Energy stocks tumble to new lows as oil prices take another beating

Energy stocks tumble to new lows as oil prices take another beating

Today's energy market summary:

  • Oil prices suffered their biggest one-day loss in more than 3 years, with both Brent and WTI tumbling over 7% and returning to the lows of October 2017. The crude volatility index also spiked back to the highs of 2016.

  • The discount on Canadian Light narrowed by US$1.75 a barrel while the WCS discount shrunk by over US$3. Despite the improvement, both benchmarks ended the day lower due to lower WTI prices.

  • Gasoline declined almost 8%, touching a 2-year low. Heating oil also slid 5%, while Henry Hub fell 2.2%.

  • US equity markets resumed their downtrend on Friday, with most major indices posting a 0.7% loss. In Toronto, the TSX declined 0.5%, led lower by falling commodity prices.

  • Energy was once again the worst performing sector on both sides of the border, falling almost 5% on the TSX and 3.3% on the S&P 500. Almost every energy component posted a loss, except for Parkland Fuel (PKI.TO +0.1%) and EQT Corp (EQT +1.8%). Non-integrated producers were the worst hit, including Cenovus Energy (CVE.TO -8.3%), Canadian Natural Resources (CNQ.TO -6.2%) and Seven Generations (VII.TO -6.7%). Many names sank to new multi-year lows in both Canadian and US markets.

  • European ADRs also posted heavy losses due to lower Brent prices and a stronger US dollar.

Today's notable energy news:

  • BP (BP -3.3%) announced the start of production at its Clair Ridge project in the UK North Sea, located in the West of Shetland region. Clair Ridge has a peak production capacity of 120,000 bbl/day and is jointly owned with Royal Dutch Shell (RDS.A -4.3%), Chevron (CVX -3.4%) and ConocoPhillips (COP -2.6%).

  • Total (TOT -4.6%) announced the acquisition of fuel distribution and retail outlets from Brazilian company Grupo Zema. The deal gives Total 280 gas stations and storage facilities in the South American country. The company says it plans to double the number of retail locations over the next 5 years. Financial terms of the deal were not disclosed.

  • A French trade union is calling for a shutdown of three Total refineries in France on Monday. The union says they will meet with company management on Saturday to try to reach an agreement. The three refineries have a combined capacity of about 575,000 bbl/day.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$58.80▼7.458.80
 
86.29
WTI$50.42▼7.750.42
 
76.41
CDN LT$25.17▼8.920.83
 
69.32
C5+$37.17▼10.237.17
 
71.40
WCS$17.92▼5.112.59
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ NOV 23   █ NOV 16   █ NOV 9   █ NOV 2   (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
  • Altagas (ALA +0.3%)
  • Parkland Fuel (PKI +0.1%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Cenovus Energy (CVE -8.3%)
  • Nuvista Energy (NVA -8.1%)
  • Kelt Exploration (KEL -7%)
  • Seven Generations (VII -6.7%)
  • Advantage O&G (AAV -6.2%)
  • 12-MO LOWS
  • Keyera (KEY -1.5%)
  • Cdn Natural Res (CNQ -6.2%)
  • Seven Generations (VII -6.7%)
  • Shawcor (SCL -1.6%)
  • Mullen Group (MTL -3.6%)
  • Crescent Point (CPG -5.8%)
  • Kelt Exploration (KEL -7%)
  • Nuvista Energy (NVA -8.1%)
  • Parex Resources (PXT -4.4%)
  • Trican Well Svc (TCW -2.3%)
  • Whitecap Res (WCP -5.7%)
  • 10-YR LOWS
  • Seven Generations (VII -6.7%)
  • Crescent Point (CPG -5.8%)
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Suncor EnergySU43.05▼-4.140.49
     
