Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude.
Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.
According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico.
U.S. Oil Futures Plumb Historic Sub-Zero Lows, Brent Plunges
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first-ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.Global benchmark Brent crude also fell sharply in response to the collapse of demand following reduced economic activity.U.S.
TC Energy: North Dakota Spill Shutters Keystone pipeline
Oct 30 (Reuters) - TC Energy Corp said on Wednesday it is shutting its Keystone crude pipeline after a late Tuesday oil spill in North Dakota.The company said it detected a drop in pressure on Tuesday night on its 590,000-barrel-per-day (bpd) Keystone oil pipeline system from Canada, it said in a statement, without specifying the exact impact on operations."TC Energy immediately began the process to shut down the pipeline…
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies…
Enbridge to Put More of Ohio TEAL Natgas Pipe Into Service
Canadian energy company Enbridge Inc on Wednesday sought permission from U.S. energy regulators to put the remaining part of its Texas Eastern Appalachian Lease (TEAL) Phase 1 natural gas pipeline in Ohio into service.In a filing with the U.S. Federal Energy Regulatory Commission (FERC), Enbridge said it expects to complete work on the last part of the $200 million TEAL project by Oct. 26 and would like FERC to approve of its request by Oct.
Canada Crude Differential Seen Staying High as Refiners Take Downtime
The discount on Canada's heavy crude, which reached a nearly five-year high this week, looks to remain elevated with pipelines strained and the refiners who buy it going offline for maintenance, industry officials say.Western Canada Select (WCS) oil traded on Tuesday for $34.15 per barrel less than West Texas Intermediate light oil, the biggest differential since November 2013, according to Shorcan Energy Brokers.
Leach Xpress Pipeline Service Delayed until Mid-July
TransCanada Corp's Columbia Gas Transmission unit pushed back the date of its Leach Xpress natural gas pipeline in West Virginia. Service will be resumed mid-July. The pipe was damaged in a blast on June 7. The Leach shutdown forced producers using the line to find other pipes to move gas out of the Marcellus and Utica shale regions of Pennsylvania, West Virginia and Ohio.
Hedge Funds Continue Selling Oil, Especially Fuels: Kemp
Hedge funds became much more bullish about the outlook for U.S. crude prices last week, following an outage on Canada's Syncrude system, which supplies the U.S. Midwest, and a drawdown in crude stocks around Cushing. But in the rest of the petroleum complex, the persistent liquidation of formerly record bullish positions continued for the tenth week running, according to an analysis of exchange and regulatory data.
U.S. Crude Stocks Fall, Exports Hit Record High - EIA
U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday.Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.Net U.S.
Bankrupt Breitburn Rebuffs $1.8 bln Bid
U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings. The offer from Houston-based Lime Rock, which invests in oil-and-gas properties, surfaced last month as Breitburn was awaiting a ruling on its bankruptcy reorganization plan.
U.S. Midwest Refiners Boost Output
U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S. heartland have been cut in half, as crude coming from Canada and North Dakota has pushed U.S.
Minnesota Refinery Faces Possible Strike
Western Refining's plant in St. Paul Park, Minnesota could be headed for a strike at the beginning of the year, according to a union statement on Wednesday. The 90,000-barrel-per-day refinery produces gasoline, diesel, jet fuel and asphalt which is sold around the U.S. Midwest. The Local 120 Teamsters union authorized a strike in a vote earlier in the month, it said in its statement. Reporting By David Gaffen
Minnesota Refinery Facing Possible Strike
Western Refining's plant in St. Paul Park, Minnesota could be headed for a strike at the beginning of the year, according to a union statement on Wednesday. The 90,000-barrel-per-day refinery produces gasoline, diesel, jet fuel and asphalt which is sold around the U.S. Midwest. The Local 120 Teamsters union authorized a strike in a vote earlier in the month, it said in its statement. (Reporting By David Gaffen; Editing by Chris Reese)
U.S. Natgas pipeline companies seek FERC decisions before Bay leaves
Three U.S. natural gas pipeline companies on Friday asked the U.S. Federal Energy Regulatory Commission (FERC) for permission to move forward on their projects by Feb. 3, which is when one of the FERC commissioners will step down. Only one of the three companies, Nexus Gas Transmission, specifically said it was making the request for a certificate to build its pipeline because Norman Bay…
US Oil Stockpiles Peak in East Coast, Midwest, Rockies Regions
The total amount of crude in U.S. storage rose to a new high led by gains in the East Coast, Rocky Mountains and Midwest, where new regional records were set, U.S. government data showed on Wednesday. Oil stockpiles in the U.S. East Coast, known as PADD 1, rose for the third consecutive week to 20.15 million barrels. Inventories in the U.S. Midwest, or PADD 2, rose to 154.9 million barrels.
New US Pipelines to Drive Natural Gas Boom as Exports Surge
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to become one of the world’s top natural gas exporters. The pipelines are expected to boost output from shale fields in the three states by giving producers access to new domestic and international markets. Those states could supply about a third of all U.S.
Marathon Petroleum Beats Street as Pipeline Unit Delivers
Marathon Petroleum Corp reported a surprise quarterly profit on Thursday as the refiner earned more from its pipelines and storages business. Income from the company's midstream business rose 63.5 percent to $309 million in the first quarter ended March 31. The company also said it earned more from its stakes in new and existing pipeline and marine operations.
U.S. Midwest Refiners Profit as Harvey Hits Rivals
U.S. refiners in the Midwest will be among the biggest winners after Hurricane Harvey dealt a blow to their competitors on the U.S. Gulf Coast. Refiners such as PBF Energy and HollyFrontier that are not hit by Harvey are on course for their best quarter in two years amid fears of fuel shortages that helped push profit margins for making gasoline up as much as 21 percent on Monday <RBc1-CLc1>. The U.S.
Marathon Petroleum Profit Misses; Strategic Moves Planned
Marathon Petroleum Corp reported a much smaller-than-expected quarterly profit on lower pricing and said it would place some assets into MPLX Inc, the master limited partnership that it spun off in 2012. These assets would contribute about $350 million of annual earnings before interest, taxes, depreciation and amortization by the end of 2017. Shares of Marathon were down 4.4 percent at $42.30 in morning trading…
