BOE Report

Heavy discount narrows to near one-month low

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The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday to the smallest discount in nearly one month, since before the Keystone pipeline shut down last month. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $16.50 per barrel below WTI, according to Net Energy Exchange, compared with Wednesday's settle of $17.85 below. The differential was as narrow as $15.25, the smallest in [Read more]

Heavy discount narrows further as Keystone resumes operation

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The discount on Canadian heavy crude continued to narrow versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, after the Keystone pipeline returned to service on Sunday and eased bottlenecks. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $17.85 per barrel below WTI, according to Net Energy Exchange, narrower than Tuesday's settle of $18.75 below. The availability of spot market space on smaller pipelines was [Read more]

TC Energy cuts November volumes on Keystone oil pipeline by about 39% after leak -sources

TC Energy Corp told a majority of Keystone oil pipeline shippers that November volumes would be cut by nearly 39% after a leak in North Dakota spilled more than 9,000 barrels about two weeks ago, sources familiar with the matter said on Wednesday. TC Energy did not immediately respond to a request for comment. The company had earlier told shippers that the outage meant it could not carry out 30% of their normal November shipments on the 590,000 barrel-per-day line from Alberta to U.S. [Read more]

Oil rises on U.S.-China trade deal hopes

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Oil prices rose on Wednesday as prospects for a trade deal between the United States and China grew, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Wednesday that the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. U.S. West Texas Intermediate crude was at $57.03, up 27 cents or 0.48%. Brent crude futures grew by 16 cents, or [Read more]

Heavy discount narrows after Keystone pipeline restarts

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The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, after the 590,000-barrel-per-day Keystone pipeline returned to operation following a leak last month in North Dakota. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $19 per barrel below WTI, according to Net Energy Exchange, narrower than Friday's settle of $21.40 below. The market was closed on Monday for a [Read more]

Imperial Oil ramping up crude by rail but not pursuing Alberta rail leases

Imperial Oil Ltd is increasing shipments of Canadian crude by rail after the recent Keystone pipeline outage created more favorable economics, but is not looking to take on Alberta government contracts to move even more oil on trains, Chief Executive Rich Kruger said on Tuesday. The shutdown last month of the leaking Keystone oil pipeline, which moves Alberta oil to U.S. refineries, increased the discount on Canadian heavy crude against U.S. light oil to reflect the steeper challenges moving [Read more]

Saudi Aramco targets sale of 0.5% of oil firm to retail investors in IPO -sources

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Saudi Aramco is looking to sell up to 0.5% of the state oil giant to retail investors in its planned initial public offering (IPO), three sources familiar with the matter told Reuters.The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it will float, although sources have previously said this could be 1-2%.Aramco declined to comment. It is expected to release more details about the company in an IPO prospectus document later on Saturday.Assuming [Read more]

Heavy discount narrows, market awaits Keystone re-start

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The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday, as the market awaited a possible re-start of the 590,000-barrel-per-day Keystone pipeline, an important artery for Canadian heavy crude, imported by U.S. refiners, particularly in the Midwest. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $21.40 per barrel below WTI, according to Net Energy Exchange, narrower than [Read more]

U.S. oil drillers cut rigs for third week in a row

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U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as producers cut spending on new drilling, even though most are still increasing output as they benefit from efficiency gains. Drillers cut seven oil rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 886 active [Read more]

Alberta lifts curtailment on new oil wells to stimulate investment

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The province of Alberta said on Friday that new conventional oil wells could be drilled without being subject to government production limits, in a bid to increase investment. The change takes effect immediately, the provincial government said in a statement. The broader curtailment policy remains in effect to hold oil production to levels that can be moved through congested export pipelines. Alberta introduced mandatory production curbs from Jan. 1 this year to reduce a glut of oil in [Read more]