    55.4727D   W
    Imperial OilIMO39.58▼-1.933.43
     
    44.9147D   W
    Husky EnergyHSE15.35▼-4.515.09
     
    22.9913D   W
    MIDSTREAM
    EnbridgeENB43.40▼-1.437.36
     
    51.0490D   W
    TransCanadaTRP53.56▼-0.448.92
     
    64.4783D   W
    Pembina PipelinePPL43.75▼-0.437.60
     
    47.8480D   W
    Inter PipelineIPL21.92▼-0.720.68
     
    27.9253D   W
    Keyera KEY28.79▼-1.528.08
     
    38.9118D   W
    Gibson EnergyGEI21.11▼-1.615.68
     
    23.3297D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ33.59▼-6.233.00
     
    49.0813D   W
    EncanaECA9.45▼-4.59.30
     
    18.543D   W
    Cenovus EnergyCVE9.25▼-8.39.03
     
    14.847D   W
    TourmalineTOU19.98▼-1.017.78
     
    26.1929D   W
    Seven GenerationsVII11.07▼-6.710.89
     
    19.406D   W
    SERVICES
    ShawcorSCL20.31▼-1.620.00
     
    29.5014D   W
    Pason SystemsPSI21.15▼-2.016.05
     
    24.5791D   W
    Mullen Group MTL12.67▼-3.612.54
     
    16.9321D   W
    EnerflexEFX16.83▼-1.713.55
     
    18.7294D   W
    Secure EnergySES7.78▼-3.46.98
     
    9.8261D   W
    REFINING & MARKETING
    Parkland FuelPKI37.84▲0.125.02
     
    47.4593D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • EQT Corp (EQT +1.8%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Concho Res (CXO -6.3%)
  • Devon Energy (DVN -5.7%)
  • EOG Resources (EOG -5%)
  • Phillips 66 (PSX -4.9%)
  • Marathon Oil (MRO -4.6%)
  • 12-MO LOWS
  • Schlumberger (SLB -2.7%)
  • Halliburton (HAL -3.9%)
  • Ntl-Oilwell Varco (NOV -2.9%)
  • TechnipFMC (FTI -4.2%)
  • Baker Hughes (BHGE -0.3%)
  • Phillips 66 (PSX -4.9%)
  • Valero Energy (VLO -2.7%)
  • Devon Energy (DVN -5.7%)
  • Noble Energy (NBL -3%)
  • 10-YR LOWS
  • Baker Hughes (BHGE -0.3%)
  • DEATH CROSSES
  • EOG Resources (EOG -5%)
  • Marathon Petro (MPC -3.1%)
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    INTEGRATED
    Exxon MobilXOM75.49▼-2.772.16
     
    89.3047D   W
    ChevronCVX113.60▼-3.4107.54
     
    133.8850D   W
    MIDSTREAM
    Kinder MorganKMI16.61▼-3.314.69
     
    19.8361D   W
    Williams CoWMB24.54▼-2.023.54
     
    33.6736D   W
    ONEOKOKE59.10▼-3.149.65
     
    71.9929D   W
    LARGE CAP E&P
    ConocoPhillipsCOP63.80▼-2.648.97
     
    80.2445D   W
    EOG ResourcesEOG100.70▼-5.096.54
     
    133.5320D   W
    Occidental PetroOXY69.83▼-3.162.47
     
    87.6732D   W
    Anadarko PetroAPC51.62▼-3.646.80
     
    76.707D   W
    Concho ResCXO126.96▼-6.3123.63
     
    163.1126D   W
    SERVICES
    SchlumbergerSLB46.37▼-2.745.80
     
    80.354D   W
    HalliburtonHAL30.70▼-3.930.47
     
    57.862D   W
    Ntl-Oilwell VarcoNOV31.62▼-2.931.30
     
    49.086D   W
    TechnipFMCFTI22.62▼-4.222.39
     
    35.005D   W
    Baker HughesBHGE22.46▼-0.321.67
     
    37.762D   W
    REFINERS
    Phillips 66PSX89.00▼-4.988.99
     
    123.978D   W
    Valero EnergyVLO77.03▼-2.777.00
     
    126.983D   W
    Marathon PetroMPC61.73▼-3.160.64
     
    88.4510D   W
    HollyFrontierHFC57.17▼-4.542.42
     
    83.2811D   W
    NYSE ADRs
    ADRs BULLISH INDICATORS
    12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • ADRs BEARISH INDICATORS
    12-MO LOWS
  • Royal Dutch Shell (RDS.A -4.3%)
  • Eni (E -4%)
  • Sasol Limited (SSL -5.6%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK  CHARTS
    Royal Dutch ShellRDS.A58.98▼-4.358.55
     
    73.8611D   W
    TotalTOT53.98▼-4.653.37
     
    65.6931D   W
    BPBP39.89▼-3.336.15
     
    47.8342D   W
    EniE31.97▼-4.031.72
     
    40.1528D   W
    EquinorEQNR22.89▼-4.519.91
     
    28.9328D   W
    ANALYST RATINGS

    UPGRADES

    • Equinor (EQNR): Upgraded from Equal Weight to Overweight at Barclays.

    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 rebound from highly oversold conditions

    Oil prices rebound from highly oversold conditions

    Oil prices dip slightly on light trading volumes

    Oil prices dip slightly on light trading volumes

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