Oil prices end Thursday unscathed despite another Trump tweet and higher US dollar

Oil prices end Thursday unscathed despite another Trump tweet and higher US dollar

Today's energy market action:

  • Despite another tweet by President Trump and higher US dollar, crude oil prices were little moved on Thursday, in both Canada and the US.
  • The Edmonton Condensate (C5+) discount to WTI narrowed by US$0.55 ending the day at US$4.45 a barrel. Canadian light and heavy oil discounts were roughly unchanged.
  • Gasoline and heating oil both dipped about 0.5%.

Today's currency and equity market action:

  • The British pound slid 1.2%, as EU lawmakers prepare for the possibility of a no-deal Brexit. The decline sent the US dollar up 0.5%. The loonie dipped slightly on Thursday, ending the day back below 74.50 cents.
  • North American markets mostly posted gains for the day. The NYSE and NASDAQ rose 0.3%, while the S&P 500 and Dow Jones Industrial both gained 0.4%. Except for utilities stocks, most other sectors ended the day in the positive. Energy stocks rose 0.4%.
  • In Toronto, the TSX ticked up 0.1%, with precious metals stocks dragging to the downside. The energy sector rose 0.2% for the day.
  • Canadian energy services and US refiners were the worst performing subsectors for the day.

Today's notable energy news:

  • Suncor Energy suffered a fire at its U2 upgrader early Thursday morning, located within its Base Plant operations just north of Fort McMurray. No injuries were reported. The fire was extinguished within two hours. Suncor did not disclose any impacts to production.
  • Michigan Governor Gretchen Whitmer signed an executive directive to stop all work on Enbridge's Line 5 tunnel, which would have run under the Straits of Mackinac. Line 5 has been in operation for over 60 years, but has suffered numerous dings in recent years due to boats illegally dropping anchors over the pipeline. Enbridge says they are "surprised and disappointed" by the decision, which was negotiated in good faith with the previous Michigan government.
  • Ensign Energy Services announced "significant new" drilling contracts in the US, Canada and the Middle East, which will be fulfilled without increasing its 2019 capital budget. The company says integration of Trinidad is continuing as planned, with over $40 million of annual cost savings already identified. Ensign also plans to monetize about $50 million in "duplicative or redundant" real estate.
  • California-based Sempra Energy says it wants to become one of the largest LNG exporters in North America. The company already has five facilities under development, with a combined export capacity of 45 million t/y. If all facilities are competed, the company would move into the #2 spot, after Cheniere Energy.
  • BP has postponed the sale of over 200,000 hectares of land in Wyoming due to excessive snow, which is preventing prospective buyers from inspecting the fields. The company says it hopes to make a deal later this year.
  • Goldman Sachs dropped Kinder Morgan from its Conviction Buy List, and replaced it with Cheniere Energy. The investment firm says Kinder Morgan stock has risen much more than its peers this year, while Cheniere has much more upside.
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$67.82▼0.050.47
 
86.29
WTI$59.30▼0.242.53
 
76.41
CDN LT$54.60▼0.220.83
 
69.32
C5+$54.85▲0.837.04
 
71.40
WCS$50.00▼0.212.59
 
56.21

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ MAR 28   █ MAR 21   █ MAR 14   █ MAR 7   (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
  • Imperial Oil (IMO +1.9%)
  • Parkland Fuel (PKI +1.8%)
  • Cdn Natural Res (CNQ +1.4%)
  • TORC O&G (TOG +0.7%)
  • Inter Pipeline (IPL +0.5%)
  • 12-MO HIGHS
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Nuvista Energy (NVA -4%)
  • Gran Tierra (GTE -3.5%)
  • Seven Generations (VII -3.1%)
  • Kelt Exploration (KEL -2.9%)
  • Crescent Point (CPG -2.1%)
  • 12-MO LOWS
  • Husky Energy (HSE +0.3%)
  • CES Energy (CEU -0.5%)
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Suncor EnergySU43.61▲0.335.53
     
