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☆ 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.

☆ 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.

☆ 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.

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 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.

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.

☆ 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.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

☆ A trail of oil: Keystone pipeline's history of oil spills
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The following is a timeline of some of Keystone's biggest oil spills, along with recent other spills of crude, both onshore and offshore. 2016April: TC shut down the pipeline after about 400 barrels of oil leaked in Hutchinson County, South Dakota. 2017November: TC shut part of the Keystone pipeline system after a leak in South Dakota, caused by mechanical damage from original construction. 2019February: Portions of the Keystone pipeline were shut down after 42 barrels of oil leaked on land in rural St. Charles County, Missouri. OTHER ONSHORE SPILLS:Since 2010 there have been two spills of crude oil larger than this most recent Keystone spill.

Companies TC Energy Corp FollowBENGALURU/WINNIPEG, Dec 8 (Reuters) - Canada's TC Energy on Thursday said it shut its giant Keystone pipeline due to an oil spill into a Kansas creek, and it is unclear how long the line will be closed. The 622,000 barrel-per-day Keystone line is the primary artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Keystone shut the line at about 8 p.m. CT on Wednesday (2 a.m. Thursday GMT) after alarms went off and system pressure dropped, the company said in a release. "The system remains shut down as our crews actively respond and work to contain and recover the oil," the release said. Two Keystone shippers said TC had not yet notified them how long the pipeline may be shut down.

"I remember reading a book once called, 'Sacred Cows Make the Best Burgers,'" Poirier said at the company's investor day. Calgary, Alberta-based TC is widely known for its Keystone oil pipeline, a critical artery for moving Canadian oil to U.S. refiners that dominated headlines over the past decade for an expansion that ultimately failed. Keystone could fetch TC C$12.8 billion, said CIBC analyst Robert Catellier in a note. He added that reducing TC's oil exposure would help it reach its emissions-reduction goals. TC's stake in the Millennium natural gas pipeline in New York state is another logical sale candidate and could fetch $1 billion, said Scotiabank analyst Robert Hope.

☆ TC Energy says Keystone oil pipeline system to curtail volumes
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowNov 15 (Reuters) - Canada's TC Energy (TRP.TO) on Tuesday said the Keystone oil pipeline system will be required to curtail volumes due to a series of recent severe weather-related impacts to system facilities. TC Energy did not share any details on the duration of the curtailment, citing it as customer confidential information. Keystone ships Canadian crude from Alberta to the U.S. Midwest and on to the Gulf Coast, and is a key part of Canada's oil export network. The company in October said it would temporarily increase capacity on its Keystone pipeline for a couple of months from November for testing operations on the system. Reporting by Swati Verma in Bengaluru; Editing by Mark Porter and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Pipeline operator TC Energy's quarterly profit rises on robust energy demand
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - TC Energy Corp (TRP.TO) reported an 8% rise in quarterly profit on Wednesday, as surging energy demand boosted the Canadian pipeline operator's earnings from its businesses transporting natural gas. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia's invasion of Ukraine. Earnings from TC's Canadian natural gas pipelines rose to C$409 million ($304.32 million) for the July-September quarter, from C$343 million from last year. Rival Enbridge Inc (ENB.TO) also reported higher third-quarter adjusted profit on Friday. ($1 = 1.3440 Canadian dollars)Reporting by Arunima Kumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Nov 9 (Reuters) - North American oil and gas pipeline company TC Energy Corp (TRP.TO) said on Wednesday it was looking to sell C$5 billion ($3.7 billion) worth of assets to repay debt and fund new projects, and reported an 8% rise in quarterly profit. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization following Russia's invasion of Ukraine, which has strained global oil and natural gas supplies. TC Energy Chief Executive Francois Poirier said the company planned to raise more than C$5 billion through 2023 from selling assets and minority interests. He said the company also intended to approve C$5 billion worth of projects annually throughout the decade. Earnings from TC's Canadian natural gas pipelines rose to C$409 million for the July-September quarter, from C$343 million a year earlier.

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