Canadian crude prices sink lower as discounts to WTI continue to widen

Canadian crude prices sink lower as discounts to WTI continue to widen

Summary of today's energy market action:
  • A mixed bag in oil markets today as Brent gained 0.4%, WTI ended the day unchanged and Canadian oil prices declined over 2%. The Brent futures curve is now firmly in backwardation, including near month contracts.
  • The discount on Canadian Light continues to widen, topping US$15.50 a barrel today. The Canadian heavy oil differential also widened to just under US$27, bringing WCS prices back below US$41 a barrel. The widening discounts are being blamed on restoration of Syncrude's production and outage of BP's (BP -0.4%) Whiting Refinery in the US Midwest.
  • Energy stocks declined earlier in the day but recovered most losses towards the closing bell, ending Friday roughly unchanged.
  • Among TSX energy components, smaller cap producers posted the biggest gains, while energy service providers also staged a nice recovery.
  • Cenovus Energy (CVE.TO +0.9%) declined early Friday after being downgraded at Goldman Sachs, but managed to end the day in the positive. Parkland Fuel (PKI.TO +1.5%) hit a new record high.
  • On the S&P 500, most energy components ended the day.
  • Schlumberger (SLB -0.9%) and Halliburton (HAL -0.2%) hit new 52-week lows. Independent refiners were the worst performing energy subsector on the SPX, dragged lower by Phillips 66 (PSX -2.1%).
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$76.83▲0.450.86
 
79.80
WTI$67.75▼0.045.96
 
74.15
CDN LT$52.18▼2.043.56
 
69.32
C5+$61.92▼2.047.61
 
71.40
WCS$40.90▼2.830.41
 
56.21
CRUDE OIL FUTURES CURVES
BRENT
WTI
█ SEP 7   █ AUG 31   █ AUG 24   █ AUG 17   (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
  • Crew Energy (CR +7.9%)
  • Birchcliff Energy (BIR +5.1%)
  • PrairieSky (PSK +5.1%)
  • Nuvista Energy (NVA +4%)
  • CES Energy Solutions (CEU +4%)
  • 12-MO HIGHS
  • Parkland Fuel (PKI +1.5%)
  • 10-YR HIGHS
  • Parkland Fuel (PKI +1.5%)
  • GOLDEN CROSSES
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • MEG Energy (MEG -2.5%)
  • Imperial Oil (IMO -1.9%)
  • Encana (ECA -1.8%)
  • Cdn Natural Res (CNQ -0.8%)
  • Mullen Group (MTL -0.8%)
  • 12-MO LOWS
  • Advantage Oil & Gas (AAV +2.8%)
  • Crescent Point (CPG +2.1%)
  • Freehold Royalties (FRU +2.6%)
  • Paramount Resources (POU +2.9%)
  • Trican Well (TCW +1.1%)
  • 10-YR LOWS
  • Crescent Point (CPG +2.1%)
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    SuncorSU51.43▼-0.539.50
     
    55.4787
    Imperial OilIMO39.24▼-1.933.43
     
    44.9146
    Husky EnergyHSE21.94▲1.114.30
     
    22.4395
    MIDSTREAM
    EnbridgeENB44.86▼-0.337.36
     
    52.5974
    TransCanadaTRP55.61▼-0.550.28
     
    65.1836
    Pembina PipelinePPL43.52▼-0.337.60
     
    47.8445
    Inter PipelineIPL23.27▲0.321.36
     
    27.9237
    Keyera KEY34.97▲1.131.20
     
    39.4443
    Gibson EnergyGEI18.55▼-0.315.68
     
    20.1784
    LARGE CAP E&P
    Cdn Natural ResCNQ42.76▼-0.836.88
     
    49.0844
    Cenovus EnergyCVE11.71▲0.99.03
     
    14.8436
    EncanaECA16.14▼-1.811.11
     
    18.5463
    PrairieSkyPSK24.69▲5.123.03
     
    35.9025↑
    TourmalineTOU20.18▲3.117.78
     
    27.2617
    SERVICES
    ShawcorSCL25.49▲0.423.60
     
    30.1032
    Mullen Group MTL15.51▼-0.814.10
     
    17.6253
    CES Energy SolutionsCEU4.64▲4.04.26
     
    7.3413
    Pason SystemsPSI20.79▲0.916.05
     
    22.1078↓
    EnerflexEFX15.63▲0.913.55
     
    19.0851
    REFINING & MARKETING
    Parkland FuelPKI41.66▲1.523.41
     
    41.6997
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Exxon Mobil (XOM +1.7%)
  • Baker Hughes (BHGE +1.4%)
  • Kinder Morgan (KMI +0.9%)
  • Marathon Oil (MRO +0.8%)
  • TechnipFMC (FTI +0.7%)
  • 12-MO HIGHS
  • None
  • 10-YR HIGHS
  • None
  • GOLDEN CROSSES
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Cimarex Energy (XEC -2.2%)
  • Phillips 66 (PSX -2.1%)
  • Range Resources (RRC -2%)
  • National-Oilwell Varco (NOV -1.8%)
  • HollyFrontier (HFC -1.7%)
  • 12-MO LOWS
  • Schlumberger (SLB -0.9%)
  • Halliburton (HAL -0.2%)
  • Cabot Oil & Gas (COG -0.3%)
  • 10-YR LOWS
  • None
  • DEATH CROSSES
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    INTEGRATED
    Exxon MobilXOM81.83▲1.772.16
     
    89.3067
    ChevronCVX114.60▼-0.6108.02
     
    133.8829
    MIDSTREAM
    Kinder MorganKMI17.82▲0.914.69
     
    19.8561
    Williams CoWMB28.58▲0.324.00
     
    33.6743
    ONEOKOKE65.84▼-0.349.65
     
    71.9964
    LARGE CAP E&P
    ConocoPhillipsCOP70.22▼-0.544.10
     
    74.4387
    EOG ResourcesEOG114.47▼-0.986.08
     
    131.6052
    Occidental PetroleumOXY76.65▼-0.259.78
     
    87.6768
    Anadarko PetroleumAPC63.54▼-0.240.54
     
    76.7047
    Pioneer Natural ResPXD162.19▼-1.5127.26
     
    213.4014
    SERVICES
    SchlumbergerSLB59.70▼-0.959.25
     
    80.3513
    HalliburtonHAL36.80▼-0.235.75
     
    57.863
    Baker HughesBHGE31.42▲1.425.53
     
    38.1031
    TechnipFMCFTI28.71▲0.724.53
     
    35.0023
    National-Oilwell VarcoNOV44.24▼-1.831.47
     
    49.0872
    REFINERS
    Phillips 66PSX114.30▼-2.183.11
     
    123.9775
    Valero EnergyVLO115.08▼-0.968.11
     
    126.9887
    Marathon PetroleumMPC82.51▼-0.452.26
     
    85.3489
    AndeavorANDV153.29▼-0.389.58
     
    157.6599
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H RANK 
    Royal Dutch ShellRDS.A63.36▼-0.556.41
     
    73.8636
    TotalTOT60.19▼-0.652.69
     
    65.6947↓
    BPBP42.03▼-0.435.24
     
    47.8348
    EniE36.39▼-1.131.58
     
    40.1551
    EquinorEQNR24.90▼-0.418.88
     
    28.0654

    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 condensate prices sink lower as discounts to WTI widen further

    Cdn Light and condensate prices sink lower as discounts to WTI widen further

    Energy stocks continue to drag equity markets lower

    Energy stocks continue to drag equity markets lower

    0