Oil rose above US$100 per barrel on Monday amid renewed tensions over Ukraine. Benchmark U.S. crude for June delivery was up 13 cents to $100.12 a barrel at 2:50 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to close Friday at $99.99. Brent crude, a benchmark for international varieties, added 37 cents to $108.26 in London. In the previous session, the contract shed 15 cents to $107.89. Traders are worried about turmoil in Ukraine and [Read more]
Headlines
Canadian Natural bumping oilsands expansion spending, taking advantage of lull
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is directing another $400 million this year toward expansion of its Horizon oilsands mine, a sum it only planned to spend if market conditions were right. The Calgary-based company's 2014 plans call for $2.5 billion in spending at the project, north of Fort McMurray, Alta., with the option to raise that to $2.9 billion if costs of labour and materials look good, president Steve Laut told analysts on a conference call Friday. "At this [Read more]
NEB announces public hearing for TransCanada 2015-2030 settlement agreement
CALGARY, May 9, 2014 /CNW/ - The National Energy Board (NEB or the Board) will hold a public hearing to consider an application from TransCanada Pipelines Ltd. (TransCanada) to review its request for approval of its 2015 to 2030 tolls application for its Canadian Mainline System. The application is based on a settlement agreement negotiated between TransCanada and Enbridge Gas Distribution Inc., Union Gas Limited and Gaz Métro Limited Partnership. The application proposes tolls for the 2015 [Read more]
Enerplus Announces Strong First Quarter 2014 Results
All financial information contained within this news release has been prepared in accordance with U.S. GAAP including comparative figures pertaining to Enerplus' 2013 results. This news release includes forward-looking statements and information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and Statements" at the conclusion of this news release. Readers are also referred to "Non-GAAP Measures" at the end of this news release for [Read more]
Oil rises on renewed Ukraine worries as insurgents plan referendum
Oil prices rose Friday on renewed concerns about tensions in Ukraine. Benchmark U.S. crude for June delivery was up 51 cents at US$100.76 a barrel at 4 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents Thursday to close at $100.26 a barrel. Brent crude, a benchmark for international varieties of oil, gained 76 cents to $108.80. Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent [Read more]
No leaks, injuries or hazard in Saskatchewan train derailment
There has been a train derailment in Estevan. Four tanker cars are off the track. Initial reports say no leaks. pic.twitter.com/M5araxLf2f— Chad Saxon (@chadsaxon) May 8, 2014 ESTEVAN, Sask. - Four tanker cars carrying crude oil derailed in Estevan, Sask., but officials say there were no spills or leaks.Estevan police chief Paul Ladouceur says a few businesses were initially evacuated as a precaution on Thursday morning, but an assessment has since shown there isn't any risk to the [Read more]
Canadian Natural review into Primrose leak almost done: CNQ president
CALGARY - The president of Canadian Natural Resources Ltd. (TSX:CNQ) says any solution to a prolonged bitumen spill at the company's Primrose oilsands site will have to address all potential causes.Steve Laut says all the data the company has collected so far points to faulty old wellbores as the cause, but he says CNRL is "open" to other possibilities.He says the company has almost completed a review into the root cause of the leaks discovered about a year ago in four separate locations.Once [Read more]
Canadian Natural Resources Limited Announces 2014 First Quarter Results
CALGARY, ALBERTA--(Marketwired - May 8, 2014) - Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) Commenting on first quarter results, Steve Laut, President of Canadian Natural stated, "Canadian Natural had a solid start to the year, with consistent organic growth in North America production as expected. North America E&P crude oil and NGLs production grew by 5% over the previous quarter. Subsequent to the quarter the acquisition of certain assets closed, the integration of people is [Read more]
Keystone XL: A stalled pipeline keeps pumping cash into Washington, D.C.
WASHINGTON - The Keystone XL pipeline may be stalled, but it's pumping a steady flow of cash into Washington — where inertia is a multibillion-dollar industry. The pipeline debate has become a money-making machine for lobbyists, advertisers, NGOs and political fundraisers in the U.S. capital, where tens of millions of dollars are being spent on the issue. The spending deluge will continue indefinitely, thanks to the two latest non-developments: the Obama administration has delayed a [Read more]
Crude oil falls to near US$100 after China’s improving but weak trade data
The price of oil declined Thursday but stayed above US$100 a barrel after data showed subdued imports by China, the world's largest crude consumer.China's customs data showed that imports rose 0.8 per cent in April. That's an improvement from the previous month's 11.3 per cent decline, but still weak.Benchmark West Texas Intermediate crude for June delivery fell 51 cents to close at US$100.26 a barrel on the New York Mercantile Exchange. On Wednesday, U.S. crude jumped $1.27 after a surprise [Read more]