The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval Spa di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully [Read more]
Canada orders seizure of oil tanker carrying crude from Iraqi Kurdistan
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval Spa di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully [Read more]
Oil eases on U.S. holiday after 8 days of gains
Oil prices fell on Tuesday, as investors booked profits on an eight-day rally that was triggered by tentative signs that a persistent rise in U.S. crude production may be slowing. Brent crude futures fell by 15 cents to $49.53 per barrel by 1138 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 12 cents at $46.95 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21. Many traders closed positions ahead of [Read more]
Indian Oil plans to buy N. American sour crude for the first time
India's top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports, three trading sources said on Tuesday. The purchase comes after Indian Prime Minister Narendra Modi's visit to the United States last week when President Donald Trump said the U.S looked forward to exporting more energy products to the world's third-biggest oil buyer. It is part of Trump's policy to assert power globally by boosting natural gas, coal and [Read more]
Canadian National Railway says oil spills after train derails in U.S.
Canadian National Railway Co said about 20,000 gallons of oil was released following a freight train derailment at Plainfield, the U.S. state of Illinois on Friday, according to a filing with state pollution regulators. The cause of the derailment was unknown, a filing with the Illinois Emergency Management Agency said on Saturday. Local media reports estimated the spill to be 45,000 gallons. The incident occurred when 20 cars of a Canadian National Railway Co freight train, carrying [Read more]
Oil prices dip ahead of U.S. holiday after 8 days of gains
Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production was running out of steam. Brent crude futures were at $49.43 per barrel at 0147 GMT, down 25 cents, or 0.5 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were trading down 22 cents, or 0.5 percent, at $46.85 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent [Read more]
Oil prices rise on first drop in U.S. drilling in months
Oil markets edged up on Monday, lifted by the first fall in U.S. drilling activity in months, although price gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures had climbed 13 cents, or 0.3 percent, to $48.90 per barrel by 0643 GMT, after jumping 5.2 percent last week in their first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4 percent, to $46.21 per barrel, adding [Read more]
Oil prices edge up on first drop in U.S. drilling in months
Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT, after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a more than 7 percent gain last week from depressed levels. [Read more]
U.S. oil drillers cut rigs for first week since January – Baker Hughes
U.S. oil drillers cut rigs this week for the first time since January and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. Analysts, however, noted the weekly decline in the rig count was likely just a brief pause in a drilling recovery expected to continue through at least 2019. Drillers cut two oil rigs in the week to June 30, bringing the total rig count down to 756, still more than double [Read more]
Canadian producer prices drop for first time in nine months
Canadian producer prices in May fell for the first time in nine months, dropping by 0.2 percent from April on lower prices for energy and petroleum products, Statistics Canada said on Friday. Analysts in a Reuters poll had forecast a 0.3 percent increase. Of the 21 commodity groups, prices rose in 17, dropped in three and were unchanged in one. Prices for energy and petroleum products fell by 3.5 percent, dragged down by declines in motor gasoline, fuel oils and diesel fuel. Excluding this [Read more]