The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines.Benchmark West Texas Intermediate crude for August delivery fell 17 cents to US$104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to US$102.39.Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to US$107.33 on the ICE Futures exchange in London.Fighting between the Israeli [Read more]
AER says more spill safeguards needed before Primrose returns to normal
CALGARY - The Alberta Energy Regulator says Canadian Natural Resources Ltd.'s (TSX:CNQ) Primrose oilsands project in northeastern Alberta won't be returning to normal full operations any time soon.Jim Ellis, who heads up the provincial energy watchdog, says it won't allow a return to business as usual until all of the risks have been addressed and the right safeguards are in place to prevent bitumen from oozing to the surface.An emulsion of bitumen and water was found to be leaking from four [Read more]
Maine city council votes to ban western Canada oil
SOUTH PORTLAND, Maine - The South Portland City Council has voted to ban the transfer of crude oil onto ocean tankers, effectively ending any attempt to bring oil from western Canada through a pipeline into the city. The City Council voted 6-1 Monday night in favour of the ordinance that was hailed by environmentalists. Crude from the tar sands of western Canada is fueling the surge in North American production, but environmentalists say tar sands oil is difficult to clean if spilled and [Read more]
B.C. LNG cleans air, wipes out debt, Premier Clark tells political summit
WHISTLER, B.C. - Premier Christy Clark says British Columbia's proposed liquefied natural gas industry has the power to fight air pollution in China and clear up smog in Los Angeles.The premier's natural gas development minister also boasted to delegates at the same conference on Monday that the LNG industry will clean up the provincial debt.Clark told the Pacific Northwest Economic Region gathering, where business and government leaders from U.S. states, provinces and territories gathered to [Read more]
Agreements in place with customers for Nova Scotia liquefied natural gas plant
HALIFAX - Nova Scotia's energy minister says he welcomes news that Indian company H-Energy has signed memorandums of understanding with customers for half of the planned output from a proposed liquefied natural gas plant and export terminal in Guysborough County.Andrew Younger says the agreements with companies in India, the Middle East and Europe increases the prospect of bringing more natural gas through Nova Scotia.Younger says the memorandums of understanding help advance the proposed [Read more]
Oil rises above US$104 a barrel for 1st time since July 3; natural gas falls
The price of oil rose more than a $1 for the third time in the last four trading days, closing above $104 on Monday for the first time since July 3.Benchmark West Texas Intermediate crude for August delivery rose $1.46 to US$104.59 a barrel on the New York Mercantile Exchange. On Friday, the Nymex contract fell six cents to $103.13. Oil has gained 4.6 per cent over the past four trading sessions.Brent crude for September delivery, a benchmark for international oils, gained 44 cents to US$107.68 [Read more]
Oil price holds gain for the week on Middle East, Russia-Ukraine tensions
NEW YORK - The price of oil retreated slightly Friday but remained elevated because of political turmoil around the world. Concern that conflicts and rising tensions in the Ukraine and the Middle East could disrupt supplies sent oil prices higher this week, though the world appears to have an ample supply of crude and supplies have not been affected. The industry calls this higher price, based only on fear, a "risk premium." "Developments during the past couple of days have added to a [Read more]
Oil price rises above $102 after US crude inventories fall more than expected
The price of oil rose above $102 per barrel Thursday after a U.S. inventories report showed a larger-than-expected drop in crude oil supplies.Benchmark U.S. crude for August delivery was up 85 cents at $102.05 a barrel at 0855 GMT in electronic trading on the New York Mercantile Exchange. The contract added $1.24 to $101.20 on Wednesday.On Wednesday, the U.S. Energy Information Administration said U.S. crude oil inventories fell by 7.5 million barrels to 375 million barrels in the week of July [Read more]
First Nation pulls out of hearings into Grand Rapids oilsands pipeline
CALGARY - An aboriginal group that lives in northern Alberta's oilsands region has withdrawn from a regulatory hearing into the proposed Grand Rapids crude pipeline. The Athabasca Fort Chipewyan First Nation says it will explore other ways to fight the $3-billion project, which would ship up to 900,000 barrels per day of crude from near Fort McMurray, Alta., to the Edmonton area. ACFN chief Allan Adam says he was "dumbfounded" by the Alberta Energy Regulator's process, which he says was [Read more]
Oil price rises to near $101 after China’s economic growth ticks higher in second quarter
Oil prices rose Wednesday after China reported a slight improvement in economic growth for the second quarter that allayed fears its slowdown was continuing. The benchmark U.S. crude for August delivery was up $1.11 cents at US$101.07 a barrel on the New York Mercantile Exchange. Prices have fallen in recent weeks as Libya neared an increase in production and after worries about supply disruptions from Iraq faded. But stronger economic growth in China, the world's top oil importer, could [Read more]
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