The ICE Brent Futures contract has seen a slight correction down this morning, trading from $88.60/bbl handles around 08:00 BST to $88.10/bbl around 10:20 BST. In the headlines, Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts, in a letter to the Canada Energy Regulator, that Canada’s expanded Trans Mountain pipeline will start full service in May. The pipeline project, representing a $23 billion investment from the Canadian government, aims to triple the capacity of the original pipeline to 890 kbpd, from 300 kbpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast, but has experienced numerous legal challenges and delays throughout. In other news, Baker Hughes has released financial results for the first quarter of the year that exceeded forecasts, aligning with the strong performances of Halliburton and SLB in the oilfield services sector. Baker Hughes reported a net income of $455 million for the first quarter, generated from revenues totalling $6.4 billion, marking a notable 12% increase compared to the previous year. The front and 6-month Brent futures spreads are at $1.02/bbl and $4.75/bbl, respectively.
