Oil prices recover morning losses after Hurricane Michael takes aim at the Gulf of Mexico

Oil prices recover morning losses after Hurricane Michael takes aim at the Gulf of Mexico

Summary of today's energy market action:

  • Oil prices dipped slightly on news that US government officials plan to grant waivers to select importers of Iranian crude, particularly India.

  • Hurricane Michael cut oil and gas production out of the Gulf of Mexico, after ten platforms were evacuated in the eastern part of the region, including facilities operated by Anadarko Petroleum (APC +0.2%), ExxonMobil (XOM +0.9%), BP (BP -1.5%) and Equinor (EQNR -1.3%). According to the BSEE, about 325,000 bbl/day of oil and 285 MMcf/day of gas has been shut-in so far.

  • US natural gas prices (Henry Hub) continue their uptrend, gaining another 4% today.

  • A quiet day on US equity markets, as the S&P 500 energy sector ended the day roughly unchanged.

  • European ADRs ended the day lower, inline with declines in most global markets overnight.

  • Canadian energy markets were closed today for Thanksgiving, while US bond markets were closed for Columbus Day.

Today’s notable market movers:

  • Baker Hughes (BHGE +0%) announced a strategic partnership with the Abu Dhabi National Oil Company, taking a 5% equity stake in its ADNOC Drilling for US$550 million.

  • Offshore driller Ensco (ESV +3.7%) announced plans to buy rival Rowan Cos (RDC +4.6%) for US$2.38 billion in stock. RDC shareholders will receive 2.215 ESV shares for each share held. 

  • Total (TOT -2.0%) signed a joint development agreement with Saudi Aramco for FEED on a US$5 billion petrochemical complex in Saudi Arabia. The French energy major also signed two agreements in Algeria, one for the development of a gas field, and another for the development of a new petrochemical facility.

  • Equinor (EQNR -1.3%) cut its budget for projects being developed in the Norwegian continental shelf by US$3.6 billion, due to drilling efficiency and simplification.

  • Eni (E -2.6%) has agreed to acquire half of BP's (BP -1.5%) E&P sharing agreement in Libya for an undisclosed amount, aiming to restart exploration activities next year.

  • Whiting Petroleum (WLL -5.1%) tanked after a downgrade at Capital One.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$83.91▼0.355.62
 
86.29
WTI$74.29▼0.149.29
 
76.41
CDN LT$49.23▼0.148.46
 
69.32
C5+$66.62▼0.151.08
 
71.40
WCS$32.30▼0.230.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ OCT 8   █ OCT 1   █ SEP 24   █ SEP 17   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES & YIELDS
CANADIAN MARKETS CLOSED
FOR THANKSGIVING
    SPX SECTORS
52-WK
ENERGY SECTORS
TSX CLOSED
ENERGY SUB-SECTORS

TSX ENERGY SUB-SECTORS
TSX CLOSED

SPX ENERGY SUB-SECTORS
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
  • EQT Corp (EQT +1.9%)
  • Cabot Oil & Gas (COG +1.8%)
  • Exxon Mobil (XOM +0.9%)
  • Kinder Morgan (KMI +0.8%)
  • Noble Energy (NBL +0.8%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Devon Energy (DVN -3.2%)
  • HollyFrontier (HFC -2.3%)
  • Marathon Oil (MRO -2.3%)
  • Hess Corp (HES -1.8%)
  • Newfield Exploration (NFX -1.3%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM86.13▲0.972.16
     
    89.3080D   W
    ChevronCVX124.84▼-0.4108.02
     
    133.8869D   W
    MIDSTREAM
    Kinder MorganKMI18.21▲0.814.69
     
    19.8382D   W
    Williams CoWMB27.69▲0.324.00
     
    33.6748D   W
    ONEOKOKE68.40▼-0.349.65
     
    71.9983D   W
    LARGE CAP E&P
    ConocoPhillipsCOP78.28▼-0.148.70
     
    80.2497D   W
    EOG ResourcesEOG129.83▼-0.995.36
     
    131.6092D   W
    Occidental PetroleumOXY81.75▲0.462.47
     
    87.6781D   W
    Anadarko PetroleumAPC69.27▲0.246.75
     
    76.7081D   W
    Concho ResourcesCXO156.39▼-1.2123.63
     
    163.1186D   W
    SERVICES
    SchlumbergerSLB62.94▼-0.159.25
     
    80.3533D   W
    HalliburtonHAL42.01▲0.035.75
     
    57.8631D   W
    National-Oilwell VarcoNOV44.34▼-0.631.47
     
    49.0871D   W
    TechnipFMCFTI30.23▲0.324.53
     
    35.0035D   W
    Baker HughesBHGE31.89▼0.025.53
     
    37.7635D   W
    REFINERS
    Phillips 66PSX118.14▼-0.289.14
     
    123.9785D   W
    Valero EnergyVLO116.18▼-0.875.84
     
    126.9882D   W
    Marathon PetroleumMPC83.86▼-0.755.68
     
    88.4584D   W
    HollyFrontierHFC67.61▼-2.334.47
     
    83.2881D   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.A67.68▼-1.060.05
     
    73.8651D   W
    TotalTOT62.29▼-2.053.08
     
    65.6953D   W
    BPBP45.81▼-1.536.15
     
    47.8375D   W
    EniE36.61▼-2.631.58
     
    40.1539D   W
    EquinorEQNR27.47▼-1.319.71
     
    28.9376D   W
    ANALYST RATINGS

    UPGRADES

    • Petrobras (PBR): Upgraded from Neutral to Overweight at JPMorgan, from Neutral to Buy at Bank of America, from Hold to Buy at Santander and from Neutral to Outperform at UBS.

    DOWNGRADES

    • Whiting Petroleum (WLL): Downgraded from Overweight to Equal Weight at Capital One.


    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 rebound as Hurricane Michael takes more GoM production offline

    Oil prices rebound as Hurricane Michael takes more GoM production offline

    Canadian heavy discount hits record territory

    Canadian heavy discount hits record territory

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