FINWIRES · TerminalLIVE
FINWIRES

CN Energy's Oil Well Project in Canada Begins Production

By

China-based CN Energy Group (CNEY) on Wednesday said that a Canadian oil well project in which its wholly-owned subsidiary holds a stake, has reached completion and started production.

CNEY Canada has a share in the project located in the Cold Lake region of Alberta, the company said in a statement.

The project "represents an important step in CNEY's strategy to expand its North American energy operations and establish a platform integrating oil production, investment, trading and supply chain services," the statement said.

CNEY intends to continue reviewing North American oil and gas opportunities, focusing on projects with established infrastructure, stable resources, and experienced operators.

CN Energy Group specializes in the production of wood-based activated carbon, biomass clean energy, and co-generation heat and electricity.

Related Articles

Commodities

US Crude Processing Hits 7-Year High, EIA Data Show

US refiners raised crude processing to 17.4 million barrels per day in the week ended Aug. 14, the highest level since Sept. 6, 2019, when crude runs stood at 17.5 mmb/d, according to US Energy Information Administration data released Wednesday.Jet-fuel output stayed above 2 mmb/d for the 18th straight week, while gasoline, residual fuel oil, propane and propylene production also increased, EIA data show.Global fuel supplies face pressure from Gulf shipping disruptions and damage to Russian refineries, while diesel margins have topped $100 per barrel, encouraging US refiners to maximize output and serve global markets, according to a Bloomberg report.

Commodities

US Oil Update: Crude Climbs As UAE-Iran Rift Deepens, Hormuz Traffic Remains Constrained

Crude futures settled higher in after-hours trading on Wednesday as markets weighed an escalation in tensions between the UAE and Iran, adding to concerns about supply disruptions, while uncertainty over efforts to end the wider conflict kept traders on edge.Front-month West Texas Intermediate crude futures advanced 1.3% to $86 per barrel, while Brent futures were up 0.7% to $91.67/bbl.US commercial crude oil inventories increased by 4.4 million barrels to 428.8 mmbbls in the week ended Aug. 14, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are matching the five-year average for this time of year, the EIA said. The build exceeds Macquarie's estimate of a 3.9-mmbbl rise in inventories for the week ended Aug. 14.Gelber & Associates said the immediate focus remains on whether security conditions improve enough for flows to recover, while Wednesday's US inventory release provides the next domestic test for a rally that is still being driven primarily by geopolitics.On Wednesday, the UAE paused all economic ties with Iran after accusing Tehran of firing ballistic missiles at its territory, ramping up regional tensions.The Gulf state, one of Iran's main trading partners, said it halted trade and financial transactions until further notice in light of "escalations that undermine regional and international peace and security."Iranian Foreign Ministry spokesman Esmail Baghaei denied responsibility for the attack, saying that the allegation undermines ongoing efforts to strengthen trust among regional countries and prevent a further escalation of insecurity in the region.Emmanuel Belostrino, head of global crude and geopolitical market data at Kpler, said that the 60-day window established by the Islamabad Memorandum of Understanding of 17 June lapsed on Aug. 17 with no peace agreement, no extension, and no active talks.The latest data from Kpler show the truce cleared the conflict's stranded backlog in three weeks and moved about 374 million barrels of crude out of the Gulf, but it never reopened the Strait of Hormuz.The 60-day window's shortfall relative to normal Hormuz flows is about 550 million barrels of crude, bridged so far by inventory draws and truce-window buffers that thin starting in September, according to Kpler estimates.The global crude market remains focused on the Hormuz, with confirmed crossings through the strategic waterway plunging 17% from the previous day to 10, with six vessels exiting the Middle East Gulf and four entering, according to Kpler.

Commodities

US Power Update: Prices Rise Across Major Markets, SPP Peaks at $549.82/MWh

US power prices averaged higher across major markets at 4 p.m. ET, with Southwest Power Pool posting the highest intraday spike at $549.82 per megawatt-hour, according to data from GridStatus.io.Electric Reliability Council of Texas' real-time locational marginal price was $29.18/MWh at 4 p.m. ET. Net load stood at 49.2 gigawatts, with natural gas providing the largest share of the generation mix at 39.1%.California Independent System Operator's real-time LMP came to $35.71/MWh at 4 p.m. ET. Net load reached 7.28 GW, with solar making up the largest portion of the generation mix at 64.2%.Southwest Power Pool's real-time LMP was $67.15/MWh at 4 p.m. ET. Net load stood at 48.7 GW, while natural gas accounted for the largest share of generation at 49.2%. Prices reached an intraday peak of $549.82/MWh at 4:25 p.m. ET.PJM's real-time LMP came in at $57.58/MWh at 4 p.m. ET. Net load reached 123.01 GW, with gas representing the largest share of the generation mix at 46.8%. Prices rose to an intraday high of $150.34/MWh at 4:35 p.m. ET.Midcontinent Independent System Operator's real-time LMP was $105.96/MWh at 4 p.m. ET. Net load stood at 91.05 GW, with natural gas accounting for the largest share of generation at 37.7%. Prices touched an intraday high of $272.12/MWh at 3:55 p.m. ET.New York Independent System Operator's real-time LMP came to $54.65/MWh at 4 p.m. ET. Net load reached 22.11 GW, while dual-fuel sources supplied the largest share of the generation mix at 32.4%.ISO New England's real-time LMP was $67.66/MWh at 4 p.m. ET. Net load stood at 16.53 GW, with natural gas contributing the largest share of generation at 52.3%.Independent Electricity System Operator's real-time LMP came in at $86.54/MWh at 4 p.m. ET. Net load reached 19.54 GW, while nuclear accounted for the largest share of the generation mix at 39.3%.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across much of the US from Aug. 27 to Sept. 2, with below-normal to near-normal readings in parts of the West.