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:
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.
Whiting Petroleum (WLL -5.1%) tanked after a downgrade at Capital One.
OIL PRICES - DAILY % CHANGE|
|CURRENCIES & YIELDS|
TSX ENERGY SUB-SECTORS|
SPX ENERGY SUB-SECTORS|
|Exxon Mobil||XOM||86.13||▲0.9||72.16||89.30||80||D W|
|Kinder Morgan||KMI||18.21||▲0.8||14.69||19.83||82||D W|
|Williams Co||WMB||27.69||▲0.3||24.00||33.67||48||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||129.83||▼-0.9||95.36||131.60||92||D W|
|Occidental Petroleum||OXY||81.75||▲0.4||62.47||87.67||81||D W|
|Anadarko Petroleum||APC||69.27||▲0.2||46.75||76.70||81||D W|
|Concho Resources||CXO||156.39||▼-1.2||123.63||163.11||86||D W|
|National-Oilwell Varco||NOV||44.34||▼-0.6||31.47||49.08||71||D W|
|Baker Hughes||BHGE||31.89||▼0.0||25.53||37.76||35||D W|
|Phillips 66||PSX||118.14||▼-0.2||89.14||123.97||85||D W|
|Valero Energy||VLO||116.18||▼-0.8||75.84||126.98||82||D W|
|Marathon Petroleum||MPC||83.86||▼-0.7||55.68||88.45||84||D W|
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.
Whiting Petroleum (WLL): Downgraded from Overweight to Equal Weight at Capital One.
UPDATED: DAILY (END-OF-DAY)
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