Oil prices move up as recession fears dissipate

Oil prices move up as recession fears dissipate

Today's energy market action:

  • Traders returned to stocks and commodities on Tuesday, sending oil prices and most global indices higher.
  • Brent rose 1%, while WTI gained almost 2%, ending the day just a hair below US$60 a barrel.
  • Canada's light and heavy oil benchmarks also rose 2%. Discounts to WTI were roughly unchanged for the day.
  • Gasoline prices gained about 1%, while heating oil rose 0.5%.

Today's equity market action:

  • Equity markets came back to life on Tuesday, with most global markets posting gains for the day.
  • In New York, the NYSE rose 0.8%, while the NASDAQ and S&P 500 both gained 0.7%. All SPX sectors ended Tuesday in the green. Energy stocks led to the upside, with a 1.5% gain.
  • In Toronto, the TSX rose 0.6%. Energy was also the best performer, rising 1.7%.
  • As expected, producers were the best performing subsector on both sides of the border.

Today's notable energy news:

  • According to the American Petroleum Institute, crude oil stockpiles are estimated to have increased by 2 million barrels last week, while product stockpiles are expected to have declined by 8 million barrels. Official numbers from the Energy Information Administration are due to be released Wednesday morning.
  • Energy Transfer and Phillips 66 Partners announced the completion of the second phase of their Bayou Bridge Pipeline. The line is designed to transport 480,000 bbl/day of crude from Lake Charles, Louisiana, to terminalling facilities just west of New Orleans. The line is expected to begin service on April 1st, and will be operated by Energy Transfer.
  • According to Columbia's energy ministry, Noble Energy has taken over 40% of Royal Dutch Shell's contracts to potentially develop the country's offshore oil fields. Shell maintains a majority stake in the properties, and says they welcome Noble as a partner. Noble's core holdings are in US shale and emerging regions, such as the Eastern Mediterranean and West Africa.
  • Another widespread power outage in Venezuela has halted oil exports out of PDVSA's marine terminal in Jose. The country's four upgraders, which have a combine capacity of 700,000 bbl/day, were also reported to have been disrupted. This is the second massive power blackout to hit the country this month, said to be caused by "years of underinvestment and lack of maintenance."
  • BP announced plans to invest US$100 million in new emissions reductions projects over the next three years. The company says the new Upstream Carbon Fund will help it meet its goal of reducing upstream GHG emissions by 3.5 million tonnes by 2025, as measured from 2016 levels.
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$67.97▲1.150.47
 
86.29
WTI$59.94▲1.942.53
 
76.41
CDN LT$54.94▲2.120.83
 
69.32
C5+$54.94▲2.137.04
 
71.40
WCS$50.79▲2.012.59
 
56.21

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ MAR 26   █ MAR 19   █ MAR 12   █ MAR 5   (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
  • Crescent Point (CPG +5.2%)
  • Nuvista Energy (NVA +4.3%)
  • Baytex Energy (BTE +4.3%)
  • TORC O&G (TOG +4.2%)
  • Encana (ECA +4.2%)
  • 12-MO HIGHS
  • TransCanada (TRP 0%)
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Ensign Energy Svcs (ESI -3%)
  • Shawcor (SCL -1.6%)
  • CES Energy (CEU -1.1%)
  • Pason Systems (PSI -0.7%)
  • ARC Resources (ARX -0.6%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Suncor EnergySU44.56▲0.935.53
     
