Headlines

The U.S. national average price of diesel surpassed $6 a gallon for the first time ever on Thursday, according to price tracker GasBuddy, as the U.S.-Iran war and Ukrainian attacks on Russia’s refineries have squeezed supply. The record comes as oil futures have climbed back above $100 a barrel on the intensification of conflict between the U.S. and Iran. On Thursday, crude oil futures hit their highest level since mid-May, with Brent settling at $107.63 a barrel and West Texas Intermediate [Read more]

Canada has changed its federal impact assessment rules to remove interprovincial and international pipelines and several other types of energy projects from the Impact Assessment Act, as the government seeks to speed up major project approvals and reduce regulatory duplication. Under the changes, interprovincial and international pipelines will no longer face an assessment led under the Impact Assessment Act. Instead, projects regulated by the Canada Energy Regulator will be reviewed solely by [Read more]

U.S. crude oil inventories fell while gasoline and distillate stockpiles rose last week on robust refining activity, the U.S. Energy Information Administration said on Thursday. Crude inventories fell by 391,000 barrels to 424.1 million barrels in the week ended September 4, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.55 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 684,000 barrels in the week, the EIA said. Oil futures [Read more]

U.S. domestic crude oil production rose about 85,000 barrels per day to a record high of 13.95 million bpd in the week ended September 4, data from the Energy Information Administration showed on Thursday. The prior record was set in the week ended August 28 at 13.86 million bpd, according to EIA data. (Reporting by Shariq Khan and Scott DiSavino in New York) [Read more]

Ryanair chief executive Michael O'Leary on Thursday warned of a significant rise in airfares if oil prices remained high into next year but said the outlook for ticket prices for the coming months was "entirely up in the air". "If oil prices remain high into next year, I think there will be a significant uplift in airfares, and we would hope to avoid that," O'Leary told reporters ahead of the airline's AGM. "We expect pricing to be very modestly down in the second quarter (from July to [Read more]

BrightSpot International Energy (Canada) Co. Ltd. (“BrightSpot” or the “Company”) and its working interest partner (collectively, the “Partners”) have engaged Sayer Energy Advisors to assist with the sale of their non-core oil and natural gas interests located in the Lloydminster area of Alberta (the “Property”). The Property consists of the Partners’ 100% working interest (60% BrightSpot) in Section 21-050-01W4 and BrightSpot’s 100% working interest in the southeastern quarter of Section [Read more]