Oil rose above $57 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand. West Texas Intermediate crude climbed $1.04 to $57.39. Brent crude rose 80 cents to $62.56 after settling down $1.22 on Wednesday. China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday [Read more]
Marathon profit plunges as weak prices offset higher shale output
Marathon Oil Corp reported a 44.5% fall in quarterly adjusted profit on Wednesday, as weak crude and gas prices limited gains from higher output in its U.S. shale basins.The results were similar to those from fellow shale producers that signaled the hit from weak commodity prices due to record output from the United States and pressure on demand from the global trade war.U.S crude oil and condensate prices were down about 20% on average for Marathon, while internationally it fell 28%. The [Read more]
EOG Resources adjusted profit slumps on lower prices
U.S. shale producer EOG Resources Inc reported a 35.6% fall in quarterly adjusted profit on Wednesday, as weaker crude and natural gas prices countered the benefits from higher production.Shale companies have so far reported disappointing third-quarter quarterly earnings as crude oil prices dropped 18% drop during the period, even as production jumped.EOG said average natural gas liquids prices fell 58% and gas prices fell 22%, while average prices for crude oil and condensate prices declined [Read more]
Heavy discount widens to near 11-month high
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, as traders continued to factor in oil transportation constraints after the Keystone pipeline's shutdown. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $22.35 per barrel below WTI, according to Net Energy Exchange, wider than Tuesday's settle of $21.90. The intraday price approached the 11-month high of $22.40 that [Read more]
Canada's TC Energy declares force majeure after Keystone pipeline spill -sources
Canadian pipeline operator TC Energy Corp has declared force majeure after a spill forced its Keystone oil pipeline to shut down last week, the second consecutive month it has made the declaration, sources said. TC told shippers that the shutdown means that it cannot carry out 30% of their normal November shipments on the 590,000 barrel-per-day line from Alberta to U.S. Midwest refineries. That implies that the company is estimating the line would be shut for about 10 days, one of the [Read more]
Keystone pipeline spill hardens landowner opposition to proposed expansion
A big oil spill from the Keystone Pipeline in North Dakota last week has hardened opposition to the controversial Keystone XL expansion among landowners along its route, who say they hope to use the incident to help block or stall the project in court. Operator TC Energy Corp is in the process of securing land easements for Keystone XL from scores of reluctant landowners in Nebraska, one of the final obstacles to a project linking Canada’s oil fields to U.S. refineries that has been delayed [Read more]
TC Energy issued corrective action order by U.S. regulator after Keystone pipeline leak
TC Energy was issued a corrective action order by the U.S. Pipeline And Hazardous Materials Safety Administration (PHMSA) on Tuesday after its 590,000-barrel-per-day (bpd) Keystone system spilled more than 9,000 barrels of crude in rural North Dakota. PHMSA's order finds that continued operation of affected Keystone pipeline segment, between Edinburg and the pump stations near Niagara, North Dakota, without corrective action is or would be hazardous to life, property, or environment.The [Read more]
Workers plug Keystone pipeline in North Dakota to access site of spill
TC Energy Corp has plugged its Keystone crude oil pipeline in North Dakota, allowing workers to excavate a portion of the pipeline that leaked last week and determine the cause of the spill, a state official said on Tuesday. Work will begin this week to access the precise point of the pipeline that leaked more than 9,000 barrels of crude in rural Walsh County, North Dakota, forcing the line to be shut, said Karl Rockeman, director of the state's Division of Water Quality. There is no [Read more]
Heavy discount narrows as fears of lengthy Keystone outage ease
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, as fears of a lengthy Keystone oil pipeline outage eased. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $21.90 per barrel below WTI, according to Net Energy Exchange, narrower than Monday's settle of $22.30. Worries about the possible duration of the Keystone pipeline outage abated, as available storage capacity in [Read more]
Heavy discount widens to fresh 11-month high due to Keystone pipeline shutdown
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday, hitting a fresh 11-month high, as the shutdown last week of the Keystone oil pipeline made it harder to ship oil. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $22.35 per barrel below WTI, according to Net Energy Exchange, a larger discount than Friday's settle of $22. The precise source of a leak on TC Energy Corp's [Read more]
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