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

Summary of today's energy market action:

  • Oil prices gained about 2% today despite an increase in US crude stockpiles, rising production out of Russia and OPEC and another increase in the US dollar.

  • Brent topped US$86 a barrel, now back to the highs of late 2014. WTI is also approaching a 4-year high, ending the day at just over US$76.

  • The Western Canadian Select (WCS) differential to WTI widened again, ending Wednesday at just under US$41/bbl. The discount on Canadian Light also widened slightly, topping US$24/bbl for the first time since the spring of 2012.

  • All other energy commodities posted nice gains for the day, including gasoline (+0.5%), natural gas (+2%) and heating oil (+1.2%).

  • The energy sector gained almost 2% on the TSX, reversing all of yesterday's losses. Gains were broadly based across all subsectors, with producers leading to the upside.

  • Most US energy names gained ground today, offsetting losses from heavy-weights ExxonMobil (XOM -0.4%), Occidental Petroleum (OXY -0.5%) and Baker Hughes (BHGE -0.7%).

  • Independent refiners had a spectacular day, gaining almost 4%.

  • Marathon Oil (MRO +2.0%) hit a 52-week high on rumours the company is looking at offloading US$200 million in assets in the North Sea.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$86.29▲1.855.62
 
86.29
WTI$76.41▲1.649.29
 
76.41
CDN LT$52.24▲1.748.05
 
69.32
C5+$68.87▲2.151.08
 
71.40
WCS$35.56▲0.930.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ OCT 3   █ SEP 26   █ SEP 19   █ SEP 12   (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
  • Seven Generations (VII +6.9%)
  • Peyto Exploration (PEY +6%)
  • Advantage Oil & Gas (AAV +5.1%)
  • Whitecap Resources (WCP +4.6%)
  • PrairieSky (PSK +4.5%)
  • 12-MO HIGHS
  • Gibson Energy (GEI +2.7%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Parkland Fuel (PKI -1.3%)
  • Altagas (ALA -1.1%)
  • Inter Pipeline (IPL -0.7%)
  • Shawcor (SCL -0.7%)
  • Trican Well (TCW -0.4%)
  • 12-MO LOWS
  • CES Energy Solutions (CEU +1.3%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    SuncorSU51.10▲1.340.49
     
    55.4775D   W
    Imperial OilIMO43.70▲2.233.43
     
    44.9192D   W
    Husky EnergyHSE20.67▲0.515.09
     
    22.9970↓D   W
    MIDSTREAM
    EnbridgeENB43.44▲1.537.36
     
    52.5962D   W
    TransCanadaTRP53.78▲0.150.28
     
    65.1842D   W
    Pembina PipelinePPL45.29▲0.137.60
     
    47.8486D   W
    Inter PipelineIPL22.78▼-0.721.36
     
    27.9239D   W
    Keyera KEY35.28▲0.531.20
     
    39.3154D   W
    Gibson EnergyGEI21.53▲2.715.68
     
    21.5396↑D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ42.26▲0.636.88
     
    49.0832D   W
    EncanaECA17.31▲2.412.37
     
    18.5490D   W
    Cenovus EnergyCVE13.42▲3.59.03
     
    14.8489D   W
    TourmalineTOU23.52▲4.117.78
     
    27.2682D   W
    Seven GenerationsVII16.31▲6.913.62
     
    21.2568D   W
    SERVICES
    ShawcorSCL25.41▼-0.723.60
     
    30.1038D   W
    Pason SystemsPSI20.54▲1.616.05
     
    22.1083D   W
    Mullen Group MTL15.83▲0.714.10
     
    17.4072D   W
    EnerflexEFX16.88▲2.713.55
     
    18.5988D   W
    Secure EnergySES8.59▲1.76.98
     
    9.8286D   W
    REFINING & MARKETING
    Parkland FuelPKI42.47▼-1.323.41
     
    43.9397D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • HollyFrontier (HFC +4.1%)
  • Valero Energy (VLO +3.9%)
  • Marathon Petroleum (MPC +3.7%)
  • Newfield Exploration (NFX +3.4%)
  • Phillips 66 (PSX +3.3%)
  • 12-MO HIGHS
  • Marathon Oil (MRO +2%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Baker Hughes (BHGE -0.7%)
  • Occidental Petroleum (OXY -0.5%)
  • Exxon Mobil (XOM -0.4%)
  • 12-MO LOWS
  • EQT Corp (EQT +0%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM86.15▼-0.472.16
     
    89.3076D   W
    ChevronCVX125.31▲0.5108.02
     
    133.8867D   W
    MIDSTREAM
    Kinder MorganKMI18.24▲0.914.69
     
    19.8375D   W
    Williams CoWMB27.98▲1.224.00
     
    33.6757D   W
    ONEOKOKE68.43▲0.849.65
     
    71.9976D   W
    LARGE CAP E&P
    ConocoPhillipsCOP78.57▲0.448.70
     
    80.2496D   W
    EOG ResourcesEOG130.38▲0.395.36
     
    131.6092D   W
    Occidental PetroleumOXY82.45▼-0.562.47
     
    87.6783D   W
    Anadarko PetroleumAPC69.13▲1.746.75
     
    76.7080D   W
    Concho ResourcesCXO157.13▲2.2123.63
     
    163.1187↑D   W
    SERVICES
    SchlumbergerSLB62.62▲1.259.25
     
    80.3530D   W
    HalliburtonHAL41.80▲0.235.75
     
    57.8628↑D   W
    National-Oilwell VarcoNOV44.61▲0.531.47
     
    49.0873D   W
    TechnipFMCFTI31.19▲0.624.53
     
    35.0057D   W
    Baker HughesBHGE32.03▼-0.725.53
     
    37.7640↓D   W
    REFINERS
    Phillips 66PSX118.47▲3.389.14
     
    123.9783D   W
    Valero EnergyVLO119.99▲3.975.84
     
    126.9888D   W
    Marathon PetroleumMPC86.39▲3.755.25
     
    88.4587D   W
    HollyFrontierHFC71.35▲4.134.47
     
    83.2891D   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.A69.48▲0.660.05
     
    73.8665D   W
    TotalTOT64.89▼0.053.02
     
    65.6971D   W
    BPBP46.99▲0.436.15
     
    47.8382D   W
    EniE37.77▼-0.231.58
     
    40.1558D   W
    EquinorEQNR28.22▲0.519.71
     
    28.9385D   W
    ANALYST RATINGS

    UPGRADES

    • BP (BP): Upgraded from Neutral to Buy at Redburn Partners.

    • Phillips 66 (PSX): Upgraded from Underweight to Equal Weight at Barclays.

    • Royal Dutch Shell (RDS/A): Upgraded from Sell to Neutral at Citigroup.

    • Targa Resources (TRGP): Upgraded from Equal Weight to Overweight at Barclays.

    DOWNGRADES

    • CNOOC (CEO): Downgraded from Buy to Neutral at UBS Group.

    • CVR Refining (CVRR): Downgraded from Equal Weight to Underweight at Barclays.

    • Chevron (CVX): Downgraded from Buy to Neutral at Redburn Partners.


    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 take a breather as rising interest rates spook global markets

    Oil prices take a breather as rising interest rates spook global markets

    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

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