Irving Oil, operator of Canada’s largest oil refinery, has abandoned a pledge to cut carbon output by 17% from 2005 levels by 2020, replacing it instead with a goal to keep its performance on climate change competitive with rivals, according to documents reviewed by Reuters.The policy change appears likely to ensure the refinery – the nation's 18th biggest greenhouse gas emitter - misses the cuts by a wide margin at a time Ottawa is seeking to slash emissions and build a [Read more]
Enbridge applies to Canada regulator for Mainline oil shipping changes
Enbridge Inc submitted on Thursday its application to the Canada Energy Regulator (CER) to contract out space on its Mainline oil pipeline, and said it had significant support from shippers, documents filed with the regulator showed. Enbridge plans to allow shippers to book 90% of space under long-term contracts on the nearly 3 million barrel per day Mainline, Canada's biggest oil pipeline system, rather than continue to ration space on a monthly basis. The move comes as existing Canadian [Read more]
Oil prices surf U.S.-China trade thaw to 3-month highs
Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets. U.S. West Texas Intermediate (WTI) crude gained 4 cents to $60.97 Brent crude futures edged up 8 cents to $66.25 a barrel. While trading volume was thin, with not even news of President Donald Trump's impeachment by the U.S. House of Representatives stirring the oil market. "We're near the [Read more]
Oil pipeline operator urges Canada court to dismiss indigenous court action
Trans Mountain Corp, the operator of Canada's state-owned oil pipeline, asked a court on Wednesday to dismiss a legal application by four indigenous groups to overturn government approval for expansion. A three-day Federal Court of Appeal hearing began in Vancouver on Monday to hear the groups' concerns that the government did not adequately consult them, the latest obstacle to tripling capacity on the Alberta-to-British Columbia pipeline, which the Canadian oil industry says is badly [Read more]
Oil rises to 3-month highs on U.S.-China trade hopes, supply cuts
Oil prices rose on Tuesday to rreach a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline, set to stoke oil demand in the world's biggest economies. West Texas Intermediate crude was up 43 cents to $60.63 a barrel. Brent crude oil futures had risen by 36 cents to $65.70 a barrel, while Under a partial trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese [Read more]
U.S. natgas futures rise 2% on cold forecasts for this week and in January
U.S. natural gas futures rose 2% on Monday on forecasts confirming cold weather and high heating demand this week, despite an outlook showing next week will be warmer than previously expected. Traders noted the latest weather forecast also called for a likely return of cold in January. Front-month gas futures for January delivery on the New York Mercantile Exchange (NYMEX) rose 4.5 cents, or 2.0%, to settle at $2.341 per million British thermal units, the highest since Dec. 5. That was [Read more]
Trans Mountain oil pipeline faces latest legal challenge in Canada court
The Canadian government-owned Trans Mountain oil pipeline expansion faces its latest legal hurdle in a federal court this week as indigenous groups appeal the pipeline's expansion, arguing the government did not adequately consult them before approving it. A three-day hearing begins on Monday at Canada's Federal Court of Appeal in Vancouver, which agreed to hear concerns from the Coldwater Indian band, the Squamish Nation, the Tsleil-Waututh Nation and others that the government's second [Read more]
Heavy discount widens to near the biggest in a year
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday as traders continued to focus on record stockpiles. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $22 per barrel below WTI, according to NE2 Canada Inc, near the widest level since early December 2018. WCS settled at $21.50 below futures on Thursday. Light synthetic crude from the oil sands traded $2.95 below WTI, steady [Read more]
U.S. drillers add oil rigs for first week in eight
U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling. Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. That keeps the oil rig count on track to fall for the first year since 2016. The decline, however, only totals 218, which is [Read more]
Oil prices hit highest in 3 months as U.S.-China trade deal takes shape
Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world's two biggest economies that has raised big questions about global demand for crude. West Texas Intermediate (WTI) crude was up 31 cents, or 0.5%, to $59.49 a barrel, the highest since Sept. 16. Brent futures climbed 43 cents, or 0.7%, to $64.63 a barrel, its highest since Sept. 23. "Risk appetite ran wild after Trump [Read more]
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