Cdn light and heavy discounts widen further as WTI and Brent breakout to new highs

Cdn light and heavy discounts widen further as WTI and Brent breakout to new highs

Summary of today's energy market action:

  • WTI broke out to a 52-week high today, gaining 2.8%. Brent rose another 2.6% for the day after OPEC and Russia hinted they would not be able to increase production enough to replace an estimated 2 million bbl/day of Iranian crude that could be lost post US-sanctions.

  • Canadian benchmarks declined over 4% as the discount on Canadian Light and heavy widened to over US$24 and almost US$40 a barrel, respectively.

  • Wholesale gasoline prices shot up another 2% for the day.

  • Energy was the best performing sector on both sides of the border, gaining 2% on the TSX and 1.5% on the S&P 500. Gains were broadly based across all subsectors.

Today's Canadian energy news:

Today's US and global energy news:

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$84.98▲2.755.14
 
84.98
WTI$75.30▲2.849.29
 
75.30
CDN LT$51.25▼4.246.68
 
69.32
C5+$67.68▲0.951.08
 
71.40
WCS$35.69▼4.830.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ OCT 1   █ SEP 24   █ SEP 17   █ SEP 10   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES
    TSX SECTORS
52-WK
    SPX SECTORS
52-WK
ENERGY SECTORS
ENERGY SUB-SECTORS

TSX ENERGY SUB-SECTORS

SPX ENERGY SUB-SECTORS
TSX ENERGY STOCKS
TSX BULLISH INDICATORS
TOP 5
  • MEG Energy (MEG +37.9%)
  • Baytex Energy (BTE +4.5%)
  • Mullen Group (MTL +3.5%)
  • Pason Systems (PSI +3.4%)
  • Shawcor (SCL +3.2%)
  • 12-MO HIGHS
  • Gibson Energy (GEI +2.4%)
  • MEG Energy (MEG +37.9%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Husky Energy (HSE -6.5%)
  • CES Energy Solutions (CEU -2.4%)
  • Birchcliff Energy (BIR -2.3%)
  • Advantage Oil & Gas (AAV -1.1%)
  • Parkland Fuel (PKI -0.7%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • Parex Resources (PXT +0.4%)
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    SuncorSU50.93▲1.940.49
     
    55.4777
    Imperial OilIMO42.86▲2.533.43
     
    44.9191
    Husky EnergyHSE21.21▼-6.515.09
     
    22.9983
    MIDSTREAM
    EnbridgeENB42.50▲2.037.36
     
    52.5949
    TransCanadaTRP53.02▲1.550.28
     
    65.1839
    Pembina PipelinePPL44.80▲2.137.60
     
    47.8485
    Inter PipelineIPL22.63▲1.021.36
     
    27.9233
    Keyera KEY35.00▲1.131.20
     
    39.3146
    Gibson EnergyGEI20.91▲2.415.68
     
    20.9695
    LARGE CAP E&P
    Cdn Natural ResCNQ43.07▲2.136.88
     
    49.0850
    EncanaECA17.27▲2.012.37
     
    18.5490
    Cenovus EnergyCVE13.35▲2.99.03
     
    14.8490
    TourmalineTOU23.01▲1.217.78
     
    27.2676
    Seven GenerationsVII15.69▲1.913.62
     
    21.2543
    SERVICES
    ShawcorSCL25.48▲3.223.60
     
    30.1037
    Pason SystemsPSI20.25▲3.416.05
     
    22.1081
    Mullen Group MTL15.89▲3.514.10
     
    17.4076
    EnerflexEFX16.87▲2.113.55
     
    18.6889
    Secure EnergySES8.69▲2.76.98
     
    9.8291
    REFINING & MARKETING
    Parkland FuelPKI43.13▼-0.723.41
     
    43.9397
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Hess Corp (HES +4.2%)
  • ConocoPhillips (COP +3.2%)
  • Marathon Petroleum (MPC +3.1%)
  • Cimarex Energy (XEC +2.7%)
  • Kinder Morgan (KMI +2.5%)
  • 12-MO HIGHS
  • ConocoPhillips (COP +3.2%)
  • Hess Corp (HES +4.2%)
  • Marathon Oil (MRO +2.5%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Baker Hughes (BHGE -2.5%)
  • Cabot Oil & Gas (COG -1%)
  • HollyFrontier (HFC -0.5%)
  • EQT Corp (EQT -0.4%)
  • TechnipFMC (FTI -0.1%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    Exxon MobilXOM85.81▲0.972.16
     
