NEW YORK - The price of oil rose Monday after a strong durable goods report from the U.S. Commerce Department. Demand for long-lasting manufactured goods rose sharply in December with gains in volatile aircraft orders, the Commerce Department said. But the number of pending home sales fell last month after hitting a 2 1/2 year high in November. Benchmark West Texas Intermediate crude rose 56 cents to finish at US$96.44 a barrel on the New York Mercantile Exchange. Meanwhile, [Read more]
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Canadian government moves to defend oilsands pipelines again…this time on US East Coast
The Canadian government has moved to defend the oil industry from yet another public-relations fire related to pipelines - this time on the U.S. East Coast. Canada's envoy to New England penned an editorial today in a Maine newspaper, two days after more than 1,000 protesters in the state expressed concern Alberta oil could soon flow across the region. Consul General Pat Binns says in his op-ed that the environmental record of oilsands production has improved in recent [Read more]
VIDEO: LNG: The Safe Fuel
Here's a classic video demonstrating how Liquified Natural Gas is one of the safest fuels for transport and use. [Read more]
PHOTOS: North Dakota Bakken Play Visible from Space
The North Dakota Bakken play has emerged into one of the hottest oil play in the united states. Activity in the area has become so sought after, the play has become clearly visible from space. See the photos below courtesy NASA: [Read more]
Nexen Announces 30-day Extension of the Arrangement Agreement Outside Date
Nexen Inc. ("Nexen") announced today that CNOOC Limited and Nexen Inc. have mutually agreed to extend the "Outside Date" of the Arrangement Agreement by 30 days to March 2, 2013. The Outside Date was originally January 31, 2013. Either party may, except in certain circumstances, extend the Outside Date from time to time if the required regulatory approvals have not been obtained, provided that in aggregate such extensions shall not exceed 75 business days from January 31, 2013. In [Read more]
VIDEO: Big freeze hits northeast United States, fuels natural gas rally
Cold whether and snow have caused a rush of residents in the northeast United States to crank up the heat, causing a shortage of natural gas for the area. Watch the report below courtesy Bloomberg: [Read more]
Weekly petroleum stocks flat / mixed
[table] [attr style="width: 24%"]Product`[attr style="width: 24%"]January 18`[attr style="width: 24%"]January 11`[attr style="width: 14%"]Change`[attr style="width: 14%"]% Change Crude Oil`363,115`360,302`+2,813`+0.8% Gasoline`233,257`234,995`-1,738`-0.7% Distillate`132,938`132,430`+508`+0.4% Propane`60,883`63,956`-3,073`-4.8% Jet Fuel`39,802`40,439`-637`-1.6% Unfinished Oils`84,053`82,002`+2,051`+2.5% Residual Fuel Oil`34,908`36,204`-1,296`-3.6% [attr [Read more]
Canada rig count sees slight increase in active oil rigs
[table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`474`147 Last Week`458`143 Last Year`492`190 Week over Week Change`+16`+4 Year over Year Change`-18`-43[/table] [table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" [Read more]
Crude oil rises above US$96 a barrel despite cooling US home sales in December
Crude oil rises above US$96 a barrel despite cooling US home sales in December (Oil-Prices) The price of oil rose Friday afternoon as traders brushed off a report that showed sales of new homes in the U.S. cooled in December. Benchmark West Texas Intermediate crude rose 29 cents to US$96.24 a barrel in afternoon trading on the New York Mercantile Exchange. It fell as much as 50 cents following the release of the housing data. The U.S. Commerce Department said sales of new homes [Read more]
Exxon surpasses Apple as world’s most valuable company
NEW YORK - Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter. Apple Inc.'s stock has been on the decline since the company's quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end. Apple's stock dropped 2.4 per cent to $439.51 in midday trading Friday for a market capitalization of $412.7 billion. That followed a 12 per cent [Read more]