DIRS.INFO The most relevant business & tech news

☆ Keystone pipeline rupture spilled diluted bitumen, complicating cleanup
▼ + stars: | 2022-12-15 | by ( Rod Nickel | Mrinalika Roy | ) www.reuters.com time to read: +2 min

(Reuters) -The oil spilled from TC Energy Corp’s ruptured Keystone pipeline was diluted bitumen, the U.S. Environmental Protection Agency (EPA) said on Thursday, adding complications to the cleanup. The report said that when diluted bitumen spills, a thick, dense material forms as a residue after exposure to the environment. “For this reason, spills of diluted bitumen pose particular challenges when they reach water bodies,” the report said. The Sierra Club, an environmental advocacy group, questioned why parts of the pipeline reopened before TC Energy had identified the leak’s cause. Pipeline and Hazardous Materials Safety Administration, state and local agencies, TC Energy and TC Energy contractors, the agency said.

☆ TSX futures steady as oil prices recover, Fed worries cap gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Futures for Canada's resources-heavy main stock index rose on Thursday as oil prices recouped early losses, while a sharp drop in gold kept gains in check after hawkish Federal Reserve commentary. Futures on the S&P/TSX index were up 0.1% at 6:34 a.m. ET (1134 GMT), while their U.S. peers fell after the Fed on Wednesday raised interest rates as expected but said it would keep hiking them further. Fed Chair Jerome Powell on Wednesday said interest rate hikes would persist next year even as the U.S. economy faces the threat of a recession, sparking a selloff on Wall Street and also knocking down Canada shares (.GSPTSE). In a bright spot, oil prices steadied after early declines as the dollar firmed, while likely increases in interest rates by central banks also heightened demand concerns.

☆ Oil dips as dollar firms and more rate hikes loom
▼ + stars: | 2022-12-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Dec 15 (Reuters) - Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns. A stronger dollar can weaken oil demand because it makes the commodity more expensive for those holding other currencies. Price declines were capped by projections from the International Energy Agency, which expects Chinese oil demand to recover next year after a contraction this year of 400,000 barrels per day. Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration said. Goldman Sachs on Wednesday reduced its oil price forecasts for 2023, citing a projected market surplus early next year as supply from Russia remains robust and China demand ramps up.

☆ Oil dips as dollar firms while more rate hikes loom
▼ + stars: | 2022-12-15 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 15 (Reuters) - Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns. A stronger dollar weakens oil demand as it makes the commodity more expensive for those holding other currencies. Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration (EIA) said. U.S. gasoline stocks rose by 4.5 million barrels in the week to 223.6 million barrels, while distillate stockpiles rose by 1.4 million barrels to 120.2 million barrels. "Commercial crude oil inventories rose as refineries trimmed their runs," said Citi analysts in a note.

[1/3] Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File PhotoDec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) is resuming operations in a section of its Keystone pipeline a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown. "This restart facilitates safe transportation of the energy that customers and North Americans rely on and extends from Hardisty, Alberta, to Wood River/Patoka, Illinois," TC Energy said. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. Market players had speculated that TC Energy might first restart the leg of the pipeline that delivers to Patoka, Illinois.

Dec 15 (Reuters) - Oil prices were largely unchanged in early Asian trade on Thursday as traders weighed optimism over China's demand outlook against the possibility of further interest rate hikes from global central banks. The market was bolstered by projections from the International Energy Agency seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022. The agency raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd. The U.S. Federal Reserve raised its benchmark overnight interest rate by 50 basis points on Wednesday, a downshift from the 75-basis-point hikes it had delivered at its previous four policy meetings. The central bank signalled that more interest rate hikes were to be expected.

REUTERS/Drone Base/File PhotoDec 14 (Reuters) - One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. The timeline for the full restart of the pipeline remained uncertain, and neither a root cause failure analysis nor a restart plan had been submitted, the U.S. The spill occurred in Washington County, Kansas, about 20 miles (32 km) south of a junction in Steele City, Nebraska, where Keystone splits into two. "We don't have a confirmation of a timeline and anticipate an update on restart today," TC said in an email.

☆ U.S. Oil Prices Under Pressure From Keystone Pipeline’s Largest-Ever Leak
▼ + stars: | 2022-12-15 | by ( Benoît Morenne | Vipal Monga | ) www.wsj.com time to read: 1 min

A weeklong shutdown of the Keystone oil pipeline is squeezing Gulf Coast refiners, who now have to replace hundreds of thousands of barrels that are no longer flowing through the system. The 2,700-mile Keystone pipeline shut down Dec. 7 after a rupture in Kansas spilled an estimated 14,000 barrels of crude oil, said its operator TC Energy Corp.—the largest such reported leak in the line’s history. The spill is now one of the largest in the U.S. in more than a decade, and the company hasn’t disclosed what caused it or said when the pipeline would be operational.

☆ Oil prices slide 2% as dollar firms and central banks hike interest rates
▼ + stars: | 2022-12-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks. On Wednesday, Federal Reserve Chair Jerome Powell said the U.S. central bank will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. Also pressuring oil prices, Canada's TC Energy Corp <TRP.TO> said it was resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in Kansas triggered a shutdown. U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration said.

Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28. Both contracts rose on a surge in diesel futures ahead of cold weather expected towards the end of the year. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd.

☆ Oil prices rise amid forecasts of 2023 demand uptick
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures last rose $2.17, or 2.69%, to $82.85 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up $2.08 at $77.46. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000 bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd. Oil prices have been supported by a leak and outage of TC Energy Corp's Keystone Pipeline, which ships 620,000 barrels per day of Canadian crude to the United States. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity.

