Energy stocks rally as stockpiles drop in Cushing and Baker Hughes reports decline in US rig counts

Energy stocks rally as stockpiles drop in Cushing and Baker Hughes reports decline in US rig counts

Today's energy market summary:

  • Oil prices recovered some ground today, with Brent and WTI gaining 1.5% and 2.2%, respectively. Differentials on Canadian crude were roughly unchanged on Wednesday.

  • According to the US Energy Information Administration (EIA), commercial crude oil stockpiles rose another 4.9 million barrels last week, the ninth consecutive weekly build. Refinery runs in the Midwest have finally started to recover after a heavy maintenance turnaround season, bringing stockpiles lower in Cushing for the first time in over two months.

  • According to Baker Hughes, three oil rigs were pulled out of service this week in the US, the first reduction in three weeks. 

  • Gasoline prices rose 1%, as the EIA reported a 1.3 million barrel drawdown in gasoline stockpiles.

  • AECO gas prices rose over 15%, while Henry Hub declined 1.6%.

  • After yesterday's steep declines, North American markets tried to rally on Tuesday, but fizzled at the end of the day on light trading volumes. The S&P 500 rose 0.3%, while the Nasdaq added 0.6%. The Dow gave back all gains, ending the day unchanged. US markets are closed on Thursday for Thanksgiving, but re-open on Friday for a few hours, ending the trading week at 1:00 pm ET.

  • In Toronto, the TSX rose 1.5%, with gains seen across all sectors.

  • Energy was the best performing sector on both sides of the border, rising 2.4% on the TSX and 1.6% on the SPX. Most TSX energy names posted gains for the day, except for a handful of midstream stocks. Most large-cap SPX energy components ended the day higher. 

Today's notable energy news:

  • AltaGas (ALA.TO +0.6%) announced the appointment of a new CEO, Randy Crawford, effective December 10, 2018. Crawford last served as a senior executive at EQT Corp (EQT +6.5%), taking over for David Harris, who was dismissed in July for unspecified reasons.

  • Parkland Fuel (PKI.TO +2.7%) has closed on the private placement of $300 million in senior unsecured notes due in 2027, at an interest rate of 6.50%.

  • Chevron (CVX +1.3%) announced the start of production at its Big Foot deepwater project, located in the US Gulf of Mexico, about 360 km south of New Orleans. Big Foot has a design capacity of 75,000 bbl/day of oil and 25 MMcf/day of natural gas.

  • Royal Dutch Shell (RDS.A +2.8%) has agreed to sell its 26.6% stake in the Greater Sunrise gas field to the government of East Timor for US$300 million. The field straddles the maritime border between Australia and East Timor. Development has been delayed for decades due to territorial disputes between the two countries.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$63.48▲1.561.22
 
86.29
WTI$54.63▲2.253.43
 
76.41
CDN LT$27.63▲4.520.83
 
69.32
C5+$41.38▲3.637.76
 
71.40
WCS$18.88▲7.412.59
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ NOV 21   █ NOV 14   █ NOV 7   █ OCT 31   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES & YIELDS
    TSX SECTORS
52-WK
    SPX SECTORS
52-WK
ENERGY SECTORS

TSX ENERGY SUB-SECTORS

SPX ENERGY SUB-SECTORS
TSX ENERGY STOCKS
TSX BULLISH INDICATORS
TOP 5
  • MEG Energy (MEG +6.5%)
  • Kelt Exploration (KEL +5.5%)
  • Encana (ECA +4.9%)
  • Baytex Energy (BTE +4.7%)
  • Whitecap Res (WCP +3.9%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Advantage O&G (AAV -2.2%)
  • Ensign Energy Svcs (ESI -1.8%)
  • Trican Well Svc (TCW -1.5%)
  • Gibson Energy (GEI -1.5%)
  • ARC Resources (ARX -1.3%)
  • 12-MO LOWS
  • Shawcor (SCL -0.5%)
  • Crescent Point (CPG +0.9%)
  • Trican Well Svc (TCW -1.5%)
  • 10-YR LOWS
  • Crescent Point (CPG +0.9%)
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Suncor EnergySU44.50▲3.540.49
     
