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

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

Summary of today's energy market action:

  • Oil prices took a much needed breather today, declining with broader markets. Interest rates moved higher again today on hawkish comments by Fed Chair Jerome Powell, spooking global markets, including the TSX.

  • The Canadian Light and heavy discount to WTI continues to widen, sending the two benchmarks lower by 4% and 7%, respectively. Both WCS and Canadian Light are now trading close to their 52-week lows.

  • The energy sector posted declines on both sides of the border, falling 0.7% on the TSX and 0.5% on the S&P 500.

  • Most TSX energy components posted losses. Integrated names Suncor Energy (SU.TO +1.1%) and Husky Energy (HSE +2.6%) were notable exceptions, pulling the sector higher. 

  • After some wild swings earlier in the week, MEG Energy (MEG.TO +0.3%) has settled at Husky's buyout price of $11 a share, as no alternative takeover offers have yet to materialize.

  • Gibson Energy (GEI.TO -0.2%) hit a 52-wk high during the day.

  • In US markets, energy service providers were the best performing subsector, bucking the overall downtrend. Independent refiners gave back some of yesterday's gains, falling an average of 1.4%.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$84.58▼2.055.62
 
86.29
WTI$74.33▼2.749.29
 
76.41
CDN LT$50.09▼4.148.36
 
69.32
C5+$66.68▼3.251.08
 
71.40
WCS$33.12▼6.930.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ OCT 4   █ SEP 27   █ SEP 20   █ SEP 13   (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
  • Husky Energy (HSE +2.6%)
  • Suncor (SU +1.1%)
  • Enbridge Inc Fnd (ENF +1.1%)
  • Enbridge (ENB +0.9%)
  • Altagas (ALA +0.7%)
  • 12-MO HIGHS
  • Gibson Energy (GEI -0.2%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Paramount Res (POU -5.7%)
  • Baytex Energy (BTE -5.1%)
  • Tourmaline (TOU -4.5%)
  • Kelt Exploration (KEL -4.3%)
  • Nuvista Energy (NVA -3.5%)
  • 12-MO LOWS
  • CES Energy Solns (CEU -2.2%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    SuncorSU51.68▲1.140.49
     
    55.4783D   W
    Imperial OilIMO43.50▼-0.533.43
     
    44.9193↑D   W
    Husky EnergyHSE21.21▲2.615.09
     
    22.9986D   W
    MIDSTREAM
    EnbridgeENB43.83▲0.937.36
     
    52.5075↑D   W
    TransCanadaTRP53.36▼-0.850.28
     
    65.1841D   W
    Pembina PipelinePPL45.35▲0.137.60
     
    47.8489D   W
    Inter PipelineIPL22.56▼-1.021.36
     
    27.9233D   W
    Keyera KEY34.56▼-2.031.20
     
    39.3145D   W
    Gibson EnergyGEI21.48▼-0.215.68
     
    21.5397↑D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ42.11▼-0.436.88
     
    49.0839D   W
    EncanaECA16.80▼-3.012.37
     
    18.5487D   W
    Cenovus EnergyCVE13.23▼-1.49.03
     
    14.8489D   W
    TourmalineTOU22.47▼-4.517.78
     
    27.2665D   W
    Seven GenerationsVII16.22▼-0.613.62
     
    21.2572D   W
    SERVICES
    ShawcorSCL25.39▼-0.123.60
     
    30.1050D   W
    Pason SystemsPSI20.51▼-0.216.05
     
    22.1088D   W
    Mullen Group MTL15.65▼-1.114.10
     
    17.4071D   W
    EnerflexEFX16.91▲0.213.55
     
    18.5990D   W
    Secure EnergySES8.53▼-0.76.98
     
    9.8290D   W
    REFINING & MARKETING
    Parkland FuelPKI42.74▲0.623.41
     
    43.9397D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Cabot Oil & Gas (COG +3%)
  • Ntl-Oilwell Varco (NOV +1.5%)
  • Baker Hughes (BHGE +1%)
  • Schlumberger (SLB +0.4%)
  • Halliburton (HAL +0.2%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Newfield Expln (NFX -3.4%)
  • Valero Energy (VLO -2.3%)
  • Hess Corp (HES -1.9%)
  • TechnipFMC (FTI -1.8%)
  • HollyFrontier (HFC -1.6%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM85.58▼-0.672.16
     
    89.3077D   W
    ChevronCVX124.95▼-0.3108.02
     
    133.8872↑D   W
    MIDSTREAM
    Kinder MorganKMI18.27▲0.214.69
     
    19.8381D   W
    Williams CoWMB27.77▼-0.824.00
     
    33.6758D   W
    ONEOKOKE68.48▲0.149.65
     
    71.9980D   W
    LARGE CAP E&P
    ConocoPhillipsCOP78.28▼-0.448.70
     
    80.2496D   W
    EOG ResourcesEOG130.23▼-0.195.36
     
    131.6094D   W
    Occidental PetroleumOXY82.18▼-0.362.47
     
    87.6784D   W
    Anadarko PetroleumAPC68.91▼-0.346.75
     
    76.7080D   W
    Concho ResourcesCXO155.64▼-1.1123.63
     
    163.1189↑D   W
    SERVICES
    SchlumbergerSLB62.85▲0.459.25
     
    80.3536↑D   W
    HalliburtonHAL41.89▲0.235.75
     
    57.8633↑D   W
    National-Oilwell VarcoNOV45.28▲1.531.47
     
    49.0886↑D   W
    TechnipFMCFTI30.63▼-1.824.53
     
    35.0055D   W
    Baker HughesBHGE32.35▲1.025.53
     
    37.7650D   W
    REFINERS
    Phillips 66PSX117.70▼-0.789.14
     
    123.9784D   W
    Valero EnergyVLO117.22▼-2.375.84
     
    126.9885D   W
    Marathon PetroleumMPC85.27▼-1.355.68
     
    88.4588↑D   W
    HollyFrontierHFC70.21▼-1.634.47
     
    83.2890D   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.A69.23▼-0.460.05
     
    73.8669D   W
    TotalTOT64.40▼-0.853.02
     
    65.6974D   W
    BPBP46.77▼-0.536.15
     
    47.8384D   W
    EniE37.54▼-0.631.58
     
    40.1557D   W
    EquinorEQNR27.66▼-2.019.71
     
    28.9380D   W
    ANALYST RATINGS

    UPGRADES

    • Crew Energy (CR): Upgraded from Market Perform to Outperform at BMO.

    DOWNGRADES

    • None


    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.
    Canadian heavy discount hits record territory

    Canadian heavy discount hits record territory

    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

    0