President Donald Trump said the U.S. and Iran had agreed to continue talks despite an escalation of hostilities this week but he declared that the ceasefire reached between the two sides last month was over. The United States also stepped up demands on Friday that Iran stop attacks on ships in the Strait of Hormuz, where recent hostilities have pushed oil prices higher, a politically sensitive issue for Trump ahead of November congressional elections. Trump's comments came on a day of [Read more]
News
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for August delivery in Hardisty, Alberta, settled at $14.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.30 on Thursday. * The discount remains significantly wider than it was in June, due to the partial reopening of the Strait of Hormuz and the ongoing weakness in China's import appetite, which is hurting demand for heavy [Read more]
Occidental’s quarterly realized oil prices jump amid Iran war disruption
Shale producer Occidental Petroleum said in a filing on Friday its worldwide average realized oil prices rose 38.4% in the second quarter compared with the previous three months, driven by higher benchmark crude rates amid the Middle East conflict. The U.S.-Iran war has injected a hefty geopolitical risk premium into the energy markets and disrupted supplies through the Strait of Hormuz, which carries about a fifth of global oil flows. * Benchmark Brent crude saw an average closing price of [Read more]
Meta data centre in Alberta to start up ahead of adjacent Greenlight power plant
CALGARY - It will be four years before a new natural gas-fired power plant north of Edmonton is operating and able to serve the massive data centre Meta Platforms Inc. is planning to build nearby. But the tech giant has a plan for power in the meantime. Meta expects the $13-billion-plus data centre will be online in the next two to three years, spokesperson Stacey Yip said Friday. Before the Greenlight Electricity Centre starts up in the second half of 2030, Meta has rights to [Read more]
US issues fresh Iran-related sanctions, website shows
The United States on Friday issued new Iran-related sanctions following Iran's resumption of attacks on international shipping in the Strait of Hormuz, the Treasury Department said. The sanctions target Ali Ansari, an Iranian banker and businessman based in Dubai who had previously been sanctioned by Britain for his role in financially supporting the activities of Iran's Revolutionary Guards, among other individuals and entities, Treasury said. Treasury described Ansari as a "key financier" for [Read more]
US energy firms add rigs for fourth week in a row, says Baker Hughes
U.S. energy firms this week added rigs for a fourth week in a row for the first time since early June, energy services firm Baker Hughes said in its closely followed report on Friday. The report, which Baker Hughes usually releases around 1 p.m. EDT (1700 GMT) on Fridays, was delayed by around 49 minutes. Officials at Baker Hughes had no comment on the reason for the delay. The total oil and gas rig count, an early indicator of future output, rose by one to 581 in the week to July 10, its [Read more]
U.S. Justice Dept reaches deal with South Bow regarding Keystone spill in 2022
CALGARY - The U.S. Justice Department has reached a settlement agreement with pipeline company South Bow Corp. regarding a 2022 rupture of the Keystone pipeline that spilled nearly 13,000 barrels of oil. Under the deal, the company will pay a civil penalty of US$26.9 million related to allegations it violated the Clean Water Act. South Bow has also agreed to spend about US$40 million to complete work to prevent similar problems in the future and pay US$3 million to Kansas for natural [Read more]
Baker Hughes July 10 North American oil and gas rig count report delayed
U.S. energy services firm Baker Hughes' North American oil and natural gas rig count report scheduled for July 10 has been delayed. Officials at the company were not immediately available for comment on the reason for the delay. The widely read report, which the energy industry uses as an early indicator of future oil and gas output, usually comes out on the Baker Hughes website and app around 1 p.m. EDT (1700 GMT) on Fridays. (Reporting by Scott DiSavino; Editing by Mark Porter) [Read more]
Iran top negotiator Qalibaf says conflict will not end with Iran’s surrender
Iran's top negotiator Mohammad Baqer Qalibaf said that Tehran was ready for "all-out defence" if Washington betrayed last month's memorandum of understanding, and the war would never end with Iran's surrender. Qalibaf, speaking during a meeting with Ahmad Muzani, speaker of Indonesia's People's Consultative Assembly, said he had told the U.S. vice president during negotiations that Tehran did not trust Washington and that, in his view, only those prepared for war could negotiate with the United [Read more]
US natgas falls 4% to 8-week low on milder weather outlook, lower LNG export flows
U.S. natural gas futures fell about 4% to an eight-week low on Friday on forecasts for less hot weather than previously expected over the next two weeks, an expected decline in flows to liquefied natural gas (LNG) export plants during maintenance at Freeport LNG in Texas, and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 12.4 cents, or 4.1%, to $2.888 per million British thermal units (mmBtu), putting the contract on track [Read more]
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