    55.4733D   W
    Imperial OilIMO40.29▲1.533.43
     
    44.9156D   W
    Husky EnergyHSE16.35▲2.615.09
     
    22.9916D   W
    MIDSTREAM
    EnbridgeENB44.32▲0.937.36
     
    51.0494↑D   W
    TransCanadaTRP53.93▲0.248.92
     
    65.1885D   W
    Pembina PipelinePPL44.22▼-0.637.60
     
    47.8482D   W
    Inter PipelineIPL22.09▼-1.320.68
     
    27.9257D   W
    Keyera KEY29.26▲0.128.45
     
    38.9122D   W
    Gibson EnergyGEI21.34▼-1.515.68
     
    23.3297D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ35.63▲1.734.75
     
    49.0819D   W
    EncanaECA9.83▲4.99.30
     
    18.543D   W
    Cenovus EnergyCVE10.13▲1.99.03
     
    14.8412D   W
    TourmalineTOU20.08▲2.417.78
     
    26.1931D   W
    Seven GenerationsVII11.80▲1.511.51
     
    19.408D   W
    SERVICES
    ShawcorSCL20.80▼-0.520.65
     
    29.5015D   W
    Pason SystemsPSI21.53▲0.616.05
     
    24.5794D   W
    Mullen Group MTL13.21▲0.213.01
     
    16.9325D   W
    EnerflexEFX17.24▲0.113.55
     
    18.7295↑D   W
    Secure EnergySES8.09▲1.16.98
     
    9.8280D   W
    REFINING & MARKETING
    Parkland FuelPKI38.19▲2.725.02
     
    47.4592D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • EQT Corp (EQT +6.5%)
  • Newfield Expl (NFX +5.1%)
  • Devon Energy (DVN +4%)
  • Apache (APA +3.9%)
  • EOG Resources (EOG +3.6%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Helmerich & Payne (HP -1.2%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM77.56▲0.872.16
     
    89.3055D   W
    ChevronCVX117.57▲1.3107.54
     
    133.8864D   W
    MIDSTREAM
    Kinder MorganKMI17.17▲1.214.69
     
    19.8376D   W
    Williams CoWMB25.03▲1.523.54
     
    33.6740D   W
    ONEOKOKE60.99▲1.149.65
     
    71.9943D   W
    LARGE CAP E&P
    ConocoPhillipsCOP65.48▲2.348.97
     
    80.2455D   W
    EOG ResourcesEOG106.00▲3.696.54
     
    133.5339D   W
    Occidental PetroOXY72.08▲2.562.47
     
    87.6743D   W
    Anadarko PetroAPC53.57▲2.346.80
     
    76.709D   W
    Concho ResCXO135.51▲1.2123.63
     
    163.1149D   W
    SERVICES
    SchlumbergerSLB47.64▲1.646.34
     
    80.354D   W
    HalliburtonHAL31.93▲1.631.14
     
    57.863D   W
    Ntl-Oilwell VarcoNOV32.55▲2.331.48
     
    49.087D   W
    TechnipFMCFTI23.61▲2.122.90
     
    35.006D   W
    Baker HughesBHGE22.52▲0.521.90
     
    37.762D   W
    REFINERS
    Phillips 66PSX93.65▲1.289.14
     
    123.9717D   W
    Valero EnergyVLO79.20▲0.878.00
     
    126.984D   W
    Marathon PetroMPC63.73▲3.060.64
     
    88.4515D   W
    HollyFrontierHFC59.86▲1.042.42
     
    83.2825D   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
  • Total (TOT +2.4%)
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    Royal Dutch ShellRDS.A61.64▲2.859.64
     
    73.8612D   W
    TotalTOT56.59▲2.453.37
     
    65.6948D   W
    BPBP41.27▲2.936.15
     
    47.8354D   W
    EniE33.29▲1.932.13
     
    40.1540D   W
    EquinorEQNR23.96▲3.119.91
     
    28.9345D   W
    ANALYST RATINGS

    UPGRADES

    • None

    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 (DIVIDEND ADJUSTED)

    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 dip slightly on light trading volumes

    Oil prices dip slightly on light trading volumes

    Falling stock markets drag oil prices lower, as WTI erases all gains for the year

    Falling stock markets drag oil prices lower, as WTI erases all gains for the year