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Oil below US$94 a barrel as dollar gains against euro, yen; OPEC output rises

The Canadian PressMay 10, 2013 22:03
NEW YORK, N.Y. - The price of oil fell more than two per cent Friday as OPEC production climbed and the U.S. dollar rose against the euro and other currencies. Benchmark West Texas Intermediate crude for June delivery was down $2.60, or 2.7 per cent, at $93.79 a barrel in morning trading on the New York Mercantile Exchange. Since oil is traded in dollars, a stronger U.S. currency makes crude and other commodities less appealing for investors with other currencies.

Oil price gains in New York

Agence France-PresseMay 10, 2013 16:20
New York oil prices pushed higher Wednesday even as the weekly US stockpiles report showed crude stores at their highest level in 31 years. New York's main contract, West Texas Intermediate crude for June delivery, added one dollar even per barrel to finish at $96.62. In London, Brent North Sea oil for June was little changed, giving up six cents to $104.34 per barrel. Analysts had expected a much larger rise in the US commercial crude stocks than the 200,000 barrel increase that came in.

Alberta regulator says convention crude oil production and reserves way up

The Canadian PressMay 10, 2013 06:18
CALGARY - Alberta's energy regulator says higher oil prices and new technology have led to the largest increase in decades of both conventional oil production and reserves. In its latest report the Energy Resources Conservation Board records a 14 per cent increase in production in 2012 and 9.5 per cent increase in reserves over 2011 levels, due to the higher production rates from horizontal wells. Alberta's crude oil production totalled 556,000 barrels of oil per day with a yearly total of 204 million barrels.

Oil falls below $96 per barrel as dollar rises

The Canadian PressMay 9, 2013 17:45
BANGKOK - The price of oil fell below US$96 per barrel Friday after signs of improvement in U.S. employment sparked speculation that the Federal Reserve might scale back its aggressive monetary policy. Benchmark crude for June delivery was down 53 cents to $95.86 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contact lost 23 cents to finish at $96.39 a barrel on the Nymex on Thursday.

Brent oil prices slip on US energy report

Agence France-PresseMay 8, 2013 15:45
Brent oil prices dipped on Wednesday after a key US report showed that crude stockpiles had soared again last week to their highest level in 30 years. Brent North Sea crude for delivery in June dropped 57 cents to $103.83 per barrel in London late afternoon deals. New York's main contract, light sweet crude for June meanwhile rose 32 cents to $95.54 a barrel. "Crude oil prices came under renewed pressure with Brent oil retreating below $104 per barrel, following another build in crude oil stocks," said analyst Myrto Sokou at London-based brokerage Sucden Financial.

Black sheen in Michigan river caused by motor oil dumping: police

May 8, 2013 15:01
(Reuters) - A black sheen discovered in a major storm drain in Macomb County in Michigan, was most likely the result of motor oil dumping and was not a crude oil spill, local police said on Friday. Sterling Heights Police Lt. Luke Riley said the spill was contained by booms in the Red Run drain that leads into nearby Clinton River. (Reporting by Edward McAllister in New York; Editing by Jeffrey Benkoe)

Oil rises above $96 as US supplies rise less than expected, dollar weakens

The Canadian PressMay 8, 2013 09:35
Oil climbed to its highest price in more than a month on Wednesday, after the government reported U.S. crude supplies increased less than analysts expected. In New York, benchmark crude for June delivery rose US$1 to finish at $96.62 a barrel. It hasn't settled that high since April 2. The U.S. Energy Department said oil supplies grew last week by 200,000 barrels to 395.5 million barrels, which is 4.2 per cent above year-ago levels. Analysts were expecting an increase of 1.9 million barrels in the week ended May 3.

Husky ready to assemble pieces of massive Liwan platform in China

The Canadian PressMay 7, 2013 13:46
CALGARY - Husky Energy Inc. said Tuesday it's getting ready to assemble its massive Liwan offshore platform in the South China sea, with natural gas expected to start flowing late this year or early next. "The Liwan gas project gets into the home stretch this year," said CEO Asim Ghosh on a conference call with analysts. "Our next big milestone is just around the corner." The 30,000-tonne, 41-metre-high above-sea structure is currently moving via barge to its final location 300 kilometres southeast of Hong Kong.

Analysis: Despite U.S. oil boom, some states fear fuel scarcity

May 7, 2013 13:34
By Kristen Hays and Sabina Zawadzki HOUSTON/NEW YORK (Reuters) - The U.S. oil and gas renaissance that has bestowed unexpected prosperity on states from North Dakota to Pennsylvania and boosted distillate production to a record high in the Midwest is also causing pockets of fuel scarcity: just ask Arkansas.

Oil slips on expectation U.S. supplies are growing and report on Saudis output

The Canadian PressMay 7, 2013 06:00
NEW YORK, N.Y. - The price of oil fell Tuesday on expectations of another increase in U.S. oil supplies. West Texas Intermediate, the benchmark crude in the U.S., fell 54 cents to finish at US$95.62 per barrel on the New York Mercantile Exchange. The U.S. Energy Department releases its weekly report on U.S. oil inventories Wednesday. Addison Armstrong, senior director of market research at Tradition Energy, expects supplies rose by 2.8 million barrels in the week ended May 3. Analysts surveyed by Platts expect an increase of 1.9 million barrels.
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