U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago [Read more]
Oil edges up, but still set for worst H1 performance in 20 yrs
Oil edged up on Friday, recovering some of its steep falls earlier in the week, but crude is still set for its worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.33 per barrel at 0647 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2 percent, at $42.83 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization [Read more]
Oil bounces off 10-month lows; crude glut still weighs
Oil rose on Thursday, a day after hitting 10-month lows, but market sentiment remained negative because the global crude glut has persisted despite OPEC-led output cuts. Brent crude futures ended 40 cents higher to $45.22 a barrel, after falling as low as $44.53. Brent fell 2.6 percent the previous session to $44.35, lowest since November. U.S. crude futures ended up 21 cents a barrel at $42.74 a barrel. On Wednesday, they hit a low of $42.05, their lowest intraday level since August [Read more]
Four of Canada’s biggest banks are key Trans Mountain lenders: filings
Four of Canada's biggest banks are the largest providers of C$5.5 billion ($4.16 billion) in credit for Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion project, the company said in regulatory filings on Thursday. Along with 20 other banks backing the expansion, they are expected to face increasing pressure from environmental and indigenous activists, who have said they would ask the financial institutions to drop Trans Mountain once they are named. Royal Bank of Canada , [Read more]
British Columbia’s Liberals push platform as party faces ouster
The Liberal government of Canada's British Columbia province on Thursday called for political fund raising reform and more funding for social services in a speech to mark the start of a new session of the legislature. The Liberals have little chance of fulfilling those promises because they lost their majority control of the legislature, paving way for a coalition government of New Democrats and the Greens to take power as early as next week through passage of a no-confidence [Read more]
Four of biggest Canada banks are main Trans Mountain lenders -filings
Royal Bank of Canada , Canadian Imperial Bank of Commerce , Bank of Nova Scotia and Toronto-Dominion Bank are the main lenders for Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion, the company said in fillings on Thursday. Activists have said they would exert pressure on those banks to drop Trans Mountain once they are named. The four are among 24 banks that granted C$5.5 billion in loans to an operating subsidiary of Kinder Morgan Canada Ltd , which is [Read more]
Brent crude oil edges back above $45, but excess weighs
Oil edged up from multi-month lows on Thursday, but prices remained under pressure from a supply glut that has persisted despite OPEC-led efforts to balance the market. Brent crude futures were up 43 cents at $45.25 a barrel at 1229 GMT, after falling as low as $44.53 earlier in the day. They fell 2.6 percent in the previous session to $44.35, their lowest since November. U.S. crude futures were up 30 cents at $42.83 a barrel, after also slipping earlier in the day. On Wednesday, they [Read more]
Cenovus facing tough market for critical asset sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said. Brian Ferguson's announcement on Tuesday that he will step down as CEO in October is the latest sign of tumult within Canada's oil sands industry, which has seen international oil majors dump $22.5 billion in assets this [Read more]
Oil headed for weakest first-half performance in two decades
Oil was mostly flat on Wednesday, after paring earlier losses, but was set for its biggest price drop in the first half of the year since 1997, a sign that investors are discounting evidence that major producers are sticking to a deal to cut output. August Brent crude futures LCOc1 were up 8 cents at $46.10 a barrel by 1258 GMT, having fallen earlier to seven-month lows at $45.53. U.S. crude futures CLc1 were up 14 cents at $43.65, having hit their lowest since September on Tuesday. So [Read more]
Cenovus CEO says company cut some jobs as it reviews operations
Cenovus Energy Inc Chief Executive Brian Ferguson said on Tuesday that the company expects to cut some jobs as part of an effort to reduce costs by C$1 billion ($754 million). Ferguson disclosed the plan in a briefing with reporters, saying the company would make the cuts as it assessed its operations to identify "redundancies" and "overlap" in the company. [Read more]