The Canadian province of Alberta has agreed to divest its contracts to move additional crude by rail to market, Premier Jason Kenney said on Tuesday, but he declined to release details and said the agreements were still being finalized.
The Canadian province of Alberta has agreed to divest its contracts to move additional crude by rail to market, Premier Jason Kenney said on Tuesday. The contracts to ship a collective 120,000 barrels per day were negotiated by the previous New Democratic Party government, and Kenney has long said his government planned to transfer them to the private sector.
Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction. The death toll surpassed 1,000 on Tuesday, though the number of new confirmed cases fell.
Oil prices rose more than 1% on Tuesday as recent sharp falls have encouraged investors holding short positions to book profits, but the market remains jittery over the Wuhan virus, which has now killed more than 1,000 in China.
Police in Canada arrested 33 indigenous rights protesters on Monday, ending the closure of Vancouver ports in British Columbia province by demonstrators opposed to construction of the Coastal GasLink natural gas pipeline, but movement of commodities and passenger trains was still disrupted by the ongoing rallies.
Guyana is aiming to complete talks with the Exxon Mobil Corp-led consortium producing oil off its coast over crude pricing, lifting costs, and scheduling before the government exports its first cargo, energy director Mark Bynoe said on Monday.
Oil prices fell on Monday, with U.S. benchmark prices under $50 a barrel to settle at their lowest since January 2019. The spread of coronavirus has fueled expectations for a slowdown in the global economy and energy demand. March West Texas Intermediate oil fell 75 cents, or 1.5%, to settle at $49.57 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Jan. 7, 2019, FactSet data show.
By Myra P. Saefong and William Watts, MarketWatch. Oil futures fell on Monday to their lowest settlement in more than a year, undercut by the hit to Chinese demand for crude in the wake of the coronavirus outbreak and indications OPEC and its allies are unlikely to immediately deliver an additional cut to production. "Energy traders are focused on the coronavirus right now, trying to gauge how it has, and will, affect demand in China, supply internationally, and ultimately how OPEC+ will...
March natural gas settles at $1.766 per million Btus. Natural-gas futures dropped by about 5% Monday to their lowest settlement in almost four years as a milder-than-usual winter continued to limit demand for the heating fuel. Natural-gas prices took "heavy losses to start the week... as mild weather outlooks continue to pressure prices lower," said Christin Redmond, commodity analyst at Schneider Electric.
Oil prices fell to their lowest level since December 2018 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.
