Brent breaks out to 4-year high as OPEC rejects output increase

Brent breaks out to 4-year high as OPEC rejects output increase

Summary of today’s energy market action:

  • Oil prices gained ground today after OPEC rejected calls to increase output over the weekend, calling oil markets "adequately supplied."

  • Brent finally broke above US$80/bbl, returning to the highs of November 2014. WTI continues to lag, and has yet to return to its summer highs.  Gasoline prices also rose 2% for the day.

  • The TSX energy sector gained 2.5%, while US counterparts rose 1.5%, now returning to the highs of early August.

  • Midstream stocks were the worst performing energy subsector on both sides of the border as bond yields ticked higher.

  • On the TSX:

    • Pembina Pipeline (PPL) increased its 2018 earnings (EBITDA) guidance by 4% and announced plans to expand its Wapiti infrastructure in Alberta and BC.

    • Raymond James added Secure Energy Services (SES) to their "Current Favourites" list, replacing Trican Well Service (TCW).

  • In US markets:

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$81.20▲3.054.27
 
81.20
WTI$72.08▲1.848.23
 
74.15
CDN LT$54.08▲2.545.63
 
69.32
C5+$65.13▲0.649.92
 
71.40
WCS$38.33▲3.530.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ SEP 24   █ SEP 17   █ SEP 10   █ SEP 3   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES
    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
  • Baytex Energy (BTE +10.7%)
  • Gran Tierra (GTE +8.3%)
  • Paramount Resources (POU +6.8%)
  • ARC Resources (ARX +4.9%)
  • Enerplus (ERF +4.3%)
  • 12-MO HIGHS
  • Husky Energy (HSE +3.6%)
  • Parkland Fuel (PKI +0.6%)
  • Gran Tierra (GTE +8.3%)
  • 10-YR HIGHS
  • Parkland Fuel (PKI +0.6%)
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Altagas (ALA -2.9%)
  • Trican Well (TCW -2.6%)
  • Enbridge (ENB -1.6%)
  • Gibson Energy (GEI -1.4%)
  • Enbridge Income Fund (ENF -1.3%)
  • 12-MO LOWS
  • Trican Well (TCW -2.6%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    SuncorSU51.15▲1.340.49
     
    55.4778
    Imperial OilIMO42.27▲3.733.43
     
    44.9190
    Husky EnergyHSE22.50▲3.615.03
     
    22.7694
    MIDSTREAM
    EnbridgeENB43.77▼-1.637.36
     
    52.5964
    TransCanadaTRP53.12▲0.250.28
     
    65.1823
    Pembina PipelinePPL44.29▲1.937.60
     
    47.8475
    Inter PipelineIPL23.09▼-0.221.36
     
    27.9246
    Keyera KEY34.96▲0.331.20
     
    39.4453
    Gibson EnergyGEI20.46▼-1.415.68
     
    20.7594
    LARGE CAP E&P
    Cdn Natural ResCNQ42.69▲1.936.88
     
    49.0858
    Cenovus EnergyCVE12.47▲3.49.03
     
    14.8481↑
    EncanaECA16.93▲3.712.37
     
    18.5481
    PrairieSkyPSK23.60▲3.022.71
     
    35.9013
    TourmalineTOU21.66▲3.217.78
     
    27.2629
    SERVICES
    ShawcorSCL25.55▲2.223.60
     
    30.1034
    Mullen Group MTL15.11▲0.214.10
     
    17.6230
    CES Energy SolutionsCEU4.46▲1.44.14
     
    7.347
    Pason SystemsPSI19.94▲1.216.05
     
    22.1062
    EnerflexEFX16.11▲3.513.55
     
    19.0873
    REFINING & MARKETING
    Parkland FuelPKI43.27▲0.623.41
     
    43.9197
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Chesapeake (CHK +5.2%)
  • HollyFrontier (HFC +4.1%)
  • EOG Resources (EOG +3.8%)
  • Apache (APA +3.3%)
  • Concho Resources (CXO +2.9%)
  • 12-MO HIGHS
  • ConocoPhillips (COP +1%)
  • Marathon Petroleum (MPC +2.9%)
  • Andeavor (ANDV +2.7%)
  • Hess Corp (HES +2.2%)
  • Marathon Oil (MRO +2.2%)
  • 10-YR HIGHS
  • Andeavor (ANDV +2.7%)
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • EQT Corp (EQT -3%)
  • ONEOK (OKE -1.8%)
  • Williams Co (WMB -1.2%)
  • Kinder Morgan (KMI -0.9%)
  • Range Resources (RRC -0.3%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    Exxon MobilXOM86.60▲1.772.16
     
    89.3084
    ChevronCVX122.62▲1.2108.02
     
    133.8858
    MIDSTREAM
    Kinder MorganKMI17.89▼-0.914.69
     
    19.8365
    Williams CoWMB27.56▼-1.224.00
     
    33.6732
    ONEOKOKE67.87▼-1.849.65
     
    71.9971
    LARGE CAP E&P
    ConocoPhillipsCOP77.06▲1.048.63
     
    77.9095
    EOG ResourcesEOG123.99▲3.893.45
     
    131.6078
    Occidental PetroleumOXY80.75▲1.462.47
     
    87.6781
    Anadarko PetroleumAPC66.01▲2.146.75
     
    76.7058
    Pioneer Natural ResPXD174.85▲1.4140.31
     
    213.4029
    SERVICES
    SchlumbergerSLB61.60▲0.859.25
     
    80.3514
    HalliburtonHAL41.06▲0.935.75
     
    57.8613
    Baker HughesBHGE32.84▼-0.225.53
     
    38.1051
    TechnipFMCFTI31.76▲1.824.53
     
    35.0064
    National-Oilwell VarcoNOV43.50▲0.831.47
     
    49.0862
    REFINERS
    Phillips 66PSX113.46▲1.689.02
     
    123.9766
    Valero EnergyVLO114.96▲2.473.15
     
    126.9880
    Marathon PetroleumMPC85.79▲2.954.13
     
    86.3687
    AndeavorANDV158.87▲2.789.58
     
    159.9099
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    Royal Dutch ShellRDS.A68.17▲1.359.20
     
    73.8663
    TotalTOT64.11▲1.252.95
     
    65.6973
    BPBP45.22▲1.236.15
     
    47.8375
    EniE38.13▲1.531.58
     
    40.1567
    EquinorEQNR27.64▲3.819.71
     
    28.0686
    ANALYST RATINGS

    UPGRADES

    • Concho Resources (CXO): Upgraded from Hold to Buy at SunTrust Banks.

    • Rowan Companies (RDC): Upgraded from Neutral to Outperform at Credit Suisse.

    DOWNGRADES

    • Chesapeake Energy (CHK): Downgraded from Buy to Hold at SunTrust Banks.

    • Matador Resources (MTDR): Downgraded from Buy to Hold at SunTrust Banks.

    • Noble Midstream Partners (NBLX): Downgraded from Outperform to Market Perform at Wells Fargo.

    • SilverBow Resources (SBOW): Downgraded from Buy to Hold at SunTrust Banks.


    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 energy stocks give back some of yesterday’s gains despite higher oil prices

    Canadian energy stocks give back some of yesterday’s gains despite higher oil prices

    Energy stocks end the week on a positive note

    Energy stocks end the week on a positive note

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