Dec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) said it expects to give an update on the Keystone pipeline restart later on Wednesday, a week after the 622,000 barrel-per-day pipeline was shut after leaking oil into a creek in Kansas. Keystone is a crucial artery shipping Canadian crude south to U.S. refineries and traders have been awaiting news of when it may restart operations. Market players have speculated TC may first restart the leg of the pipeline that delivers to Patoka, Illinois, which did not leak. "We don't have a confirmation of a timeline and anticipate an update on re-start today," TC said in an email. The Mainline moves 3.1 million bpd of Canadian crude to refineries in the U.S. Midwest and eastern Canada.

☆ Oil steadies after falls as weak economy offsets supply risks
▼ + stars: | 2022-12-12 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +2 min

China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months. But supply uncertainty should ease by spring 2023, after the embargo on oil products (on Feb.5) plays out," Deutsche Bank said in a note.

Brent crude futures were down 38 cents, or 0.4%, at $75.72 a barrel by 0900 GMT. China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ Oil edges up on U.S. pipeline restart uncertainty, Russian supplies
▼ + stars: | 2022-12-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. Putin said on Friday that Russia, the world's biggest exporter of energy, could cut production and would refuse to sell oil to any country that imposes a "stupid" price cap on Russian exports agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. Saudi Arabia's energy minister also said on Sunday that the impact of the European sanctions and price cap measures had had no clear results yet, and that its implementation was still unclear.

The operator of the Keystone Pipeline System, which carries a form of crude oil from Canada to multiple states for refining, said over the weekend that its largest-yet breach has been contained for now. TC Energy, the Canadian parent of day-to-day pipeline operator TC Oil, said in a statement Saturday that the spill was no longer moving downstream. It mobilized 250 crews to handle cleanup and has deployed booms and vacuum trucks to stop the oil, the company said. The failure along a 96-mile segment in parts of Washington County, Kansas, Clay County, Kansas and Jefferson County, Nebraska, brings renewed concern over pipeline safety following the demise of the contentious Keystone XL pipeline project. Mayberry wants TC Oil to determine the root cause of the breach and name decision-makers who might have contributed to the spill, according to the letter dated Thursday.

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. In the U.S., Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Reporting by Florence Tan and Emily Chow; Editing by Kenneth Maxwell and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices climb on uncertainty over Keystone pipeline restart, Russian supplies
▼ + stars: | 2022-12-12 | by ( Florence Tan | ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowSINGAPORE, Dec 12 (Reuters) - Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports. Brent crude futures climbed 83 cents, or 1.1%, to $76.93 a barrel by 0020 GMT. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. Meanwhile Russia's Putin said on Friday that his country, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes a "stupid" price cap on Russian agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions had limited impact on global markets so far, ANZ analysts said in a note.

☆ Oil up $2 a barrel on supply risks amid ongoing Keystone outage
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +3 min

U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%. The potential of a prolonged outage of TC Energy Corp's Canada-to-U.S. Keystone crude oil pipeline helped turn prices around. Traders worried about how long it would take to clean up and restart the Keystone oil pipeline after more than 14,000 barrels of oil leaked last week, the largest U.S. crude oil spill in nearly a decade. The outage is expected to shrink supplies at the Cushing, Oklahoma storage hub, and delivery point for benchmark U.S. crude oil futures. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

TC Energy shut the pipeline after the spill was discovered late last Wednesday. The 622,000 barrel-per-day Keystone line ships heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Prices for sour crude grades in the U.S. Gulf of Mexico were strengthening on Monday, as the shutdown means more demand for heavier Gulf barrels. TC Energy said on Sunday that it has more than 250 people working on the leak, including third-party environmental specialists. The U.S. Environmental Protection Agency and pipeline regulator the Pipeline and Hazardous Materials Safety Administration (PHMSA) are also on the scene.

Dec 9 (Reuters) - The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the U.S. Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest oil pipeline to the United States from Canada on Wednesday after it leaked 14,000 barrels of oil into a Kansas creek. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ TSX posts biggest weekly decline since September as oil tumbles
▼ + stars: | 2022-12-09 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 22.12 points, or 0.1%, at 19,947.07, its lowest closing level since Nov. 17. For the week, the index was down 2.6%, its biggest weekly decline since September. The Toronto market's energy sector fell 0.7% as U.S. crude oil futures settled 0.6% lower at $71.02 a barrel. Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Major oil pipeline outage to hit U.S. stockpiles, refinery supplies
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, Dec 9 (Reuters) - An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy's (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. Other pipelines between Canada and the United States are at or near capacity, East Daley and data analytics firm Wood Mackenzie estimates. Gulf Coast refiners, which could suffer shortages of heavy Canadian crude, can draw on supplies from offshore Louisiana facilities and from Colombia, Mexico and Ecuador. U.S. physical crude oil grade prices were mixed on Thursday and O'Donnell at East Daley said he expects volatility to continue as long as Keystone remained offline.

☆ Oil bounces near Dec 2021 lows after Keystone pipeline shutdown
▼ + stars: | 2022-12-09 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth. Brent crude futures were at $76.74 a barrel, up 59 cents, or 0.8%, at 0115 GMT after dropping 1.3% on Thursday. More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. The news appears "to be only short-term negative for supplies but doesn't change anything with the deteriorating crude demand outlook", OANDA analyst Edward Moya said in a note. Oil prices are set to post their biggest weekly drop in months, since traders expect it will be months before the benefits of China easing COVID controls feeds through to demand.

Search resuls for: "Keystone Pipeline"

25 mentions found