Archive for August, 2017

Gulf refiners prepare for possible sanctions against Venezuela, look to Canada for crude

Gulf refiners prepare for possible sanctions against Venezuela, look to Canada for crude

Gulf refiners see Venezuelan supplies dwindle According to Bloomberg, Gulf refiners are looking to Canada as they prepare for possible Trump administration sanctions against Venezuela which could mean heavy crude supplies from the beleaguered South American nation would be drastically cut to US customers. Canadian heavy crude from the Alberta oil sands is already a […]

By August 15, 2017 0 Comments Read More →
Petronas expects LNG market to remain oversupplied until 2023

Petronas expects LNG market to remain oversupplied until 2023

LNG market swamped by US, Australian production The chief executive of Malaysia’s state-owned energy company, Petronas, says he expects the global LNG market to remain oversupplied until as late as 2023. With increased supply from Australia and the United States, prices have fallen; Asian spot LNG prices are now down by about 70 per cent […]

By August 15, 2017 0 Comments Read More →
Oil prices fall as investors worry about oversupply, strong greenback, weak Asia demand

Oil prices fall as investors worry about oversupply, strong greenback, weak Asia demand

Oil prices pressured by high production, inventories On Tuesday, oil prices fell as investors already concerned about the global glut of crude struggled with a rising US dollar and weaker demand for petroleum in China. Brent crude was dow 13 cents to $50.60/barrel by 12:53 p.m. EDT and US WTI fell by 14 cents to […]

By August 15, 2017 0 Comments Read More →
Wind energy continues rapid growth in 2016 – US Dept. of Energy

Wind energy continues rapid growth in 2016 – US Dept. of Energy

Texas, Oklahoma, and Iowa lead the nation in wind energy The Energy Department released three wind market reports demonstrating continued growth in wind energy nationwide. America’s wind industry added more than 8,200 megawatts (MW) of capacity last year, representing 27 per cent of all energy capacity additions in 2016. In 2016, wind supplied about 6 […]

By August 15, 2017 0 Comments Read More →
Calgary-based oil rig maker TESCO Corp. sold to USA competitor Nabors Industries

Calgary-based oil rig maker TESCO Corp. sold to USA competitor Nabors Industries

Transaction values TESCO common stock at $4.62 per share Tesco Corporation announced it entered an agreement Nabors Industries Ltd. to combine with Nabors in a stock-for-stock transaction, according to a press release. TESCO shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of TESCO. TESCO shareholders will own approximately 10 per cent of the outstanding shares […]

By August 15, 2017 0 Comments Read More →
Canadian natural gas producers face rocky future without West Coast LNG

Canadian natural gas producers face rocky future without West Coast LNG

CAPP expects Canadian natural gas exports to US to decline 50% by 2030 In the wake of Petronas’ decision to cancel the Pacific NorthWest LNG project three weeks ago, there is good and bad news for Canadian  natural gas producers over the short to medium-term. Unfortunately, the bad outweighs the good. The Malaysian energy giant […]

Syncrude charged with 2015 blue heron deaths, maximum fine is $500,000

Syncrude charged with 2015 blue heron deaths, maximum fine is $500,000

Location blue herons died didn’t have waterfowl protection but does now The Alberta Energy Regulator (AER) has charged Syncrude Canada Ltd. for the deaths of 31 great blue herons found at a sump at the company’s Mildred Lake oil sands mine north of Fort McMurray in Aug. 2015, according to a press release. The company […]

By August 14, 2017 0 Comments Read More →
Oil prices drop on strong US dollar, weak China data

Oil prices drop on strong US dollar, weak China data

Oil prices down 2 per cent Monday Oil prices fell by 2 per cent on Monday in volatile trading as the US dollar rose and China posted weak domestic demand data. Earlier in the day, oil prices rose slightly on concerns over possible reductions in Libya’s crude supply after the country’s National Oil Corporation (NOC) […]

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Husky Energy buying Wisconsin refinery for $435 million

Husky Energy buying Wisconsin refinery for $435 million

Husky Energy buying 50,000 b/d Superior, Wisconsin refinery On Monday, Calgary-based Husky Energy announced it will purchase a 50,000 barrel per day (b/d) refinery from Calumet Specialty Products Partners, L.P., located in Superior, Wisconsin. The purchase price for the Superior Refinery is US$435 million in cash.  According to the company, the facility will help accelerate […]

By August 14, 2017 0 Comments Read More →
Column: Hedge funds gamble for a third time on oil rebalancing

Column: Hedge funds gamble for a third time on oil rebalancing

Hedge funds managers hopeful, but cautious By John Kemp LONDON, Aug 14 – “If at first you don’t succeed, try, try, try again,” goes the proverb used to encourage students. Hedge fund managers are becoming bullish towards crude oil and refined fuels for the third time this year and must be hoping the signs of […]

By August 14, 2017 0 Comments Read More →