Tag: Business
Oil prices climb to near 2015 highs early in session, but retreat on pipeline restarts
Brent and US WTI oil prices started the year over $60/barrel Oil prices that hit mid-2015 highs early in trading on Tuesday later slipped on restarts of major crude pipelines in the UK and Libya and rising US production. For the first time since January 2014, both Brent and US WTI opened the year over […]
Oil prices up slightly despite January restart of UK pipeline
Oil prices lifted by 6.5 million barrel drop in US crude stocks Oil prices rebounded from earlier losses Thursday despite reports from Ineos, the company that operates the Forties pipeline, that it expects to reopen the shuttered pipeline in early January. By 5:15 p.m. EST, Brent had risen by 17 cents to $64.28 and US […]
Oil prices up as Forties pipeline shutdown continues
Oil prices up, but rising US production tempers gains Oil prices rose as the shutdown of the UK’s Forties pipeline and OPEC-led supply cuts continued. As well, data to be released later on Tuesday and early Wednesday is expected to show US crude stocks declined for the fifth straight week. By 1:31 p.m. EST, Benchmark […]
Canadian oil producers scramble as pipelines, railroads hit capacity
Canadian oil producers struggle to get crude to market Canadian oil producers are in a bind as they scramble to get their crude to market. Pipelines and rail lines are almost at full capacity while prices have been driven to four-year lows. Companies are now concerned that they will have to sell their oil at […]
Oil prices seesaw on rising US output and UK pipeline outage
Oil prices dip in Monday trading Oil prices were mixed Monday as the Nigerian oil workers’ strike and uncertainty over when the Forties pipeline will re-open were tempered by rising US crude output. By 1:17 p.m. EST, Brent was down 2 cents to $62.63/barrel and US WTI had fallen 34 cents to $56.99/barrel. The Canadian […]
US shale investment pouring in despite concerns on returns
US shale producers in prime fields have little trouble accessing cash Investors and financiers are throwing money into US shale production companies which will likely mean US output will continue to rise through the middle of the coming decade, according to a report by Reuters. The money is pouring into the shale producers, despite pressure […]
Rising US output keeps a lid on oil prices gains
Oil prices mixed with Brent down slightly, WTI up Oil prices were mixed on Friday and sat below two-year highs as rising US output overshadowed the outage of a North Sea crude pipeline and the OPEC supply cut deal. By 1:00 p.m. EST, Brent crude futures were down 4 cents to $63.27/barrel and US WTI […]
More Cenovus jobs lost as company looks to cut costs
Cenovus looking to cut additional 15 per cent of workforce Cenovus Energy will cut hundreds of jobs and reduce 2018 capital spending under the leadership of Alex Pourbaix, the new chief executive of the Calgary-based, company. Pourbaix says he’s looking to move more quickly to get the company’s financial house in order than preceding management […]
Forties pipeline shutdown, drop in US crude stocks bump up oil prices
Oil prices up slightly on Thursday Oil prices rose slightly on Thursday due to the continued outage of the Forties pipeline, the network that moves about 450,000 barrels of crude per day from North Sea platforms to refineries in Scotland. By 1:25 p.m. EST, US WTI rose by 18 cents to $56.78/barrel and Brent crude […]
Oil prices dip on higher gasoline inventories, US output
Oil prices down despite significant decline in US crude stocks Oil prices fell on Wednesday despite data from the US Energy Information Administration showing a significant decline in US crude stocks. Prices dipped due to a larger-than-expected increase in US gasoline inventories and ballooning crude output from US producers. By 2:57 p.m. EST, US WTI […]
Connect
Connect with us on the following social media platforms.