Canada Remains Biggest Energy Supplier To The U.S.

Canada is the top energy trade partner of the United States and was the largest source of American energy imports last year, the U.S. Energy Information Administration (EIA) said on Friday. According to the latest annual Standard International Trade Classification (SITC) data from the U.S. Census Bureau, the value of U.S. energy imports from Canada stood at ...

Source: Oilprice.com

Angola Cuts Oil-For-Debt Exports To China

Angola is reducing oil shipments to China with which it pays part of its debt to its biggest creditor as the African OPEC member looks for debt relief from its international partners, Reuters reported on Friday, quoting sources with knowledge of the plans. The world’s top oil importer, China, is Angola’s primary creditor and the African country is repaying part ...

Source: Oilprice.com

Oil Market Heading For Months Of Deficit

The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts said on Friday. Assuming that global demand recovery continues in the coming months, the oil market will still be in deficit even after the OPEC+ group relaxes the current cuts ...

Source: Oilprice.com

Canada weekly rig count remains at 21

Canada’s fleet of active drilling rigs stayed at 21 since last week according to data from Baker Hughes. Total drilling count was 21 at June 5. 7 rigs were drilling for oil; 14 for natural gas. The drilling activity in Alberta grew to 11 from 10 since last week. Saskatchewan’s drilling remained at 2 rigs. [Read more]

Source: BOE Report

Saying the Quiet Part Out Loud: MA AG Healy Admits Intention to Ban Fossil Fuel Use

Massachusetts Attorney General Maura Healey called on the state’s Department of Public Utilities to investigate “the future of the natural gas industry” in Massachusetts this week, alleging that the use of the fuel didn’t align with the state’s 2050 climate goals. While such a claim is confusing, considering the role of natural gas in mitigating carbon emissions and the state’s ...

Source: Energy In Depth

OU Energy Institute to Premiere New Energy Webcast June 15

Norman, Okla. – In response to the challenges of pandemic-related global demand for energy resources, the University of Oklahoma Energy Institute is launching a new summer webcast Monday, June 15. The complimentary bi-weekly series will be available online at price.ou.edu/energywebcast. The premier episode will feature Scott Sheffield, president and CEO...

Oil Prices Surge As OPEC+ Nears Deal

The recent move by China to pass a national security law in Hong Kong has reignited tensions between Washington and Beijing. Those tensions are now threatening over $52 billion in energy sales and have brought an end to the oil price rally.For Global Energy Alert members there are now two new free reports available in your dashboard. The first ...

Source: Oilprice.com

China Begins Consolidation Of $100+ Billion Oil & Gas Pipeline Industry

China has required the three biggest state-held oil corporations to transfer the management of half of their liquefied natural gas (LNG) terminals to the newly created state-controlled midstream firm, Caixin Global reported, citing industry insiders.   The transfer of 10 LNG terminals owned by China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) is the first ...

Source: Oilprice.com

Heavy discount narrows after mostly widening this week

Canadian heavy crude’s discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Friday, reducing some of the discount that had otherwise expanded this week. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $8.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday’s settle [Read more]

Source: BOE Report

Unexpectedly Strong Jobs Report Sends Oil Soaring

U.S. West Texas Intermediate crude oil futures are trading at their highest levels of the week on Friday and inside the price gap created on March 9 when the market opened sharply lower, officially starting the coronavirus-related plunge. The price action strongly suggests the buying is getting stronger especially if traders fill the gap. The market was initially supported ...

Source: Oilprice.com