Oil prices steadied on Thursday as OPEC forecast slower demand for its crude next year, with crude futures easing from their highest in more than a month after U.S. producers cut nearly a third of their output in the Gulf of Mexico ahead of what could be one of the first major storms of the Atlantic hurricane.Brent crude futures fell 23 cents to $66.78 a barrel by 12:59 p.m. EDT (1659 GMT). During the session, they hit their highest since May 30 at $67.65 a barrel.U.S. West Texas Intermediate [Read more]
Intensifying storm shuts U.S. coastal refinery, adding to energy production losses
Threatened flooding from a tropical storm in the U.S. Gulf of Mexico that cut nearly a third of the region's oil production has forced the shutdown of a coastal refinery, pushing oil and gasoline prices higher on Thursday.Phillips 66 said it expected to complete the closing of its 253,600-barrel-per-day (bpd) Alliance, Louisiana, refinery on Thursday after local authorities ordered a mandatory evacuation of the area.Pipeline operator Enbridge evacuated staff from three offshore [Read more]
Oil at six-week high on Gulf of Mexico storm, Iran tensions
Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region. U.S. West Texas Intermediate crude futures were up 25 cents at $60.68 a barrel, having touched their highest since May 23 at $60.94. They gained 4.5% in the previous session. Brent crude futures were up 32 cents at $67.33 a barrel by 1153 GMT. Earlier in the session they hit their [Read more]
Heavy crude differential narrows slightly
The discount on Canadian heavy crude narrowed slightly on Wednesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $11.50 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Tuesday, WCS for August delivery settled at $11.70 a barrel below WTI crude futures.* Some minor draws on storage have supported prices and narrowed the differential, a Calgary trader said.* Many industry players are attending [Read more]
Enbridge eases oil volume terms for Mainline pipeline in response to small producers’ fears
Enbridge Inc has lowered oil-shipping requirements on its Mainline pipeline by nearly two-thirds, the company confirmed on Wednesday, a move likely to satisfy smaller producers that feared they would be elbowed out by the company's initial requirements.Enbridge now requires minimum volume commitments of 2,200 barrels per day (bpd), down from the 6,000 bpd commitment it previously sought, Enbridge spokesman Jesse Semko told Reuters. The company confirmed the change after sources said [Read more]
U.S. oil producers shut offshore output as storm forms in Gulf of Mexico
Anadarko Petroleum Corp (APC.N) has joined major U.S. oil producers shutting production and withdrawing staff from offshore platforms in the U.S. Gulf of Mexico ahead of a storm threatening oil-producing areas. U.S. oil prices climbed 2.7% on Wednesday as more producers shut production and removed workers at Gulf oil and gas platforms. A tropical cyclone could form by Thursday, moving westward over the northern Gulf of Mexico, with the potential to produce a storm surge from Louisiana to the [Read more]
Heavy crude differential edges narrower
The discount on Canadian heavy crude tightened on Tuesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $11.70 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Monday, WCS for August delivery settled at $12.05 a barrel below WTI crude futures.* One industry source said trading volumes were reasonably strong despite many industry players attending events at the Calgary Stampede, a 10-day rodeo in [Read more]
Canadian oil companies see output cuts easing as rail capacity grows
Major Canadian oil companies, which publicly disagreed over the Alberta government’s forced curtailments this year, are in lockstep over how to end the production limits, saying they should be eased as more rail capacity comes online.Senior executives from Suncor Energy , Canadian Natural Resources , Imperial Oil Ltd and Cenovus Energy said at a TD Securities investor conference in Calgary on Tuesday that they are in talks with Premier Jason Kenney’s Alberta government [Read more]
Russian output falls to three-year low as oil rivals clash
Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft and the country’s biggest producer Rosneft. Transneft curbed oil intake from Yuganskneftegaz, Rosneft’s main upstream unit, the oil producer said, hurting production that has already been depressed by an oil contamination crisis. Rosneft confirmed intake limits first reported by Reuters. Transneft also confirmed to local media it had capped [Read more]
Oil steadies as demand concern counters Middle East tensions
Oil prices steadied on Monday as tensions over Iran’s nuclear program were tempered by global economic growth concerns and consequently oil demand. U.S. West Texas Intermediate (WTI) was down 2 cent at $57.49. Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last [Read more]
- « Previous Page
- 1
- …
- 955
- 956
- 957
- 958
- 959
- …
- 1083
- Next Page »