The price of oil extended gains above $102 a barrel Monday on forecasts of higher global demand. Benchmark U.S. crude for June delivery was up 16 cents to $102.18 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents Friday to close at $102.02 and gained about 2 per cent for the week. Brent crude for July delivery, a benchmark for international oil, was up 41 cents to $110.15 on the ICE exchange in London. The Commerce Department said [Read more]
Crude oil falls below US$102 a barrel after U.S. factory output slips
The price of oil fell below US$102 a barrel Thursday as weak economic data in the U.S. suggested demand for crude could fall. Benchmark West Texas Intermediate crude for June delivery fell 87 cents to close at US$101.50 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at US$110.44 a barrel in London. Oil slipped after the Federal Reserve said Thursday that U.S. industrial production dropped in [Read more]
Oil-rich provinces not just Canada’s best economic performers, world-beaters as well
OTTAWA - A new report from the Conference Board puts Canada's three oil rich provinces on top of the world in terms of economic performance. For the rest of the country the news is not so stellar. The think-tank's annual economic report card comparing 16 of the world's richest countries puts Canada in fifth place overall, a one spot better than last year and behind Australia, Ireland, the United States and Norway. That's partly a function of Canada's relatively stable growth rate, but [Read more]
Oil falls below $102 after U.S. crude production hits 28-year high
The price of oil declined Thursday after official figures showed U.S. crude production at a 28-year high. Benchmark U.S. crude for June delivery was down 42 cents to $101.95 a barrel at 3:40 a.m. ET on the New York Mercantile Exchange. The contract rose 67 cents Wednesday to close at $102.37. The U.S. Energy Information Administration said Wednesday that domestic crude production reached 8.428 million barrels during the week ended May 9. That was the highest level since October [Read more]
Pipeline firms to pay all costs, damages in new spill safety rules
VANCOUVER - Pipeline companies will be liable for all costs and damages from a spill, regardless of fault or negligence, under changes to the federal pipeline regime.Natural Resources Minister Greg Rickford says pipeline operators will also have to have a minimum amount of cash available to pay cleanup costs and the National Energy board will be given the power to order reimbursement for those affected by a spill.They are the latest in a number of changes to marine and pipeline safety as British [Read more]
Alberta won’t attend World Petroleum Congress in Russia over Ukraine crisis
EDMONTON - Alberta is pulling out of next month's World Petroleum Congress in Moscow to protest Russia's actions in Ukraine."The message we're sending to the Ukraine is one of continued support, and to Russia one of concern about the intervention that they've taken and the escalating tensions that they're creating," Premier Dave Hancock told reporters Wednesday.He said he had not heard back from the Russians, as the withdrawal announcement had just gone out.Hancock said he's not worried about [Read more]
Oil gains on reports U.S. may lift export ban; traders await supply data
The price of U.S. oil rose Wednesday following reports that Washington is studying whether to lift a longstanding ban on crude oil exports.Benchmark U.S. crude for June delivery was up 33 cents to US$102.03 a barrel at 1:50 a.m. ET on the New York Mercantile Exchange. On Tuesday, it jumped $1.11 to $101.70 a barrel, its highest close since April 24.Department of Energy Secretary Ernest Moniz told reporters in Seoul, South Korea that the government was reviewing the issue of crude oil exports, [Read more]
With pipeline decision looming, Ottawa tweaks tanker safety rules
VANCOUVER - With a decision expected next month on the contentious Northern Gateway pipeline through British Columbia, the federal government announced new measures Tuesday to strengthen its oil-spill response regime and placate a reluctant public.Those changes include removing a $161-million cap on payouts from a national oil spill compensation fund and making the entire $400-million fund available to cover the costs of a marine spill."With these changes, Canada will have the most robust and [Read more]
BP shoots seismic off Nova Scotia; aims for exploration well in 2017: president
HALIFAX - BP Canada is aiming to have an exploration well in deep waters off the coast of Nova Scotia by 2017 if offshore seismic work goes well, the company's president said Tuesday.Stephen Willis spoke after touring a seismic vessel in Halifax that is preparing to steam to the company's holdings about 300 kilometres southeast of the city on the Scotian shelf.The effort is part of a $1-billion exploration commitment BP has made in the province as the firm searches for hydrocarbons in its [Read more]
Sweetheart offers to Nebraska landowners now expired, says TransCanada
WASHINGTON - The company behind the Keystone XL pipeline has a message for Nebraska landowners resisting the project: the sweet financial offers are going, going, gone. TransCanada Corp. says today is the deadline for holdout landowners to sign easement deals allowing the pipeline onto their property — and any deals they make in the future will be less generous. That announcement comes as the pipeline battle enters a new phase. Until now, offers to landowners have been skyrocketing, but [Read more]
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