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Canadian agency says crude oil that exploded during 2013 fatal train crash as explosive as gas

TORONTO - The crude oil that exploded during a fatal derailment in Quebec last year that killed 47 people had characteristics similar to that of unleaded gasoline, a highly flammable liquid, Canada's transportation safety agency said Thursday. The Transportation Safety Board said in a newly released report that the crude tested by Canada's transportation agency had a low flash point, which refers to the temperature at which the crude gives off enough vapour to ignite in air.

CNRL: 'Good business sense" to curb heavy oil output while prices are low

CALGARY - Canadian Natural Resources Ltd. says it will slow down its heavy oil output whenever the price gap between that type of crude and its lighter counterpart widens substantially. President Steve Laut said Thursday it's a new strategy to work around the volatile light-heavy differential, which has caused headaches for industry and the provincial government alike. In December — when the differential was at 40 per cent — Canadian Natural (TSX:CNQ) cut heavy oil production by just over 10,500 barrels per day, assuming the gap would narrow in the new year.

Canadian regulator approves reversing the flow of a pipeline that would ship oil east

TORONTO - Canada's National Energy Board approved Thursday a plan by Enbridge to reverse the flow of a pipeline that would allow for Western Canadian oil to be transported to Eastern Canada. The board's decision allows Enbridge to move 300,000 barrels of crude oil per day from Sarnia, Ontario, to Montreal. Line 9 originally shuttled oil from Sarnia to Montreal, but was reversed in the late '90s in response to market conditions to pump imported crude westward. Enbridge now wants to flow oil back eastwards to service refineries in Ontario and Quebec.

Saskatchewan spending $2 million on four enhanced oil recovery projects

REGINA - Saskatchewan is ponying up nearly $2 million to help find ways to push more oil out of the ground. Innovation Saskatchewan, a government agency that gives the province advice on research and development, has approved $1.9 million to develop enhanced oil recovery technologies in heavy oil fields. The money is for four projects, including two for the Regina-based Petroleum Technology Research Centre.

Saskatchewan spending $2 million on four enhanced oil recovery projects

REGINA - Saskatchewan is ponying up nearly $2 million to help find ways to push more oil out of the ground. Innovation Saskatchewan, a government agency that gives the province advice on research and development, has approved $1.9 million to develop enhanced oil recovery technologies in heavy oil fields. The money is for four projects, including two for the Regina-based Petroleum Technology Research Centre.

A small carbon levy might help get KXL approved, says Saskatchewan premier

WASHINGTON - A modest levy on the oil-and-gas sector might help secure Washington's support for the Keystone XL pipeline, Saskatchewan Premier Brad Wall said during a trip to the U.S. capital Wednesday. But he stressed that any such penalty had better be small. Wall pointed to Alberta's initial $15-a-tonne levy on greenhouse gas emissions as an example. The amount is deemed insignificant by environmentalists and Alberta's own provincial government has signalled a willingness to nearly triple the fee.

Oil prices sink on news of rising US crude supplies

Global oil prices sank on Wednesday as investors markets weighed news of increases in US petroleum stocks and kept a wary eye on the Ukraine crisis. A barrel of West Texas Intermediate for April delivery, the US benchmark futures contract, finished at $101.45, down $1.88 from Tuesday's close. In London trade, Brent North Sea crude for delivery in April sank $1.54 to $107.76 a barrel. The US Department of Energy said the nation's commercial crude-oil inventories rose by 1.4 million barrels in the week ending February 28.

Oil prices recoil on US energy report

Global oil prices fell sharply on Wednesday following news of a weak crude demand on the United States, which is the world's top consumer. Brent North Sea crude for delivery in April sank $1.01 to $108.29 a barrel in London late afternoon deals. West Texas Intermediate (WTI) for April shed $1.24 to $102.09 a barrel. The US Department of Energy announced in its weekly energy report that American crude inventories rose by 1.4 million barrels in the week ending February 28.

Oil prices mixed as Ukraine fears recede

Oil prices were mixed in Asia Wednesday as fears of an immediate armed conflict in Ukraine receded, but analysts said the presence of Russian-backed troops in the Crimean peninsula continue to support prices. New York's main contract, West Texas Intermediate (WTI) for April delivery, rose 10 cents to $103.43 in afternoon trade, while Brent North Sea crude for April eased 14 cents to $109.16. WTI fell $1.59 in New York Tuesday after Russian President Vladimir Putin declared in a news conference there was currently "no need" to send troops into Ukraine.

Oil prices mixed as Ukraine fears recede

Oil prices were mixed in Asia Wednesday as fears of an immediate armed conflict in Ukraine receded, but analysts said the presence of Russian-backed troops in the Crimean peninsula continue to support prices. New York's main contract, West Texas Intermediate (WTI) for April delivery, rose 12 cents to $103.45 in mid-morning Asian trade, while Brent North Sea crude for April eased three cents to $109.27. WTI fell $1.59 in New York Tuesday after Russian President Vladimir Putin declared in a news conference there was currently "no need" to send troops into Ukraine.
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