Oil prices continue to consolidate, as Brent struggles to top US$70

Oil prices continue to consolidate, as Brent struggles to top US$70

Today's energy and equity market action:

  • Another quiet day in energy and equity markets on Thursday.
  • Brent briefly touched US$70, but gave back most of the gains by the end of the day. WTI slipped 0.6%.
  • Canadian Light and Western Canadian Select (WCS) also declined 0.4% and 0.7%, respectively. Differentials were little changed for the day.
  • In US equity markets, the NYSE gained 0.3% while the S&P 500 rose 0.2%.
  • The SPX energy sector gained 0.9%, reversing most of yesterday's losses.
  • In Toronto, the TSX also rose 0.3%, helped by a 0.5% increase in Canadian energy stocks.

Today's notable energy news:

  • Credit rating agency Moody’s Investors Service downgraded TransCanada's debt rating from A3 to Baa1. The ratings agency says the pipeline operator's financial profile "has been weak for several years," due in part to challenges in execution, delays in earnings growth and cost-overruns. Moody's also warns that Keystone XL, if executed, could put additional pressure on the company's financial metrics. TransCanada's debt load currently sits at about $36 billion.
  • Chevron won another round against its US$9.5 billion Ecuadorian judgement, after the Supreme Court of Canada rejected a request to review a lower court decision, dismissing all claims against Chevron Canada.
  • Midstream player Targa Resources closed on the sale of a 45% stake in Targa Badlands to a private equity firm for US$1.6 billion in cash.
  • Enlink Midstream announced plans to issue US$500 million in Senior Notes, net proceeds of which will mostly be used to repay funds borrowed under its revolving credit facility,
  • Total announced plans to issue 14.8 million new shares, after shareholders voted to receive their 2018 interim dividend in stock rather than cash.
OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$69.40▲0.150.47
 
86.29
WTI$62.10▼0.642.53
 
76.41
CDN LT$58.54▼0.420.83
 
69.32
C5+$57.97▼0.637.04
 
71.40
WCS$53.90▼0.712.59
 
56.21

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ APR 4   █ MAR 28   █ MAR 21   █ MAR 14   (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
  • Whitecap Res (WCP +3.5%)
  • ARC Resources (ARX +2.4%)
  • Crescent Point (CPG +2.2%)
  • Enerplus (ERF +2.1%)
  • TORC O&G (TOG +2%)
  • 12-MO HIGHS
  • None
  • TSX BEARISH INDICATORS
    BOTTOM
    5
  • Gibson Energy (GEI -1.9%)
  • Altagas (ALA -1.7%)
  • Precision Drilling (PD -1.5%)
  • Parkland Fuel (PKI -0.8%)
  • MEG Energy (MEG -0.8%)
  • 12-MO LOWS
  • Husky Energy (HSE -0.4%)
  • Peyto Exploration (PEY -0.6%)
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Suncor EnergySU43.72▲0.535.53
     
