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

Summary of today's energy market action:

  • Oil prices dipped slightly today with Brent retreating 0.2% while WTI was roughly unchanged. Western Canadian Select (WCS) declined over 1% as the differential widened slightly.

  • API estimates that US crude stockpiles rose by about 907,000 barrels last week. The EIA is due to report its inventory and US production estimates tomorrow morning.

  • According to Reuters, OPEC produced 32.85 million bbl/day in September, up 90,000 bbl/day from the previous month, including a 100,000 bbl/day decline out of Iran.

  • The energy sector declined almost 2% on the TSX, led lower by integrated names and large cap producers. The energy basket was roughly unchanged in US markets.

  • The US dollar strengthened again today, rising another 0.2%.

  • Natural gas prices continued their uptrend on both sides of the border, due in part to the early arrival of winter.

Today's notable energy news:

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$84.80▼0.255.62
 
84.98
WTI$75.23▼0.149.29
 
75.30
CDN LT$51.39▲0.347.66
 
69.32
C5+$67.47▼0.351.08
 
71.40
WCS$35.25▼1.230.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ OCT 2   █ SEP 25   █ SEP 18   █ SEP 11   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES & YIELDS
    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
  • Inter Pipeline (IPL +1.4%)
  • TransCanada (TRP +1.3%)
  • Pembina Pipeline (PPL +1%)
  • Enbridge (ENB +0.7%)
  • Enbridge Income Fund (ENF +0.5%)
  • 12-MO HIGHS
  • Gibson Energy (GEI +0.2%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Advantage Oil & Gas (AAV -5.9%)
  • Paramount Resources (POU -4.5%)
  • Kelt Exploration (KEL -4.4%)
  • TORC Oil & Gas (TOG -3.8%)
  • CES Energy Solutions (CEU -3.6%)
  • 12-MO LOWS
  • CES Energy Solutions (CEU -3.6%)
  • Freehold Royalties (FRU -0.6%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    SuncorSU50.43▼-1.040.49
     
    55.4776D   W
    Imperial OilIMO42.75▼-0.333.43
     
    44.9191D   W
    Husky EnergyHSE20.57▼-3.015.09
     
    22.9973D   W
    MIDSTREAM
    EnbridgeENB42.78▲0.737.36
     
    52.5953D   W
    TransCanadaTRP53.72▲1.350.28
     
    65.1848↑D   W
    Pembina PipelinePPL45.24▲1.037.60
     
    47.8488D   W
    Inter PipelineIPL22.95▲1.421.36
     
    27.9249D   W
    Keyera KEY35.11▲0.331.20
     
    39.3156D   W
    Gibson EnergyGEI20.96▲0.215.68
     
    20.9796D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ42.00▼-2.536.88
     
    49.0834D   W
    EncanaECA16.90▼-2.112.37
     
    18.5488D   W
    Cenovus EnergyCVE12.97▼-2.99.03
     
    14.8485D   W
    TourmalineTOU22.59▼-1.817.78
     
    27.2671D   W
    Seven GenerationsVII15.26▼-2.713.62
     
    21.2527D   W
    SERVICES
    ShawcorSCL25.58▲0.423.60
     
    30.1043D   W
    Pason SystemsPSI20.22▼-0.216.05
     
    22.1080D   W
    Mullen Group MTL15.72▼-1.114.10
     
    17.4073D   W
    EnerflexEFX16.44▼-2.613.55
     
    18.5983D   W
    Secure EnergySES8.45▼-2.86.98
     
    9.8287D   W
    REFINING & MARKETING
    Parkland FuelPKI43.02▼-0.323.41
     
    43.9397D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Cabot Oil & Gas (COG +2.5%)
  • Halliburton (HAL +1.6%)
  • Valero Energy (VLO +1.5%)
  • Marathon Petroleum (MPC +1%)
  • National-Oilwell Varco (NOV +1%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Baker Hughes (BHGE -2.2%)
  • ConocoPhillips (COP -2%)
  • ONEOK (OKE -1.6%)
  • Hess Corp (HES -1.6%)
  • Newfield Exploration (NFX -1.5%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM86.46▲0.772.16
     
    89.3080D   W
    ChevronCVX124.74▲0.3108.02
     
    133.8866D   W
    MIDSTREAM
    Kinder MorganKMI18.08▼-0.514.69
     
    19.8373D   W
    Williams CoWMB27.65▼0.024.00
     
    33.6749D   W
    ONEOKOKE67.88▼-1.649.65
     
    71.9975D   W
    LARGE CAP E&P
    ConocoPhillipsCOP78.28▼-2.048.70
     
    80.2496D   W
    EOG ResourcesEOG130.00▲0.494.87
     
    131.6092D   W
    Occidental PetroleumOXY82.87▼-0.362.47
     
    87.6787D   W
    Anadarko PetroleumAPC68.00▼-1.146.75
     
    76.7075D   W
    Concho ResourcesCXO153.75▼-0.1123.63
     
    163.1180↑D   W
    SERVICES
    SchlumbergerSLB61.89▲0.559.25
     
    80.3525D   W
    HalliburtonHAL41.71▲1.635.75
     
    57.8623D   W
    National-Oilwell VarcoNOV44.40▲1.031.47
     
    49.0873D   W
    TechnipFMCFTI31.02▼-0.624.53
     
    35.0048D   W
    Baker HughesBHGE32.25▼-2.225.53
     
    37.7642↓D   W
    REFINERS
    Phillips 66PSX114.69▲0.289.14
     
    123.9770D   W
    Valero EnergyVLO115.52▲1.575.84
     
    126.9878D   W
    Marathon PetroleumMPC83.28▲1.055.25
     
    88.4576D   W
    HollyFrontierHFC68.56▼-1.434.47
     
    83.2883↓D   W
    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  CHARTS
    Royal Dutch ShellRDS.A69.07▼-0.460.05
     
    73.8666D   W
    TotalTOT64.91▼-0.853.00
     
    65.6974D   W
    BPBP46.81▲0.136.15
     
    47.8384D   W
    EniE37.840.031.58
     
    40.1560D   W
    EquinorEQNR28.09▼-1.119.71
     
    28.9386D   W
    ANALYST RATINGS

    UPGRADES

    • Chevron (CVX): Upgraded from Buy to Conviction Buy at Goldman Sachs.

    • Forum Energy Technologies (FET): Upgraded from Neutral to Overweight at Piper Jaffray and Simmons.

    • National Oilwell Varco (NOV): Upgraded from Hold to Buy at Johnson Rice.

    DOWNGRADES

    • ConocoPhillips (COP): Downgraded from Buy to Neutral at Goldman Sachs.

    • Ring Energy (REI): Downgraded from Buy to Neutral at Seaport Global.

    • Schlumberger (SLB): Downgraded from Buy to Hold at Tudor Pickering.

    • Tidewater Midstream & Infrastrurcture (TWM): Downgraded from Strong Buy to Buy at IA 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 price head for 4-year highs despite increase in crude stockpiles, rising OPEC production and stronger USD

    Oil price head for 4-year highs despite increase in crude stockpiles, rising OPEC production and stronger USD

    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

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