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The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened to its steepest point since July 2024 on Monday. WCS for March delivery in Hardisty, Alberta, settled at $15.45 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.25 on Friday. * The discount on Canadian heavy crude has widened by more than $2 since the start of January, largely due to U.S. President Donald Trump's stated goal to increase [Read more]

Air Canada said on Monday it is suspending flights to Cuba, which warned it was running out of jet fuel, as the U.S. tightens its grip on the communist-run nation's oil supply. Canada's largest carrier said in a statement that aviation fuel is not projected to be commercially available at airports as of Tuesday, as governments issue notices warning that the supply is likely to be unreliable. The shortfall is set to last from February 10 through March 11, according to a Notice to Air [Read more]

The United States issued fresh guidance on Monday to commercial vessels transiting the Strait of Hormuz, a key shipping lane for Middle East oil supplies, as tensions simmered between Washington and Tehran over Iran’s nuclear program. Iran has in the past threatened to close down the Strait of Hormuz, a portion of which lies within its territorial waters, and has at times seized commercial ships and oil tankers moving through the area alleging smuggling. The U.S. Department of [Read more]

Venezuela's state oil company PDVSA has reversed most of the output cuts it had ordered at its own oilfields and joint ventures in the country's main crude region, the Orinoco Belt, which has boosted the nation's total production close to 1 million barrels per day (bpd), sources close to operations said. The Orinoco region is now producing slightly over 500,000 bpd after increases over the weekend at several projects, the sources said, more than 100,000 bpd above early January, when a strict [Read more]

Natural gas producer Expand Energy on Monday announced the departure of CEO Domenic Dell'Osso and also said it plans to relocate its corporate headquarters to Houston from Oklahoma City. The company said Chairman Michael Wichterich would take charge as interim chief. Dell'Osso will serve as an external advisor for a period of time. The company added that the move to Houston, expected in mid-2026, will primarily involve its executive leadership team and is aimed at strengthening [Read more]