The Vancouver Sun reported that a government decision to exempt 99 percent of provincially produced natural gas from environmental assessment was reversed by the Liberal government and British Columbia Environment Minister Mary Polak on Wednesday.
Oil & Gas Market News Directory
Reuters reported today that U.S. Benchmark Brent crude oil prices increased to their highest on almost six weeks on expanding sanctions against Russia over issues in Ukraine. However, the price rise was halted with news of the first oil tanker being reloaded on Tuesday at Libya's Hariga port after a month long closure.
Reuters reported that Israel will likely focus on Egypt as a trade partner while putting plans to pump gas to an export plant in Cyprus on the backburner.
The Globe and Mail reported today that oil sands companies who rely on natural gas to run their operations may face a price squeeze as natural gas costs rise. The gas is used to create steam to soften oil-rich bitumen deposits. According to the Globe, gas prices for the May contract rose to $4.62 per million btu on the New York Mercantile Exchange.
Bloomberg reported today that Houston and the U.S. Golf Coast now contain 202 million barrels of crude oil, according to Energy Information Administration data.
Businessweek reported that Russian leader Vladimir Putin is looking to sign a deal to supply pipeline gas to China for the next 30 years. The deal would take place next month, and has become more likely in light of the recent Ukraine crisis, according to the publication.
Bloomberg reported today that Ukraine is reacting to natural gas price “aggression” from Russia by rejecting higher costs for the energy source.
The Associated Press reported that benchmark U.S. crude oil for May delivery rose 90 cents to $101.34, while Brent crude came up 61 cents to $106.43 in London as investors continued to watch for weekly U.S. oil data.
Jeffrey Jones of the Globe and Mail reported that gas prices on the NYMEX prices are only 14% above last years levels despite drastically reduced inventories following an especially harsh winter season. Forecasters are wondering why prices are not rising more given the need to replenish stockpiles, according to the Globe.
Reuters reported today that although Europe and Slovakia may be able to reverse natural gas flows to Ukraine to combat Russian price increases, Russia's Gazprom is questioning the legality of doing so.