Oil

DAPL's Future Uncertain as Biden Presidency Looms

The election of Democrat Joseph Biden could create more headaches for the Dakota Access Pipeline's (DAPL) owners, who are already embroiled in legal battles to keep the main conduit for flowing oil out of North Dakota running.

Energy Transfer Sues North Dakota for Return of Documents

Dakota Access Pipeline developer Energy Transfer is suing for the return of thousands of documents held by North Dakota, saying the disclosure of those records could present a security risk.

Brent touches $45 on Vaccine Hopes and Storage Drawdown

Global oil benchmark Brent rose on Wednesday, briefly touching a more than two-month high above $45 a barrel on hopes of a COVID-19 vaccine and U.S. crude storage drawdowns.

Tanker Traffic to Venezuela Suggests Oil Export Rebound

At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks, according to tracking data and internal documents from state-run PDVSA, in a sign the sanctioned OPEC nation's crude exports may rebound this month.

Iran Says it Exports 700,000 bpd of Oil, Later Denies

An Iranian official said Tehran exported up to 700,000 bpd of oil since March, but an Iranian news agency later quoted him as casting doubt on the figure, which had been kept secret as the country fights U.S. sanctions.

Successful Vaccine Would Boost Oil Consumption, But Not for 6-12 Months

Coronavirus vaccines are expected to boost international passenger transportation and oil consumption, but futures prices suggest the first significant impact will not be felt until well into the second half of 2021.

Ecuador Crude Output Reduced by Pipeline Ruptures, Budget Cuts

Ecuador expects its crude output to end 2020 "significantly" below initial expectations due to budget cuts at state oil companies and the rupture of two key pipelines earlier this year, Energy Minister Rene Ortiz said.

Oil Demand Likely to Take at Least a Year to Hit 2019 Levels - Gunvor Head

Global demand for oil is running about 5-6 MMbpd below pre-coronavirus crisis levels, and OPEC with its allies is likely to prolong its existing cuts, the head of trading house Gunvor said on Monday.

Energy Leaders Leave Door Open to More Cuts as Virus Spikes

Saudi Arabia's energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States

Oil Jumps on Vaccine Hopes, OPEC+ Supply Signals

Oil jumped by almost 10% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

China Oil Imports Probably Weaker than Data Suggests

China's imports of crude oil slipped as expected in October, but while a 12.2% drop appears significant, the actual state of demand was probably even weaker.

Rolling Back Trump's Rollbacks: Biden Seen Reversing Climate Deregulation

Joe Biden could erase much of President Donald Trump’s four-year legacy of energy and climate deregulation with the stroke of his pen, according to regulatory experts, but replacing it with something new and durable may prove trickier.

Oil Pipeline Catches Fire in Western Siberia

A pipeline at an oilfield operated by a subsidiary of Gazpromneft, the oil arm of Russian gas producer Gazprom, burst and caught fire early on Saturday.

Oil Steady as U.S. Election Uncertainty Dominates Markets

Oil prices were largely steady on Thursday as Democrat Joe Biden edged closer to the White House in a close U.S. presidential election, though doubts remain over further huge stimulus to bolster the economy in the face of the coronavirus crisis.

Coronavirus Surge Throws Oil Recovery into Reverse

Oil futures prices have started to signal OPEC+ may have to do more to offset a second wave of coronavirus and a renewed economic slowdown.

China to Step Up E&P, Pipeline Construction

China said it plans to step up its exploration of oil and gas, and speed up the construction of oil and gas pipelines and storage facilities, according to the official Xinhua News Agency.

Oil Rises 2% but Traders Brace for Wild Ride After U.S. Election

Oil prices rose near 2% on Tuesday, advancing with other financial markets on U.S. Election Day, although traders were bracing for volatility depending on the voting results and as surging coronavirus cases around the world fed worries about fuel demand.

Centurion Group Awarded Keystone XL Contract

Alberta-based Centurion Group announced that it has been awarded a contract for right-of-way work on a significant U.S. portion of the Keystone XL Pipeline.

Judge Dismisses Defamation Claim by Dakota Access Protester

A federal judge has dismissed part of a lawsuit by a New York City woman who was severely injured in an explosion while protesting the Dakota Access oil pipeline in North Dakota four years ago.

Frontier's Beta Crude Connector Announces Open Season

Beta Crude Connector, through its manager, Frontier Midstream Solutions IV, announced an open season for its BCC system crude oil pipeline located in West Texas.

Canada Opens Oil Taps as Demand Grows, Curbs Lift

Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta's government lifted restrictions and as demand for heavy oil surged.

Oil Prices Rise as U.S. Presidential Election Looms

Oil prices gained nearly 3% on Monday, rebounding from several days of losses built on concerns of rising coronavirus cases, one day before the end of U.S. presidential election voting.

Funds Sell Oil on Fears of Virus-Driven Economic Double Dip

Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fueled fears of a double-dip recession hitting oil consumption.

Oil Falls on Demand Concerns, Posts Second Monthly Decline

Oil prices fell on Friday and posted a second consecutive monthly drop as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.

Losses Mount for Oil Companies as Pandemic Grips Economy

Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies.

U.S. Energy Secretary Doesn’t See Oil Production Returning Soon to Pre-Pandemic Levels

The U.S. Secretary of Energy told reporters at an industry conference on Wednesday that he does not expect the country's oil output to return to pre-pandemic levels until at least after 2021.

Enterprise Crude Pipeline Transport Volumes Drop Over 26% on Oil Price Plunge

Enterprise Products reported on Wednesday that crude volumes on its pipelines fell 26.1% as lower fuel demand caused by the coronavirus pandemic forced producers to slash output.

Canada's Cenovus to Buy Husky for $2.9 Billion

Canada's Cenovus Energy has agreed to purchase Husky Energy for nearly $3 billion as the industry is forced to consolidate amid the pandemic continues to suppress demand.

Canada's Alberta to End Monthly Oil Production Curbs in December

The Canadian province of Alberta will lift curbs on crude oil production at the start of December, allowing producers to use pipeline capacities and create jobs, the region's energy minister Sonya Savage said on Friday.

Belarus Resumes Pipeline Transit of Russian Oil to Poland

Belarus resumed transit of Russian oil to Poland, after pipeline operator PERN said it had to temporarily suspend flows due to local power-supply issues.