    55.47D   W
    Imperial OilIMO36.70▲1.933.43
     
    44.91D   W
    Husky EnergyHSE13.31▲0.313.24
     
    22.99D   W
    MIDSTREAM
    EnbridgeENB49.25▲0.237.36
     
    49.70D   W
    TransCanadaTRP60.20▲0.447.90
     
    61.47D   W
    Pembina PipelinePPL49.29▲0.437.60
     
    50.45D   W
    Inter PipelineIPL22.00▲0.518.60
     
    25.66D   W
    Keyera KEY31.48▲0.224.05
     
    38.91D   W
    Gibson EnergyGEI22.86▼-0.415.90
     
    23.63D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ36.91▲1.430.11
     
    49.08D   W
    Cenovus EnergyCVE11.56▲0.38.74
     
    14.84D   W
    EncanaECA9.59▼-0.16.90
     
    18.54D   W
    TourmalineTOU20.81▼-0.915.84
     
    26.19D   W
    Vermilion EnergyVET33.08▼-0.126.67
     
    49.67D   W
    SERVICES
    Pason SystemsPSI19.61▼-1.016.61
     
    24.57D   W
    EnerflexEFX19.43▼-0.413.55
     
    20.38D   W
    Mullen Group MTL12.03▲0.311.26
     
    16.93D   W
    ShawcorSCL19.98▼-1.015.11
     
    28.89D   W
    Secure EnergySES8.29▼-0.26.25
     
    9.44D   W
    REFINING & MARKETING
    Parkland FuelPKI40.67▲1.827.96
     
    47.45D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Pioneer Natural Res (PXD +3.8%)
  • Helmerich & Payne (HP +3.3%)
  • Halliburton (HAL +2.2%)
  • Schlumberger (SLB +2.2%)
  • Concho Res (CXO +2.2%)
  • 12-MO HIGHS
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • Marathon Petro (MPC -2%)
  • Phillips 66 (PSX -1.6%)
  • Marathon Oil (MRO -1.4%)
  • Valero Energy (VLO -1.4%)
  • HollyFrontier (HFC -1.1%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Exxon MobilXOM80.74▲0.564.65
     
    87.36D   W
    ChevronCVX123.02▲0.2100.22
     
    131.08D   W
    MIDSTREAM
    Kinder MorganKMI19.95▼-0.214.62
     
    20.44D   W
    Williams CoWMB28.66▲0.620.36
     
    32.22D   W
    ONEOKOKE69.38▲0.950.26
     
    71.99D   W
    LARGE CAP E&P
    ConocoPhillipsCOP67.38▼-0.856.57
     
    80.24D   W
    EOG ResourcesEOG95.24▲0.782.04
     
    133.53D   W
    Occidental PetroOXY66.57▲0.356.83
     
    87.67D   W
    Anadarko PetroAPC45.07▲1.440.40
     
    76.70D   W
    Pioneer Natural ResPXD152.91▲3.8119.08
     
    213.40D   W
    SERVICES
    SchlumbergerSLB43.62▲2.234.99
     
    75.43D   W
    HalliburtonHAL29.19▲2.224.70
     
    54.91D   W
    Baker HughesBHGE27.16▼-0.420.09
     
    37.76D   W
    Ntl-Oilwell VarcoNOV26.50▲0.724.27
     
    49.08D   W
    TechnipFMCFTI23.63▲1.818.20
     
    34.39D   W
    REFINERS
    Marathon PetroMPC60.95▼-2.054.29
     
    88.45D   W
    Phillips 66PSX95.67▼-1.678.44
     
    123.97D   W
    Valero EnergyVLO84.83▼-1.468.81
     
    126.98D   W
    HollyFrontierHFC50.25▼-1.146.75
     
    83.28D   W
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H CHART
    Royal Dutch ShellRDS.A62.64▲0.155.04
     
    73.86D   W
    TotalTOT55.57▼-0.349.70
     
    65.69D   W
    BPBP43.63▲0.136.28
     
    47.83D   W
    EniE34.97▼-0.429.75
     
    40.15D   W
    EquinorEQNR22.04▼-0.119.95
     
    28.93D   W
    ANALYST RATINGS

    UPGRADES

    • None

    DOWNGRADES

    • Kinder Morgan (KMI): Downgraded from Conviction Buy to Buy at Goldman Sachs.

    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
    Oil prices move higher on Friday, helping WTI finally crack US$60

    Oil prices move higher on Friday, helping WTI finally crack US$60

    WTI takes a haircut as crude inventories unexpectedly rise

    WTI takes a haircut as crude inventories unexpectedly rise

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