Energy stocks retreat despite a forecasted decline in US stockpiles

Energy stocks retreat despite a forecasted decline in US stockpiles

Today's energy and equity market action:

Today's notable energy news:

  • The American Petroleum Institute is forecasting a decline of 2.1 million barrels in US crude stockpiles for last week, including a 317,000 barrel decline in Cushing. Product stockpiles are also projected to show a drawdown. Official numbers from the Energy Information Administration are due to be released tomorrow morning.
  • The Alberta government raised its crude production quota by 25,000 bbl/day in May and another 25,000 bbl/day in June, bringing the province's production cap to 3.71 million bbl/day. By June, the limit would have been increased by 150,000 bbl/day since the curtailment program began at the beginning of the year. The NDP government also officially called the next provincial election for Tuesday April 16, 2019.
  • After 7 years of construction, Fluor and TechnipFMC announced the completion of a new petrochemical complex for South African energy major Sasol, located on the Louisiana Gulf Coast. The plastics facility includes a 1.5 million t/y ethane cracker, and already began polyethylene production last month.
  • Mexico's Pemex has launched the bidding process for a new US$8 billion refinery, to be located on the country's southern Gulf coast. President Andres Manuel Lopez Obrador says he wants to avoid corruption during the plant's construction, while weaning the country off US gasoline imports. The facility will include 17 processing plants and 93 storage tanks, as well as access to highways, rail and a marine terminal. The bidder's list includes EPC firms Jacobs, Bechtel, WorleyParsons, KBR and TechnipFMC.
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$67.61▲0.150.47
 
86.29
WTI$59.03▼0.142.53
 
76.41
CDN LT$52.93▼0.120.83
 
69.32
C5+$53.78▼0.137.04
 
71.40
WCS$48.53▼0.112.59
 
56.21

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ MAR 19   █ MAR 12   █ MAR 5   █ FEB 26   (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
  • Ensign Energy Svcs (ESI +4.5%)
  • Precision Drilling (PD +2.5%)
  • CES Energy (CEU +2.4%)
  • Parkland Fuel (PKI +1.6%)
  • Shawcor (SCL +1%)
  • 12-MO HIGHS
  • TransCanada (TRP -1%)
  • Gibson Energy (GEI +0.4%)
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • ARC Resources (ARX -3.4%)
  • Peyto Exploration (PEY -2.9%)
  • Enerplus (ERF -2.8%)
  • Crescent Point (CPG -2.7%)
  • Encana (ECA -2.4%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Suncor EnergySU45.74▲0.235.53
     