    89.3076
    ChevronCVX124.39▲1.7108.02
     
    133.8865
    MIDSTREAM
    Kinder MorganKMI18.18▲2.514.69
     
    19.8376
    Williams CoWMB27.66▲1.724.00
     
    33.6750
    ONEOKOKE68.95▲1.749.65
     
    71.9981
    LARGE CAP E&P
    ConocoPhillipsCOP79.89▲3.248.70
     
    80.2497
    EOG ResourcesEOG129.49▲1.594.87
     
    131.6090
    Occidental PetroleumOXY83.13▲1.262.47
     
    87.6787
    Anadarko PetroleumAPC68.74▲2.046.75
     
    76.7080
    Concho ResourcesCXO153.84▲0.7123.63
     
    163.1177
    SERVICES
    SchlumbergerSLB61.59▲1.159.25
     
    80.3523
    HalliburtonHAL41.05▲1.335.75
     
    57.8619
    National-Oilwell VarcoNOV43.98▲2.131.47
     
    49.0868
    TechnipFMCFTI31.21▼-0.124.53
     
    35.0054
    Baker HughesBHGE32.98▼-2.525.53
     
    37.7650
    REFINERS
    Phillips 66PSX114.48▲1.689.14
     
    123.9770
    Valero EnergyVLO113.88▲0.175.84
     
    126.9874↓
    Marathon PetroleumMPC82.43▲3.155.25
     
    88.4571
    HollyFrontierHFC69.56▼-0.534.47
     
    83.2888
    NYSE ADRs
    ADRs BULLISH INDICATORS
    12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • ADRs BEARISH INDICATORS
    12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    Royal Dutch ShellRDS.A69.32▲1.760.05
     
    73.8669
    TotalTOT65.44▲1.653.00
     
    65.6978
    BPBP46.77▲1.536.15
     
    47.8382
    EniE37.89▲0.631.58
     
    40.1561
    EquinorEQNR28.41▲0.719.71
     
    28.9388
    ANALYST RATINGS

    UPGRADES

    • MEG Energy (MEG.TO): Upgraded from Neutral to Outperform at Macquarie.

    • Noble Energy (NE): Upgraded from Underweight to Neutral at Simmons and from Underweight to Hold at Piper Jaffray.

    DOWNGRADES

    • Husky Energy (HSE.TO): Downgraded from Buy to Hold at TD Securities.


    UPDATED: DAILY (END-OF-DAY)

    SOURCES:
    • OIL PRICES REFLECT NEAR MONTH CONTRACT FROM THE NYMEX/CME GROUP
    • EQUITY PRICES PROVIDED BY NYSE & TMX GROUP
    • CHARTPACKS COURTESY STOCKCHARTS.COM

    NOTES:
    • OIL PRICES, FUTURES AND DIFFERENTIALS IN USD/BBL
    • C5+ = EDMONTON CONDENSATE
    • FUTURES CURVES SHOW PRICES FOR NEAR-MONTH CONTRACT (C1) AND NEXT 5-MONTHS (C2-C6)
    • TSX SHARE PRICES IN CAD; S&P 500 PRICES IN USD
    • ADR: AMERICAN DEPOSITORY RECEIPTS LISTED ON NYSE IN USD
    • SHARE PRICE CHANGES (INCL. NEW HIGHS & LOWS) EXCLUDE DIVIDENDS

    RANK:
    • BASED ON STOCKCHARTS TECHNICAL RANK (SCTR)
    • REFLECTS RELATIVE STRENGTH AMONG OTHER ENERGY STOCKS (PERCENTILE RANKING)
    • RISING RANK (↑) REFLECTS INCREASING RELATIVE STRENGTH
    • FALLING RANK (↓) REFLECTS DECREASING RELATIVE STRENGTH.
    Oil prices stall as OPEC production rises and the US dollar gains ground

    Oil prices stall as OPEC production rises and the US dollar gains ground

    Energy stocks remain unresponsive to higher oil prices as Brent hits 4-year high

    Energy stocks remain unresponsive to higher oil prices as Brent hits 4-year high

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