Oil

Enbridge Inc. won a court verdict Monday to defeat the third protest lawsuit since February that aimed to halt construction of the $2.6 billion Minnesota leg of its Line 3 oil pipe replacement project. “The project is on track to be in service in the fourth quarter of 2021,” said Enbridge after a three-judge Minnesota…

European natural gas prices rebounded Monday after falling from multi-year highs late last week, as low storage inventories and strong demand in Asia continue supporting prices on the continent. The prompt Title Transfer Facility (TTF), Europe’s leading gas benchmark, hit a multi-year high of $10.241/MMBtu Thursday before falling to finish the week Friday at $9.883.…

Canada’s top oil- and gas-producing province is expected to score the nation’s strongest comeback this year on improved commodity prices after taking the biggest dive in 2020 driven by the Covid-19 pandemic, according to a new report. As measured in 2012 dollars, the “real” trend yardstick used by the Conference Board of Canada, Alberta’s gross…

Federal authorities must apply more scrutiny to potential impacts on greater sage grouse across hundreds of oil and natural gas leases in Wyoming and Montana before authorizing new drilling, a federal judge in Idaho has ruled. Magistrate Judge Ronald Bush ruled that the Interior Department’s Bureau of Land Management (BLM), under former President Trump, failed…

U.S. oil producers overall have been reluctant to ramp up output even as crude prices climb and demand rebounds. They have focused on generating cash flow and exercised patience as the economy recovers from the pandemic. But shortages of supplies needed for drilling and resulting inflation amid coronavirus fallout could extend the trend and keep…

The collapse in global exploration and production (E&P) spending last year ranked among the worst downturns in history, but 2021 is the beginning of a multi-year recovery that will accelerate into 2022 and beyond, according to Evercore ISI. The firm’s Global E&P Mid-Year Spending Outlook indicates U.S. producers remain a bit cautious regarding their capital…

More rigs flocked to the oil patch during the week ended Friday (June 11), offsetting a small decrease in natural gas-directed drilling to lift the combined U.S. count five units to 461, according to the latest data published by Baker Hughes Co. (BKR). Oil-directed drilling increased by six units in the United States for the…

An acceleration in travel and economic activity should hasten the resurgence in global oil demand in the second half of 2021, cutting into supplies and justifying increased crude production, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday.  In its closely watched Monthly Oil Market Report, the Saudi-led cartel affirmed expectations it reported a…

TC Energy Corp. and the Alberta government late Wednesday announced formal and final termination of the suspended Keystone XL oil export pipeline, but they reserved the right to seek compensation for rejection of the project in the United States. “An orderly exit” would honor remaining environmental and regulatory commitments, said the Calgary pipeline company and…