NEW YORK - Oil nearly reached US$100 a barrel for the first time this year, as traders worried about disruptions to Mideast supplies while anticipating an increase in oil demand in the U.S.U.S. benchmark crude for August delivery gained $1.61, or 1.6 per cent, to close at $99.60 a barrel in New York after rising as high as $99.87. Oil last crossed $100 a barrel on Sept. 14 of last year.In London, Brent crude rose $1 to finish at $104 a barrel on the ICE Futures exchange.Protests in [Read more]
News
Oil above US$98 a barrel as military issues ultimatum to embattled Egypt leader
The price of oil advanced past US$98 a barrel Tuesday, underpinned by political unrest in Egypt that raised fears of disruption to global crude supplies.By early afternoon in Europe, benchmark West Texas Intermediate crude for August delivery was up 37 cents at US$98.36 a barrel in electronic trading on the New York Mercantile Exchange. The contract had jumped $1.43 to close at US$97.99 on Monday.After massive weekend protests in Egypt that continued Monday, the country's military [Read more]
Bonterra Energy Corp. Announces Exercise of Over-Allotment Option and Completion of $27.6 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - July 2, 2013) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA Bonterra Energy Corp. (Bonterra) (www.bonterraenergy.com) (TSX:BNE) announces that it has closed its recently announced bought deal financing of 553,725 common shares ("Common Shares"), which includes the exercise in full of the over-allotment option of 72,225 Common Shares, at $49.85 per Common Share for aggregate gross proceeds of [Read more]
Enbridge Restarts Wood Buffalo Pipeline
CALGARY, ALBERTA--(Marketwired - July 2, 2013) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today confirmed the return to service of the Wood Buffalo Pipeline (Line 75) between Fort McMurray and Cheecham early on July 2. The Wood Buffalo Pipeline had been shut down as a precaution following the June 22 release of light synthetic crude oil from Line 37 with which it shares a corridor. The failure of Line 37 was confirmed to have been caused by a 1-in-100 year rainfall event last week, which triggered [Read more]
Ivanhoe Addresses Fort McKay First Nation Concerns Regarding the Tamarack Project
CALGARY, July 2, 2013 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) announced today that it has established a long-term relationship with the community of Fort McKay, including the Fort McKay First Nation and the Fort McKay Metis Community Association. This relationship is based on respect for the community's efforts to preserve their traditional way of life. As a result of the establishment of this relationship, the community has provided a letter to the regulators confirming they have [Read more]
No end in sight for protests against shale gas exploration in New Brunswick
FREDERICTON - The New Brunswick government is pitching the development of a shale gas industry in the province as a potential economic boom and job creator, but opponents are strengthening their resolve to block the idea, right at the exploration stage.Since early June, there have been protests while SWN Resources conducts the latest series of seismic testing near Elsipogtog, north of Moncton.Chief Arren Sock of the Elsipogtog First Nation is calling for an immediate moratorium on [Read more]
Enbridge Restarts Athabasca Pipeline; Provides Update on Regional Oil Sands System Status
CALGARY, ALBERTA--(Marketwired - July 1, 2013) - Enbridge Inc. (TSX:ENB)(NYSE:ENB) today confirmed the return to service of the northern segment of the Athabasca Pipeline (Line 19) between Fort McMurray and Cheecham on June 30th. Enbridge continues to make progress in responding to the June 22nd release from its Line 37 pipeline; the failure of Line 37 has been confirmed to have been caused by a 1-in-100 year rainfall event last week which triggered ground movement on the [Read more]
CP says safety remains top priority despite layoffs and incidents
MONTREAL - Canadian Pacific Railway says this week's bridge incident in Calgary and recent derailments shouldn't raise public concerns about its ability to safely move dangerous goods, including crude oil.The railway says despite recent layoffs the number of bridge and track inspectors hasn't been reduced.Calgary's mayor and union leaders have questioned whether CEO Hunter Harrison's announced job cuts have undermined safety. The company has cut its workforce by 15 per cent to 14,920 [Read more]
Natural gas processor Keyera shuts down Alberta EnviroFuels plant for repairs
CALGARY - Natural gas processing company Keyera Corp. (TSX:KEY) said Friday that it has shut down its Alberta EnviroFuels plant for repairs.The company said the location was taken offline on June 15 due to problems that could not be fixed while the plant was running.Keyera said re-assembly of the process unit will begin shortly and it expects the plant will resume production of iso-octane in early July and reach normal production by mid-month.The company said the impact on sales was [Read more]
Price difference between Brent and WTI crude oil narrowing
Source: U.S. Energy Information Administration The Brent-WTI spread, the difference between the prices of Brent and West Texas Intermediate (WTI) crude oils, has narrowed considerably over the past several months. The spread, which was more than $23 per barrel ($/bbl) in mid-February, fell to under $9/bbl in April, and has ranged between $6/bbl and $10/bbl since then. The narrowing of the spread is supported by several factors that have: Lowered Brent (North Sea) prices because [Read more]