Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "TC"


25 mentions found


Dec 29 (Reuters) - Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.
Companies TC Energy Corp FollowDec 23 (Reuters) - TC Energy Corp (TRP.TO) on Friday said that a U.S. regulator had approved a restart plan for an idled segment of its Keystone oil pipeline to Cushing, Oklahoma, and it looked to restore service after several days of testing and inspections. The 622,000-barrel-per-day (bpd) pipeline was shut on Dec. 7 after it spilled 14,000 barrels of oil in rural Kansas, the biggest U.S. spill in nine years. The shutdown reduced the flow of Canadian crude to Gulf refineries, but it has had little impact on Canadian oil prices, partly because of ample storage in Alberta. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved the restart plan, TC said. Frigid weather at the spill site may slow work, TC said.
Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.
Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.
[1/3] A view of the land repair work underway at site of an oil spill from Keystone Pipeline, located north of Washington, Kansas, U.S December 15, 2022. Erwin Seba/REUTERSCompanies TC Energy Corp FollowDec 21 (Reuters) - The U.S. pipeline regulator launched a review this year of its special permits that waive certain operating requirements for pipelines, following a government report into spills on TC Energy's Keystone oil pipeline, a source familiar with the matter said. The most recent major spill occurred this month in rural Kansas along Keystone, the only U.S. oil pipeline with a special permit to operate at higher pressure. PHMSA commissioned Oak Ridge National Laboratory, a Department of Energy research institution, to review special permits following a 2021 report on Keystone accidents, the source said. The latest Keystone spill raises doubts about whether PHMSA adequately assesses risk in granting special permits, said Don Deaver, a pipeline consultant.
Companies TC Energy Corp FollowDec 21 (Reuters) - TC Energy (TRP.TO) said on Wednesday that it had safely removed the ruptured segment of Keystone pipeline that caused an oil spill earlier this month and sent it for metallurgical testing as directed by U.S. regulators. TC Energy Corp had submitted its plan to restart the Keystone pipeline to the U.S. Pipeline and Hazardous Materials Safety Administration, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the U.S. Environmental Protection Agency. Parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened last week at reduced capacity.
[1/2] 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 BaseCompanies TC Energy Corp FollowDec 20 (Reuters) - TC Energy Corp (TRP.TO) has submitted its plan to restart the Keystone pipeline to U.S. regulators, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. TC Energy did not answer questions about when it hopes to restart the line or what caused the incident. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the EPA. "It's pretty straightforward and PHMSA should have enough information," Kuprewicz said, adding that PHMSA could allow TC to restart the segment within the day.
[1/2] 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 BaseCompanies TC Energy Corp FollowDec 20 (Reuters) - TC Energy Corp (TRP.TO) has submitted its plan to restart the Keystone pipeline to U.S. regulators, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. TC Energy did not answer questions about when it hopes to restart the line or what caused the incident. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the EPA. "It's pretty straightforward and PHMSA should have enough information," Kuprewicz said, adding that PHMSA could allow TC to restart the segment within the day.
China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve for delivery in February next year also supported the outlook for stronger prices. This will be the United States' first purchase since this year's record 180 million barrel release from the stockpile.
Oil climbs on optimism over China's demand recovery
  + stars: | 2022-12-19 | by ( Florence Tan | ) www.reuters.com   time to read: +2 min
Companies TC Energy Corp FollowSINGAPORE, Dec 19 (Reuters) - Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve also supported outlook for stronger prices.
And while the city of Washington, Kansas, is small with just over 1,000 residents, it is surrounded by farms where wheat, corn, soybeans are planted and cattle are raised. The once-quiet valley is currently a construction site buzzing with some 400 contractors, staff from pipeline operator TC Energy, and federal, state and local officials. The valley has become almost a small town, with several Quonset-style huts erected for workers. WIDER GROUP AFFECTEDLiving in rural Kansas, the Pannbackers are used to preparing for harsh weather, but not an oil spill. “How many people have experienced an oil spill?
Companies TC Energy Corp FollowWASHINGTON, Dec 16 (Reuters) - The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile. The department will buy up to 3 million barrels for delivery in February, a senior official told reporters. The sale shrunk levels in the SPR to about 380 million barrels, their lowest since 1984, raising concerns about energy security. "We'll be releasing a solicitation to purchase 3 million barrels of oil for delivery in February of next year, 2023," the official said. Contracts will be awarded to energy companies by Jan. 13.
NEW YORK, Dec 15 (Reuters) - 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. "Crude prices edged lower as ... global recession risks increased after a wave of central banks delivered another strong round of tightening. Federal Reserve Chair Jerome Powell said on Wednesday 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.
(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.
FILE PHOTO: 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 Photo(Reuters) - Material discharged from TC Energy Corp’s ruptured Keystone pipeline was diluted bitumen, a type of heavy crude oil, the U.S. Environmental Protection Agency (EPA) said on Thursday. The 622,000 barrels per day (bpd) pipe has been shut since last week after it spilled 14,000 barrels of oil in rural Kansas. Pipeline and Hazardous Materials Safety Administration, state and local agencies, TC Energy and TC Energy contractors, the agency said. Bitumen is a dense, thick form of oil that shippers dilute with lighter oils so it can move through pipelines.
(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. REUTERS/Drone Base/File PhotoThe 622,000 barrels per day (bpd) pipeline was shut last week after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. The parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened on Wednesday at reduced capacity. The Sierra Club, another 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.
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 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.
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.
Total: 25