The price of oil eased Monday after early results from Ukraine's presidential election indicated a billionaire businessman had won a clear majority.Benchmark crude for July delivery was down 35 cents to US$104 a barrel at 3:30 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract rose 61 cents to settle at $104.35 on Friday, bringing its weekly gain to $2.33 a barrel, or 2.3 per cent.Brent crude, a benchmark for international oils, shed 66 cents to $109.88 on the ICE [Read more]
Oil rises above US$104 a barrel ahead of Ukraine vote, U.S. holiday weekend
The price of oil rose above US$104 a barrel Friday ahead of a holiday weekend in the United States and national elections in Ukraine on Sunday.Benchmark West Texas Intermediate crude for July delivery gained 61 cents to close at US$104.35 a barrel on the New York Mercantile Exchange. Oil ended the week with a gain of $2.33 a barrel, or 2.3 per cent.Brent crude, a benchmark for international oils, added 18 cents to US$110.54 on the ICE Futures exchange in London.Ukrainians vote Sunday in an early [Read more]
Alliance Pipeline overhauls services to respond to changing gas market
CALGARY - Alliance Pipeline says it needs to overhaul the services it offers customers as a result of upheaval in the North American natural gas market.The company aims to make a "menu" of different options available to natural gas producers instead of locking them in to 15-year contracts to ship gas straight from northeastern British Columbia to the Chicago area.The changes, if approved by Canadian and U.S. regulators, will enable customers to choose firm contracts as short as three years and [Read more]
RCMP investigate damage to Manitoba pipeline, suspect it was hit by a bullet
CARMAN, Man. - RCMP are trying to determine if someone shot an energy pipeline west of Winnipeg.Police say an inspector who works for TransCanada Corporation detected the damage near the community of Elm Creek.It is not clear if the pipeline carries oil or natural gas.The pipeline, which is protected by a security fence, wasn't punctured.Police suspect it was hit by a bullet, but aren't sure if the shot was fired intentionally at the pipeline or not. [Read more]
Encana to raise $1.46B by spinning off some Alberta holdings in PrairieSky IPO
CALGARY - Encana Corp. (TSX:ECA) says it expects to raise almost $1.46 billion by spinning off some of its Alberta land holdings through the company's PrairieSky Royalty Ltd. subsidiary.Calgary-based EnCana says an initial public offering of 52 million common shares of PrairieSky, representing some 40 per cent of the company, has been priced at $28 per common share.Encana said in an announcement Thursday night that PrairieSky has filed a final prospectus dated May 22 in respect of the offering [Read more]
Crude oil inches down but remains near one-month high of US$104 a barrel
The price of oil drifted lower Thursday, a day after hitting a one-month high.Benchmark West Texas Intermediate crude for July delivery fell 33 cents to close at US$103.74 a barrel on the New York Mercantile Exchange. On Wednesday, oil gained $1.74 to close at US$104.07.Brent crude, a benchmark for international oils, slipped 19 cents to US$110.36 on the ICE Futures exchange in London.The U.S. oil price shot up Wednesday after a report from the Energy Information Administration showed that U.S. [Read more]
TransCanada CEO tells Keystone-stalling U.S.: We’ll use rail, then
WASHINGTON - Frustrated by yet another regulatory delay, the company behind the stalled Keystone XL pipeline project is delivering a message in the U.S. capital: it's getting involved in the rail business. It might be costlier and dirtier, but until the pipeline gets approved, the company says shipping oil on trains might have to do as a Plan B. TransCanada Corp. president Russ Girling is in New York and Washington this week, telling policy-makers and news outlets that the company is [Read more]
US vice-president says Cyprus poised to transform eastern Med into global hub for natural gas
NICOSIA, Cyprus - U.S. Vice-President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation."Cyprus is poised to become a key player ... transforming the eastern Mediterranean into a new global hub for natural gas," Biden said as he toasted his host, Cyprus President Nicos Anastasiades, at lunch in the presidential [Read more]
Federal energy officials slash estimate of recoverable oil at California’s Monterey Shale
BAKERSFIELD, Calif. - The amount of oil that can be recovered from California's sprawling Monterey Shale formation using existing technology is far less than thought, according to a new federal estimate that potentially deals a blow to oil companies looking to extract the resource. About 600 million barrels of oil can be tapped from the formation, the Los Angeles Times reported (http://lat.ms/1ndwsx9 ), citing data from the U.S. Energy Information Administration. The new figure, which is [Read more]
Crude oil rises to US$104 a barrel as report shows large drop in U.S. supplies
The price of oil climbed to a one-month high Wednesday after a report showed a large drop in U.S. crude supplies, helped by a decline in imports. Benchmark West Texas Intermediate crude for July delivery gained $1.74 to close at US$104.07 a barrel on the New York Mercantile Exchange. Oil now is up four per cent for the month of May. Brent crude, a benchmark for international oil, added 86 cents to US$110.55 a barrel on the ICE Futures exchange in London. A report from the U.S. Energy [Read more]
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