    55.47D   W
    Imperial OilIMO36.15▼-0.133.52
     
    44.91D   W
    Husky EnergyHSE13.36▼-0.413.21
     
    22.99D   W
    MIDSTREAM
    EnbridgeENB49.23▲0.137.36
     
    49.70D   W
    TransCanadaTRP61.02▼-0.347.90
     
    61.47D   W
    Pembina PipelinePPL49.70▼-0.137.60
     
    50.45D   W
    Inter PipelineIPL21.98▼-0.318.60
     
    25.66D   W
    Keyera KEY31.04▼-0.724.05
     
    38.91D   W
    Gibson EnergyGEI23.26▼-1.915.90
     
    23.75D   W
    LARGE CAP E&P
    Cdn Natural ResCNQ37.00▼0.030.11
     
    49.08D   W
    Cenovus EnergyCVE12.02▲0.68.74
     
    14.84D   W
    EncanaECA9.29▲1.56.90
     
    18.54D   W
    TourmalineTOU20.56▼-0.215.84
     
    26.19D   W
    Vermilion EnergyVET32.78▼-0.526.67
     
    49.67D   W
    SERVICES
    Pason SystemsPSI20.07▲0.516.79
     
    24.57D   W
    EnerflexEFX19.49▲0.113.55
     
    20.38D   W
    Mullen Group MTL12.09▲0.111.26
     
    16.93D   W
    ShawcorSCL20.64▼-0.515.11
     
    28.89D   W
    Secure EnergySES8.41▲0.76.25
     
    9.44D   W
    REFINING & MARKETING
    Parkland FuelPKI40.47▼-0.827.96
     
    47.45D   W
    S&P 500 ENERGY STOCKS
    SPX BULLISH INDICATORS
    TOP 5
  • Hess Corp (HES +2%)
  • Phillips 66 (PSX +1.9%)
  • Helmerich & Payne (HP +1.7%)
  • Halliburton (HAL +1.6%)
  • Marathon Petro (MPC +1.6%)
  • 12-MO HIGHS
  • None
  • SPX BEARISH INDICATORS
    BOTTOM
    5
  • ConocoPhillips (COP -0.5%)
  • Noble Energy (NBL -0.5%)
  • Williams Co (WMB -0.3%)
  • EOG Resources (EOG -0.3%)
  • Diamondback (FANG -0.1%)
  • 12-MO LOWS
  • None
  • COMPANY TICKER CLOSE %CHG L 52WK H CHART
    INTEGRATED
    Exxon MobilXOM82.05▲1.464.65
     
    87.36D   W
    ChevronCVX124.80▲0.7100.22
     
    131.08D   W
    MIDSTREAM
    Kinder MorganKMI19.92▲0.214.62
     
    20.44D   W
    Williams CoWMB28.82▼-0.320.36
     
    32.22D   W
    ONEOKOKE69.48▲0.250.26
     
    71.99D   W
    LARGE CAP E&P
    ConocoPhillipsCOP65.16▼-0.556.75
     
    80.24D   W
    EOG ResourcesEOG93.67▼-0.382.04
     
    133.53D   W
    Occidental PetroOXY66.44▲0.656.83
     
    87.67D   W
    Anadarko PetroAPC45.06▲1.340.40
     
    76.70D   W
    Pioneer Natural ResPXD147.52▲1.0119.08
     
    213.40D   W
    SERVICES
    SchlumbergerSLB44.10▲1.234.99
     
    75.43D   W
    HalliburtonHAL30.42▲1.624.70
     
    54.91D   W
    Baker HughesBHGE26.77▲1.120.09
     
    37.76D   W
    Ntl-Oilwell VarcoNOV27.38▲0.424.27
     
    49.08D   W
    TechnipFMCFTI24.17▲1.318.20
     
    34.39D   W
    REFINERS
    Marathon PetroMPC61.35▲1.654.29
     
    88.45D   W
    Phillips 66PSX96.86▲1.978.44
     
    123.97D   W
    Valero EnergyVLO84.35▲0.168.81
     
    126.98D   W
    HollyFrontierHFC49.73▲1.246.75
     
    83.28D   W
    NYSE ADRs
    COMPANY TICKER CLOSE %CHG L 52WK H CHART
    Royal Dutch ShellRDS.A63.97▲0.255.04
     
    73.86D   W
    TotalTOT56.03▲0.349.70
     
    65.69D   W
    BPBP44.15▼-0.236.28
     
    47.83D   W
    EniE35.37▼-0.729.75
     
    40.15D   W
    EquinorEQNR22.27▼-0.719.95
     
    28.93D   W
    ANALYST RATINGS

    UPGRADES

    • EOG Resources (EOG): Upgraded from Hold to Buy at Tudor Pickering.

    • RPC (RES): Upgraded from Underweight to Overweight at Morgan Stanley.

    • Whitecap Resources (WCP.TO): Upgraded from Hold to Buy at Tudor Pickering.

    DOWNGRADES

    • Advantage Oil & Gas (AAV.TO): Downgraded from Buy to Hold at Tudor Pickering.

    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 end Friday on a high note, as Brent finally tops US$70

    Oil prices end Friday on a high note, as Brent finally tops US$70

    Energy stocks drag to the downside on Wednesday

    Energy stocks drag to the downside on Wednesday

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