    55.47D   W
    Imperial OilIMO36.67▼-1.233.43
     
    44.91D   W
    Husky EnergyHSE13.73▼-0.713.33
     
    22.99D   W
    MIDSTREAM
    EnbridgeENB49.200.037.36
     
    49.70D   W
    TransCanadaTRP60.51▼-1.047.90
     
    61.17D   W
    Pembina PipelinePPL49.54▼-0.637.60
     
    50.04D   W
    Inter PipelineIPL22.02▼-0.518.60
     
    25.66D   W
    Keyera KEY32.01▼-1.824.05
     
    38.91D   W
    Gibson EnergyGEI23.21▲0.415.90
     
    23.35D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ36.94▼-1.230.11
     
    49.08D   W
    Cenovus EnergyCVE11.81▼-0.78.74
     
    14.84D   W
    EncanaECA9.79▼-2.46.90
     
    18.54D   W
    TourmalineTOU20.96▼-2.215.84
     
    26.19D   W
    Vermilion EnergyVET33.30▼-2.126.67
     
    49.67D   W
    SERVICES
    Pason SystemsPSI20.58▼-0.216.61
     
    24.57D   W
    EnerflexEFX19.84▼-0.513.55
     
    20.38D   W
    Mullen Group MTL12.680.011.26
     
    16.93D   W
    ShawcorSCL22.29▲1.015.11
     
    28.89D   W
    Secure EnergySES8.59▼-0.76.25
     
    9.44D   W
    REFINING & MARKETING
    Parkland FuelPKI40.80▲1.627.96
     
    47.45D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Halliburton (HAL +1.4%)
  • Williams Co (WMB +1.2%)
  • EOG Resources (EOG +1%)
  • Noble Energy (NBL +0.8%)
  • Kinder Morgan (KMI +0.3%)
  • 12-MO HIGHS
  • Kinder Morgan (KMI +0.3%)
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Hess Corp (HES -1.9%)
  • Cimarex Energy (XEC -1.7%)
  • Marathon Oil (MRO -1.6%)
  • Apache (APA -1.5%)
  • Anadarko Petro (APC -1.4%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Exxon MobilXOM80.87▼-0.364.65
     
    87.36D   W
    ChevronCVX125.28▼-0.5100.22
     
    131.08D   W
    MIDSTREAM
    Kinder MorganKMI20.05▲0.314.62
     
    20.18D   W
    Williams CoWMB28.13▲1.220.36
     
    32.22D   W
    ONEOKOKE68.31▼-0.150.26
     
    71.99D   W
    LARGE CAP E&P
    ConocoPhillipsCOP67.35▼-0.453.38
     
    80.24D   W
    EOG ResourcesEOG92.88▲1.082.04
     
    133.53D   W
    Occidental PetroOXY66.17▼-1.356.83
     
    87.67D   W
    Anadarko PetroAPC44.46▼-1.440.40
     
    76.70D   W
    Pioneer Natural ResPXD138.21▼-0.3119.08
     
    213.40D   W
    SERVICES
    SchlumbergerSLB43.25▼-0.334.99
     
    75.43D   W
    HalliburtonHAL29.26▲1.424.70
     
    54.91D   W
    Baker HughesBHGE27.82▼-1.320.09
     
    37.76D   W
    Ntl-Oilwell VarcoNOV28.16▲0.124.27
     
    49.08D   W
    TechnipFMCFTI23.30▲0.118.20
     
    34.39D   W
    REFINERS
    Marathon PetroMPC62.03▼-0.154.29
     
    88.45D   W
    Phillips 66PSX98.89▲0.278.44
     
    123.97D   W
    Valero EnergyVLO86.43▼-0.468.81
     
    126.98D   W
    HollyFrontierHFC52.11▼-1.345.80
     
    83.28D   W
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H CHART
    Royal Dutch ShellRDS.A63.95▼-0.255.04
     
    73.86D   W
    TotalTOT57.69▼-1.649.70
     
    65.69D   W
    BPBP44.47▲0.536.28
     
    47.83D   W
    EniE35.94▲0.429.75
     
    40.15D   W
    EquinorEQNR22.74▼-0.619.95
     
    28.93D   W
    ANALYST RATINGS

    UPGRADES

    • Crestwood Equity Partners (CEQP): Upgraded from Market Perform to Outperform at Wells Fargo.

    • Noble Energy (NBL): Upgraded from Neutral to Buy at Mizuho.

    • TC Pipelines (TRP.TO): Upgraded from Market Perform to Outperform at Wells Fargo.

    DOWNGRADES

    • Anadarko Petroleum (APC): Downgraded from Buy to Neutral at Mizuho.

    • Antero Resources (AR): Downgraded from Buy to Hold at Tudor Pickering.

    • Approach Resources (AREX): Downgraded from Neutral to Sell at EuroPacific Canada.

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

    • Enphase Energy (ENPH): Downgraded from Market Perform to Underperform at Raymond James.

    • Pioneer Natural Resources (PXD): Downgraded from Buy to Neutral at Mizuho.

    • Mammoth Energy Services (TUSK): Downgraded from Outperform to Neutral at Credit Suisse.

    LATEST ENERGY NEWS

    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
    Falling US stockpiles and weaker USD sends oil prices higher

    Falling US stockpiles and weaker USD sends oil prices higher

    WTI returns to November highs and closes in on US$60 a barrel

    WTI returns to November highs and closes in on US$60 a barrel