Energy stocks remain unresponsive to higher oil prices as Brent hits 4-year high

Energy stocks remain unresponsive to higher oil prices as Brent hits 4-year high

Summary of today's energy market action:

  • Oil prices climbed higher again today with Brent breaking out to a 4-year high. WTI has yet to return to the highs of last summer.

  • Discounts on Canadian light and heavy crude widened to US$19.75 and US$35.75, respectively. The spread between Brent and WCS is now a whopping US$45/bbl.

  • Despite the gain in oil prices today, the TSX energy sector declined 1.1% while the SPX energy basket lost 0.3%.

  • Heavy-weights Suncor Energy (SU.TO -2.5%), Imperial (IMO.TO -1.8%), Canadian Natural Resources (CNQ.TO -2.0%) and Enbridge (ENB.TO -1.5%) led to the downside on the TSX.

  • PrairieSky (PSK.TO -0.9%) and AltaGas (ALA.TO +0.7%) hit fresh 52-week lows. Enerflex (EFX.TO +4.2%) bucked the downtrend today, breaking to the upside.

  • US energy market action was much more subdued, as most E&Ps gained ground, offsetting losses from refining stocks. Gasoline prices continue their upward climb, gaining another 1% today.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$82.72▲1.255.14
 
82.72
WTI$73.25▲1.649.29
 
74.15
CDN LT$53.50▲0.746.68
 
69.32
C5+$67.10▲1.751.08
 
71.40
WCS$37.50▲0.330.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ SEP 28   █ SEP 21   █ SEP 14   █ SEP 7   (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
  • Paramount Resources (POU +7.6%)
  • Crew Energy (CR +5.6%)
  • Enerflex (EFX +4.2%)
  • TORC Oil & Gas (TOG +2.6%)
  • Seven Generations (VII +2.3%)
  • 12-MO HIGHS
  • Gran Tierra (GTE +0.6%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Suncor (SU -2.5%)
  • Cdn Natural Res (CNQ -2%)
  • Pembina Pipeline (PPL -1.9%)
  • Imperial Oil (IMO -1.8%)
  • Precision Drilling (PD -1.8%)
  • 12-MO LOWS
  • PrairieSky (PSK -0.9%)
  • Altagas (ALA +0.7%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    SuncorSU49.98▼-2.540.49
     
    55.4768
    Imperial OilIMO41.80▼-1.833.43
     
    44.9188
    Husky EnergyHSE22.68▼-0.615.09
     
    22.9993
    MIDSTREAM
    EnbridgeENB41.68▼-1.537.36
     
    52.5927↓
    TransCanadaTRP52.26▼-0.650.28
     
    65.1824
    Pembina PipelinePPL43.89▼-1.937.60
     
    47.8473
    Inter PipelineIPL22.40▼-1.521.36
     
    27.9224
    Keyera KEY34.61▲0.631.20
     
    39.3134
    Gibson EnergyGEI20.42▲1.415.68
     
    20.7594
    LARGE CAP E&P
    Cdn Natural ResCNQ42.20▼-2.036.88
     
    49.0842
    Cenovus EnergyCVE12.97▼-0.99.03
     
    14.8489
    EncanaECA16.93▼-1.212.37
     
    18.5487
    PrairieSkyPSK22.69▼-0.922.69
     
    35.9010
    TourmalineTOU22.74▲0.317.78
     
    27.2670
    SERVICES
    ShawcorSCL24.69▲0.223.60
     
    30.1022
    Mullen Group MTL15.35▲1.914.10
     
    17.4054
    CES Energy SolutionsCEU4.26▼-0.94.09
     
    7.346
    Pason SystemsPSI19.59▼-1.116.05
     
    22.1064
    EnerflexEFX16.53▲4.213.55
     
    18.7686
    REFINING & MARKETING
    Parkland FuelPKI43.41▼-0.623.41
     
    43.9397
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Marathon Oil (MRO +2.4%)
  • Murphy Oil (MUR +1.5%)
  • Devon Energy (DVN +1.5%)
  • Anadarko Petroleum (APC +1.4%)
  • Pioneer Natural Res (PXD +1.3%)
  • 12-MO HIGHS
  • ConocoPhillips (COP -0.2%)
  • Hess Corp (HES 0%)
  • Marathon Oil (MRO +2.4%)
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Marathon Petroleum (MPC -3.7%)
  • Cabot Oil & Gas (COG -2%)
  • Newfield Exploration (NFX -1.5%)
  • Valero Energy (VLO -1.3%)
  • Cimarex Energy (XEC -1.1%)
  • 12-MO LOWS
  • None
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    Exxon MobilXOM85.02▼-0.972.16
     
    89.3072↓
    ChevronCVX122.28▼-0.2108.02
     
    133.8855
    MIDSTREAM
    Kinder MorganKMI17.73▲0.914.69
     
    19.8365
    Williams CoWMB27.19▼-0.324.00
     
    33.6738
    ONEOKOKE67.79▼-0.649.65
     
    71.9974
    LARGE CAP E&P
    ConocoPhillipsCOP77.40▼-0.248.70
     
    78.6893
    EOG ResourcesEOG127.57▲0.594.87
     
    131.6085
    Occidental PetroleumOXY82.17▲1.262.47
     
    87.6783
    Anadarko PetroleumAPC67.41▲1.446.75
     
    76.7071
    Pioneer Natural ResPXD174.19▲1.3140.31
     
    213.4035
    SERVICES
    SchlumbergerSLB60.92▼-0.459.25
     
    80.3518
    HalliburtonHAL40.53▼-0.235.75
     
    57.8614
    Baker HughesBHGE33.830.025.53
     
    37.7667
    TechnipFMCFTI31.25▼-0.124.53
     
    35.0051
    National-Oilwell VarcoNOV43.08▲0.131.47
     
    49.0856
    REFINERS
    Phillips 66PSX112.72▼-0.189.14
     
    123.9762
    Valero EnergyVLO113.75▼-1.375.55
     
    126.9875
    Marathon PetroleumMPC79.97▼-3.755.15
     
    88.4556↓
    AndeavorANDV153.50▼-0.889.58
     
    163.1995
    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 
    Royal Dutch ShellRDS.A68.14▼-0.960.05
     
    73.8661
    TotalTOT64.39▼-1.153.00
     
    65.6972
    BPBP46.10▼-1.736.15
     
    47.8377
    EniE37.66▼-1.831.58
     
    40.1557
    EquinorEQNR28.20▼-0.519.71
     
    28.9386
    ANALYST RATINGS

    UPGRADES

    • Noble Energy (NE): Upgraded from Sell to Hold at Nordea Equity Research.

    DOWNGRADES

    • CNOOC (CEO): Downgraded from Outperform to Neutral at Macquarie.

    • Ocean Rig (ORIG): Downgraded from Buy to Hold at Nordea Equity Research.


    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.
    Cdn light and heavy discounts widen further as WTI and Brent breakout to new highs

    Cdn light and heavy discounts widen further as WTI and Brent breakout to new highs

    WCS sinks another 1% as Cdn heavy discount widens to almost US$35 a barrel

    WCS sinks another 1% as Cdn heavy discount widens to almost US$35 a barrel

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