.79 per barrel -- the sixth straight upward revision in the 2021 consensus -- up slightly from April's $64.17 projection. The benchmark has averaged $63.52 so far this year. "In the second half of the year, [Read more]