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.
|Suncor Energy||SU||43.61||▲0.3||35.53||55.47||D W|
|Imperial Oil||IMO||36.70||▲1.9||33.43||44.91||D W|
|Husky Energy||HSE||13.31||▲0.3||13.24||22.99||D W|
|Pembina Pipeline||PPL||49.29||▲0.4||37.60||50.45||D W|
|Inter Pipeline||IPL||22.00||▲0.5||18.60||25.66||D W|
|Gibson Energy||GEI||22.86||▼-0.4||15.90||23.63||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||36.91||▲1.4||30.11||49.08||D W|
|Cenovus Energy||CVE||11.56||▲0.3||8.74||14.84||D W|
|Vermilion Energy||VET||33.08||▼-0.1||26.67||49.67||D W|
|Pason Systems||PSI||19.61||▼-1.0||16.61||24.57||D W|
|Mullen Group||MTL||12.03||▲0.3||11.26||16.93||D W|
|Secure Energy||SES||8.29||▼-0.2||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||40.67||▲1.8||27.96||47.45||D W|
|Exxon Mobil||XOM||80.74||▲0.5||64.65||87.36||D W|
|Kinder Morgan||KMI||19.95||▼-0.2||14.62||20.44||D W|
|Williams Co||WMB||28.66||▲0.6||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||95.24||▲0.7||82.04||133.53||D W|
|Occidental Petro||OXY||66.57||▲0.3||56.83||87.67||D W|
|Anadarko Petro||APC||45.07||▲1.4||40.40||76.70||D W|
|Pioneer Natural Res||PXD||152.91||▲3.8||119.08||213.40||D W|
|Baker Hughes||BHGE||27.16||▼-0.4||20.09||37.76||D W|
|Ntl-Oilwell Varco||NOV||26.50||▲0.7||24.27||49.08||D W|
|Marathon Petro||MPC||60.95||▼-2.0||54.29||88.45||D W|
|Phillips 66||PSX||95.67||▼-1.6||78.44||123.97||D W|
|Valero Energy||VLO||84.83||▼-1.4||68.81||126.98||D W|
UPDATED: DAILY (END-OF-DAY)
• OIL PRICES REFLECT NEAR MONTH CONTRACT FROM THE NYMEX/CME GROUP
• EQUITY PRICES PROVIDED BY NYSE & TMX GROUP
• CHARTPACKS COURTESY STOCKCHARTS.COM (DIVIDEND ADJUSTED)
• 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