    55.47D   W
    Imperial OilIMO36.49▲1.833.43
     
    44.91D   W
    Husky EnergyHSE13.53▲0.313.33
     
    22.99D   W
    MIDSTREAM
    EnbridgeENB48.99▲0.137.36
     
    49.70D   W
    TransCanadaTRP60.870.047.90
     
    61.47D   W
    Pembina PipelinePPL48.97▲0.237.60
     
    50.45D   W
    Inter PipelineIPL21.99▲1.618.60
     
    25.66D   W
    Keyera KEY31.54▲0.824.05
     
    38.91D   W
    Gibson EnergyGEI23.31▲1.915.90
     
    23.63D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ37.14▲2.530.11
     
    49.08D   W
    Cenovus EnergyCVE11.67▲2.28.74
     
    14.84D   W
    EncanaECA9.66▲4.26.90
     
    18.54D   W
    TourmalineTOU21.72▲0.715.84
     
    26.19D   W
    Vermilion EnergyVET33.61▲0.926.67
     
    49.67D   W
    SERVICES
    Pason SystemsPSI19.80▼-0.716.61
     
    24.57D   W
    EnerflexEFX19.39▲1.313.55
     
    20.38D   W
    Mullen Group MTL12.12▲0.411.26
     
    16.93D   W
    ShawcorSCL20.52▼-1.615.11
     
    28.89D   W
    Secure EnergySES8.34▲1.06.25
     
    9.44D   W
    REFINING & MARKETING
    Parkland FuelPKI39.72▲1.027.96
     
    47.45D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Cimarex Energy (XEC +3.3%)
  • Concho Res (CXO +3.1%)
  • Anadarko Petro (APC +3.1%)
  • Occidental Petro (OXY +3%)
  • Noble Energy (NBL +2.6%)
  • 12-MO HIGHS
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Williams Co (WMB -0.3%)
  • Kinder Morgan (KMI -0.2%)
  • Cabot O&G (COG 0%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Exxon MobilXOM80.96▲1.364.65
     
    87.36D   W
    ChevronCVX124.13▲1.0100.22
     
    131.08D   W
    MIDSTREAM
    Kinder MorganKMI20.09▼-0.214.62
     
    20.44D   W
    Williams CoWMB28.61▼-0.320.36
     
    32.22D   W
    ONEOKOKE69.29▲0.050.26
     
    71.99D   W
    LARGE CAP E&P
    ConocoPhillipsCOP68.56▲2.256.57
     
    80.24D   W
    EOG ResourcesEOG94.77▲2.182.04
     
    133.53D   W
    Occidental PetroOXY67.08▲3.056.83
     
    87.67D   W
    Anadarko PetroAPC44.94▲3.140.40
     
    76.70D   W
    Pioneer Natural ResPXD143.07▲2.2119.08
     
    213.40D   W
    SERVICES
    SchlumbergerSLB43.05▲1.434.99
     
    75.43D   W
    HalliburtonHAL28.47▲0.824.70
     
    54.91D   W
    Baker HughesBHGE27.68▲0.920.09
     
    37.76D   W
    Ntl-Oilwell VarcoNOV26.78▲0.624.27
     
    49.08D   W
    TechnipFMCFTI23.43▲0.618.20
     
    34.39D   W
    REFINERS
    Marathon PetroMPC61.96▲1.354.29
     
    88.45D   W
    Phillips 66PSX98.02▲2.378.44
     
    123.97D   W
    Valero EnergyVLO87.00▲1.868.81
     
    126.98D   W
    HollyFrontierHFC51.26▲1.246.75
     
    83.28D   W
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H CHART
    Royal Dutch ShellRDS.A63.20▲0.755.04
     
    73.86D   W
    TotalTOT56.19▲0.949.70
     
    65.69D   W
    BPBP43.82▲0.736.28
     
    47.83D   W
    EniE35.26▲0.029.75
     
    40.15D   W
    EquinorEQNR22.48▼-0.319.95
     
    28.93D   W
    ANALYST RATINGS

    UPGRADES

    • None

    DOWNGRADES

    • Jadestone energy (JSE.V): Downgraded from Buy to Hold at GMP Securities.

    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
    WTI takes a haircut as crude inventories unexpectedly rise

    WTI takes a haircut as crude inventories unexpectedly rise

    WCS discount narrows to almost US$9 a barrel

    WCS discount narrows to almost US$9 a barrel

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