Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance. U.S. West Texas Intermediate crude for July was at $67.25 a barrel, up 63 cents, or 0.95%. Brent crude futures for August rose 68 cents, or 0.99%, to $69.66 a barrel after settling at their highest in two years on Friday. Both contracts are on track for a second monthly gain as [Read more]
How will China’s latest oil probe affect the world’s biggest crude importer?
This year China's government has been gradually ramping up scrutiny of its sprawling oil industry, reinforcing its authority with new taxes on refined products while investigating crude imports by state energy giants and independent refiners. Last Tuesday, the country's top economic planning agency gave five state-owned companies just two days to report on their historic use of imported oil, part of a broader effort by the world's largest oil importer to control inbound shipments as domestic [Read more]
Pieridae Energy hires MUFG as SocGen exits over emissions worries
Canada's Pieridae Energy Ltd has hired Japanese lender MUFG Bank to help raise $10 billion for its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia, it told Reuters. The decision to hire a new banker came after Societe Generale SA, its previous financial advisor, committed to phasing out of new shale financing on environmental grounds. Societe Generale confirmed it had stopped providing support to both Goldboro and a separate project, Quebec LNG, to limit exposure [Read more]
U.S. drillers add oil and gas rigs for a 10th month in a row
U.S. energy firms added oil and natural gas rigs for a fifth week in a row, leading to a 10th monthly increase in May, as crude prices head to their highest since 2018. The oil and gas rig count, an early indicator of future output, rose two to 457 in the week to May 28, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 156 rigs, or 52%, over this time last year. It was also up 87% since falling to a [Read more]
Oil inches higher as upbeat demand outlook counters supply concerns
Oil prices inched higher on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted. U.S. West Texas Intermediate crude rose 12 cents, or 0.17%, to $67.01 a barrel. Brent dropped 12 cents, or 0.17%, at $69.28 a barrel. “Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the [Read more]
Pieridae plans to capture carbon at Alberta gas facility
Canadian energy company Pieridae Energy Ltd said on Thursday it plans to capture and sequester carbon at its natural gas processing facility in Caroline, Alberta. The planned Caroline complex - expected to store up to 3 million tonnes of carbon dioxide per year in a depleted underground reservoir - is part of a growing effort by energy firms to reduce greenhouse gas emissions to meet increasing customer and government demand for cleaner energy. Earlier on Thursday, U.S. liquefied natural [Read more]
Eyes on U.S. climate lawsuits after landmark Dutch ruling
A landmark ruling on Wednesday by a Dutch court ordering Royal Dutch Shell to drastically cut its planned greenhouse gas emissions could impact the United States where most of the world's climate cases are being litigated. About 1,375 lawsuits seeking relief from climate change have been filed in U.S. courts, compared to about 425 in other various countries, according to the Sabin Center for Climate Change Law at Columbia Law School. The following is a summary of how litigation of the most [Read more]
Oil slips on fears of supply glut from possible return of Iranian supply
Oil inched lower on Wednesday as worries that a possible return of Iranian supply would cause a glut outweighed expectations of improving U.S. fuel demand that were reinforced by a drop in weekly inventory estimates. U.S. West Texas Intermediate (WTI) crude for July was at $65.92 a barrel, down 38 cents, or 0.57%. Brent crude oil futures for July fell 29 cents, or 0.41%, to $68.30 a barrel. Both benchmarks edged higher on Tuesday, ending at their highest levels in a week, amid hopes [Read more]
Canada’s top pension funds boost investments in oil sands
Canada's biggest pension managers boosted their investments in the country's major oil sands companies in the first quarter of 2021, raising questions about the funds' recent commitments to greening their portfolios. The cumulative investment by the country's top five pension funds into the U.S.-listed shares of Canada's top four oil sands producers jumped to $2.4 billion in the first quarter of 2021, up 147% from a year ago, a Reuters analysis of U.S. 13-F filings show. Much of that [Read more]
U.S. to issue first cyber regulations for pipelines after hack
The U.S. government is preparing to issue its first cybersecurity regulations for pipelines after the Colonial Pipeline hack that disrupted fuel supplies in the southeastern United States, the Washington Post reported on Tuesday. The Transportation Security Administration, a unit of the Department of Homeland Security, would require pipeline companies to report cyber incidents to federal authorities, senior DHS officials told the newspaper. It planned to issue a security directive this [Read more]
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