Oil prices rose Friday on renewed concerns about tensions in Ukraine. Benchmark U.S. crude for June delivery was up 51 cents at US$100.76 a barrel at 4 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents Thursday to close at $100.26 a barrel. Brent crude, a benchmark for international varieties of oil, gained 76 cents to $108.80. Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent [Read more]
No leaks, injuries or hazard in Saskatchewan train derailment
There has been a train derailment in Estevan. Four tanker cars are off the track. Initial reports say no leaks. pic.twitter.com/M5araxLf2f— Chad Saxon (@chadsaxon) May 8, 2014 ESTEVAN, Sask. - Four tanker cars carrying crude oil derailed in Estevan, Sask., but officials say there were no spills or leaks.Estevan police chief Paul Ladouceur says a few businesses were initially evacuated as a precaution on Thursday morning, but an assessment has since shown there isn't any risk to the [Read more]
Canadian Natural review into Primrose leak almost done: CNQ president
CALGARY - The president of Canadian Natural Resources Ltd. (TSX:CNQ) says any solution to a prolonged bitumen spill at the company's Primrose oilsands site will have to address all potential causes.Steve Laut says all the data the company has collected so far points to faulty old wellbores as the cause, but he says CNRL is "open" to other possibilities.He says the company has almost completed a review into the root cause of the leaks discovered about a year ago in four separate locations.Once [Read more]
Keystone XL: A stalled pipeline keeps pumping cash into Washington, D.C.
WASHINGTON - The Keystone XL pipeline may be stalled, but it's pumping a steady flow of cash into Washington — where inertia is a multibillion-dollar industry. The pipeline debate has become a money-making machine for lobbyists, advertisers, NGOs and political fundraisers in the U.S. capital, where tens of millions of dollars are being spent on the issue. The spending deluge will continue indefinitely, thanks to the two latest non-developments: the Obama administration has delayed a [Read more]
Crude oil falls to near US$100 after China’s improving but weak trade data
The price of oil declined Thursday but stayed above US$100 a barrel after data showed subdued imports by China, the world's largest crude consumer.China's customs data showed that imports rose 0.8 per cent in April. That's an improvement from the previous month's 11.3 per cent decline, but still weak.Benchmark West Texas Intermediate crude for June delivery fell 51 cents to close at US$100.26 a barrel on the New York Mercantile Exchange. On Wednesday, U.S. crude jumped $1.27 after a surprise [Read more]
Athabasca still keen on Dover shale partner, but no rush to get deal done
CALGARY - Athabasca Oil Corp. says it still wants to find a joint venture partner to help develop its land in Alberta's Duvernay shale, but it's in no hurry to get a deal done."We are continuing to evaluate our strategies to maximize the value of the Duvernay," CEO Sveinung Svarte told analysts on a conference call on Thursday."The more we work on this, we believe the Duvernay play continues to get more valuable at any time."The Calgary-based company has been discussing its search for a Duvernay [Read more]
Judge orders New Brunswick government to release shale gas contracts
FREDERICTON - A judge in Fredericton has ordered the New Brunswick government to release the contracts of consultants it hired to evaluate shale gas royalties.David Coon, the leader of the province's Green party, filed an access-to-information request in February 2013 asking for the documents.But Finance Minister Blaine Higgs rejected the request for several reasons including that the government considered them confidential.Coon appealed to New Brunswick's access-to-information commissioner, who [Read more]
Senate Democratic leader blocks Keystone XL pipeline vote as talks on energy bill fail
WASHINGTON - A bid by supporters of the proposed Keystone XL oil pipeline to force a vote on the controversial project fell apart Wednesday amid partisan bickering over how the vote should be conducted.Senate Majority Leader Harry Reid, D-Nev., used a parliamentary manoeuvr to block a bid by pipeline supporters to include the pipeline measure in an energy efficiency bill moving forward in the Senate. Republicans also were seeking an amendment to prevent the Environmental Protection Agency from [Read more]
Crude oil price rises above US$100 a barrel on surprise fall in stockpiles
The price of oil rose above US$100 a barrel Wednesday on a surprise decline in U.S. supplies and the continuing conflict in Ukraine.Benchmark West Texas Intermediate crude for June delivery rose $1.27 to close at US$100.77 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international varities used by many U.S. refineries, rose $1.07 to close at US$108.13 a barrel in London.The U.S. Energy Department reported Wednesday that American crude oil stocks fell by 1.8 million [Read more]
Northern Gateway opponent says investor money will ‘sit there and rot’
CALGARY - Opponents of Enbridge Inc.'s (TSX:ENB) proposed Northern Gateway pipeline say the more than $6.5-billion project is a bad investment.As in previous years, a delegation of First Nations leaders, environmental activists and B.C. community representatives will be speaking out against the project at Enbridge's annual meeting on Wednesday.John Ridsdale, hereditary chief of the Wet'suwet'en Nation in northern B.C., says his community will never support the project and investor money will [Read more]
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