Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide. West Texas Intermediate had gained 12 cents, or 0.3%, to $42.36. "The situation has improved some, but the market dynamics are still less than stellar," said Robert Yawger, director of energy futures at Mizuho Securities, adding "the market is oversupplied".
Australian mining magnate Gina Rinehart's Hancock Prospecting Pty is hoping a charm offensive, from annual fundraising parties to local refurbishments at a golf course, will help overcome opposition to a massive new coal mine in Canada’s Rocky Mountains. Hancock unit Riversdale Resources’ Grassy Mountain mine, which is forecast to produce 4.5 million tonnes of steelmaking coal per year, would span 2,800 hectares and could set a precedent for new projects in the region. In June, the province of Alberta, home to most of Canada’s oil reserves, rolled back 1970s-era restrictions on open-pit coal mining to jumpstart an economy hit hard by the coronavirus pandemic and plunging oil prices.
Expectations were for a 40 Bcf build according to Estimize