The price of oil rose Wednesday as U.S. oil supplies increased less than expected, but natural gas futures fell again on forecasts of warmer weather by the middle of March. Benchmark West Texas Intermediate crude for April delivery rose 76 cents to US$102.59 a barrel on the New York Mercantile Exchange. The U.S. Energy Department said crude oil supplies rose by 68,000 barrels last week, well below the increase of 1.5 million barrels expected by analysts surveyed by Platts. Supplies at the [Read more]
Anti-keystone U.S. senators rant about Alberta oilsands: ‘Health miseries follow tar sands”
WASHINGTON - 'Horror stories' about the Alberta oilsands' impact on human health are being shared in Washington, D.C. A pair of anti-Keystone XL senators invited witnesses Wednesday to provide anecdotes about the effect on people near sites where the oil is extracted, transported and refined. They hope these human-interest stories might influence the Obama administration as it prepares its final decision on the Keystone XL pipeline. One of the speakers at the event was John O'Connor, an [Read more]
Alberta budget on track for 6th straight deficit despite stronger oil and gas revenues
EDMONTON - Alberta Finance Minister Doug Horner says the province will remain in the hole for the 6th straight year despite higher oil and gas revenues and a lower Canadian dollar. Horner says the province has borrowed $2.7 billion to pay for infrastructure. The rainy day savings contingency account is projected to be at $4.6 billion. Horner is to deliver the new provincial budget March 6. He says he plans to hold spending in place given the volatility of oil and gas revenues. [Read more]
US federal emergency order requires tests of crude oil before shipment by train
WASHINGTON - Federal regulators issued an emergency order Tuesday requiring tests of crude oil before shipment by rail to determine how susceptible the cargo is to explosion or fire, a response to a string of train accidents since last summer involving oil from the Bakken region of North Dakota and Montana.The order also would place crude oil under the two most protective sets of hazardous materials shipping requirements, rather than allowing some shipments to be treated as less dangerous, the [Read more]
Crude below US$102 a barrel, natural gas falls 6%, on shifting weather forecasts
Oil and natural gas prices fell Tuesday as weather forecasts backed off previous predictions of unusually cold temperatures in March and April. Benchmark West Texas Intermediate crude for April delivery dropped 99 cents to close at US$101.83 a barrel on the New York Mercantile Exchange. Natural gas futures fell 35 cents, or 6.4 per cent, to US$5.10 per 1,000 cubic feet after having plunged 11 per cent Monday. Forecasters predict one of the coldest starts to March in history, but later next [Read more]
Energy East opponent says NEB’s TransCanada audit underscores concerns
CALGARY - A group fighting TransCanada Corp.'s proposed Energy East pipeline says a new National Energy Board safety audit underscores its concerns. The Council of Canadians says the problems flagged by the audit should have Canadians worried, considering TransCanada wants to build the country's biggest pipeline. Mark Calzavara, the council's Ontario regional organizer, says TransCanada is not a company that inspires confidence, given its track record. The NEB audit, released Monday, [Read more]
U.S. government: Nebraska court decision won’t slow down Keystone process
WASHINGTON - The U.S. government appears to be proceeding at full speed with its review of the Keystone XL pipeline. There are indications that a recent Nebraska court ruling won't delay the federal regulatory process. State governors leaving a meeting with President Barack Obama say he told them to expect a final decision within a few months. And the State Department says the federal process is continuing despite the court ruling. The court threw out a law that gave the governor the [Read more]
Enbridge Gas New Brunswick seeks damages in lawsuit against province
FREDERICTON - Enbridge Gas has filed a lawsuit against the New Brunswick government alleging it lost money because of changes made to a law that regulates the development of the province's gas distribution system.In its statement of claim filed in the Court of Queen's Bench, Enbridge says amendments in 2012 to the Gas Distribution Act eliminated a deferral account from rate calculations made by the provincial Energy and Utilities Board.Enbridge says under its franchise agreement with the [Read more]
Oil price edges down as market takes breather from rally driven by US demand amid cold weather
The price of oil eased toward $102 a barrel Monday, taking a pause in a six-week rally that has been supported by U.S. demand for heating oil amid prolonged cold weather.By early afternoon in Europe, benchmark U.S. crude for April delivery was down 15 cents to $102.05 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 55 cents but was up 2 per cent over the week amid rising demand for heating oil in the U.S.Forecasters predicted a return of [Read more]
LNG companies say BC LNG tax too high, Coleman says it’s almost at sweet spot
VICTORIA - One of the first questions British Columbia's Finance Minister Mike de Jong was asked when he introduced the Liberal government's proposed Liquefied Natural Gas Income Tax as part of last week's budget, was how oil and gas companies would react to paying a tax that could top out at seven per cent."Of course, they want zero," he replied.But de Jong pointed to a recent government-commissioned Ernst and Young survey that concluded B.C.'s all-in taxes — corporate, federal, provincial, [Read more]
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