Canadian Light and condensate prices tank 6% as discounts to WTI continue to widen

Canadian Light and condensate prices tank 6% as discounts to WTI continue to widen

Summary of today's energy market action:
  • Oil prices retreated today after production in the Gulf of Mexico returned to normal post Tropical Storm Gord.
  • The differential on Canadian Light and Edmonton Condensate (versus WTI) widened to almost US$13 and US$6 a barrel, respectively, sending both streams lower by 6% for the day.
  • The TSX energy sector posted its fourth consecutive day of declines, falling another 0.8% today. Large cap midstream names were today's biggest winners, led by Enbridge (+1.6%) and TransCanada (TRP +1.4%).
  • Shawcor (SCL -3.2%) and Precision Drilling (PD -7.5%) suffered major declines after being downgraded by TD Securities.
  • Crescent Point Energy (CPG -2.7%) fell to an all-time low after the company announced plans to reduce staff and divest upstream assets.
  • US integrated and midstream names also posted strong gains for the day. Halliburton (HAL -6.0%) was the biggest drag among S&P 500 energy stocks after it warned Q3 earnings could be impacted by moderating activity in the Permian and slow ramp-up of new contracts in the Middle East.
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$77.27▼1.250.86
 
79.80
WTI$68.72▼1.645.96
 
74.15
CDN LT$55.88▼6.343.56
 
69.32
C5+$62.83▼6.247.61
 
71.40
WCS$43.72▼2.030.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ SEP 5   █ AUG 29   █ AUG 22   █ AUG 15   (USD/BBL)
ENERGY SECTORS
ENERGY SUB-SECTORS

TSX ENERGY SUB-SECTORS
VERSUS TSX & CDN ENERGY SECTOR

SPX ENERGY SUB-SECTORS
VERSUS SPX & US ENERGY SECTOR
TSX ENERGY STOCKS
TSX BULLISH INDICATORS
TOP 5
  • Enbridge (ENB +1.6%)
  • TransCanada (TRP +1.4%)
  • Enbridge Income Fund (ENF +1.1%)
  • Nuvista Energy (NVA +0.7%)
  • Altagas (ALA +0.7%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Precision Drilling (PD -7.5%)
  • Crew Energy (CR -6.7%)
  • Paramount Resources (POU -4.6%)
  • Birchcliff Energy (BIR -4.4%)
  • Trican Well (TCW -4.2%)
  • 12-MO LOWS
  • Advantage Oil & Gas (AAV -3.4%)
  • Crescent Point (CPG -2.7%)
  • Freehold Royalties (FRU -1.9%)
  • 10-YR LOWS
  • Crescent Point (CPG -2.7%)
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    SuncorSU52.730.038.89
     
    55.4791
    Imperial OilIMO40.350.033.43
     
    44.9168
    Husky EnergyHSE21.90▲0.514.30
     
    22.4395
    MIDSTREAM
    EnbridgeENB45.65▲1.637.36
     
    52.5982
    TransCanadaTRP56.33▲1.450.28
     
    65.1841
    Pembina PipelinePPL44.20▲0.437.60
     
    47.8462
    Inter PipelineIPL23.43▼-0.421.36
     
    27.9239
    Keyera KEY35.24▼-0.431.20
     
    39.4447
    Gibson EnergyGEI19.00▼-0.415.68
     
    20.1790
    LARGE CAP E&P
    Cdn Natural ResCNQ43.85▼-0.336.88
     
    49.0862
    Cenovus EnergyCVE11.83▼-0.29.03
     
    14.8439
    EncanaECA17.06▼-0.611.11
     
    18.5487
    PrairieSkyPSK23.47▼-0.823.13
     
    35.9015
    TourmalineTOU19.74▼-3.617.78
     
    27.2614
    SERVICES
    ShawcorSCL26.44▼-3.223.60
     
    30.1057
    Mullen Group MTL15.50▼-2.214.10
     
    17.6247↓
    CES Energy SolutionsCEU4.54▼-0.74.26
     
    7.3411
    Pason SystemsPSI20.78▼-1.216.05
     
    22.1081↓
    EnerflexEFX15.47▼-0.513.55
     
    19.0839↓
    REFINING & MARKETING
    Parkland FuelPKI40.90▲0.523.41
     
    41.3597
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Cimarex Energy (XEC +2.4%)
  • Noble Energy (NBL +2.4%)
  • Newfield Exploration (NFX +2%)
  • Apache (APA +1.7%)
  • Exxon Mobil (XOM +1.3%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Halliburton (HAL -6%)
  • HollyFrontier (HFC -3.1%)
  • Valero Energy (VLO -2.8%)
  • TechnipFMC (FTI -2.8%)
  • Cabot Oil & Gas (COG -2.3%)
  • 12-MO LOWS
  • Schlumberger (SLB -1.5%)
  • Halliburton (HAL -6%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    Exxon MobilXOM81.36▲1.372.16
     
    89.3063
    ChevronCVX118.92▲0.0108.02
     
    133.8844
    MIDSTREAM
    Kinder MorganKMI17.79▲0.914.69
     
    19.8562↑
    Williams CoWMB29.47▲0.924.00
     
    33.6754
    ONEOKOKE66.08▲0.649.65
     
    71.9965
    LARGE CAP E&P
    ConocoPhillipsCOP73.00▼-0.244.10
     
    74.4394
    EOG ResourcesEOG117.89▲0.285.26
     
    131.6062
    Occidental PetroleumOXY79.14▼-0.159.78
     
    87.6775
    Anadarko PetroleumAPC64.39▲0.740.54
     
    76.7055
    Pioneer Natural ResPXD169.22▼-1.1127.26
     
    213.4020
    SERVICES
    SchlumbergerSLB61.02▼-1.560.19
     
    80.3513
    HalliburtonHAL37.13▼-6.036.82
     
    57.863
    Baker HughesBHGE31.67▼-2.225.53
     
    38.1034
    TechnipFMCFTI29.39▼-2.824.53
     
    35.0029
    National-Oilwell VarcoNOV46.26▼-0.430.92
     
    49.0889
    REFINERS
    Phillips 66PSX117.99▼-0.882.66
     
    123.9785
    Valero EnergyVLO116.91▼-2.867.24
     
    126.9889
    Marathon PetroleumMPC83.94▼-0.450.52
     
    85.0892
    AndeavorANDV155.47▼-0.389.58
     
    157.1099
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    Royal Dutch ShellRDS.A64.99▼-0.455.45
     
    73.8644
    TotalTOT61.34▼-1.451.98
     
    65.6951
    BPBP42.78▲0.134.75
     
    47.8354
    EniE37.27▼-0.431.58
     
    40.1560
    EquinorEQNR25.25▼-1.718.88
     
    28.0656

    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.
    Energy stocks continue to drag equity markets lower

    Energy stocks continue to drag equity markets lower

    Canadian heavy discount narrows to US$25 while differential on Canadian Light jumps over US$10

    Canadian heavy discount narrows to US$25 while differential on Canadian Light jumps over US$10

    0