Oil prices little changed on Tuesday, despite decent rally in equity markets

Oil prices little changed on Tuesday, despite decent rally in equity markets

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Today's energy market action:

  • A relatively quiet Tuesday in oil markets, with most crude benchmarks ending the day little changed. Brent rose 0.3%, reversing Monday's losses. WTI lost 0.2%, giving back half of Monday's gains. 

  • Canadian benchmarks also dipped about 0.2%. The Canadian light and heavy discounts to WTI held steady at US$7.25 and US$15.75, respectively. Tuesday marked contract expiry for the WTI June contract. All benchmarks, including Canadian oil, trade on the July contract beginning Wednesday.

  • Gasoline prices gained another 0.6% for the day, ending Tuesday at US$2 a gallon. Henry Hub fell over 2%, wiping out all of yesterday's gains.

  • Today's currency and equity market action:

  • The yen, Euro and pound all dipped slightly on Tuesday, helping the US dollar gain 0.1%, ending Tuesday just under 98. The loonie rose 0.2%.

  • US markets all moved higher on Tuesday, recouping losses from the previous two trading days. The NYSE and S&P 500 both rose about 0.8%. Except for staples, all US sectors moved higher on Tuesday, including a 1.1% increase in energy stocks.

  • In Toronto, the TSX gained 0.2%. Energy was the best performing sector, rising 0.7%.

Today's notable energy news:

  • The American Petroleum Institute is forecasting a 2.4 million barrel increase in crude stockpiles for last week. Official numbers from the Energy Information Administration (EIA) are due to be released Wednesday morning.

  • According to the EIA, Venezuela's production averaged 830,000 bbl/day in April, down from 1.2 million bbl/day at the beginning of the year, and the lowest since January 2003. Active oil rig counts have been reduced to just 20, also a level not seen since 2003. The EIA says it expects the country's output to decline further next year.

  • Canadian Natural Resources announced plans to buyback up to 59.7 million shares over the next 12 months, representing 5% of the company's total float. This is in addition to the current Normal Course Issuer Bid, which allows for the buyback of 61.4 million shares. The company says purchasing its stock is "an effective use of capital and an efficient means to return value to its shareholders."

  • Permian producer Pioneer Natural Resources announced plans to cut 25% of its workforce, in a bid to save US$100 million in overhead costs. The cuts amount to about 530 employees.

  • Nigeria's 240,000 bbl/day Trans Forcados pipeline was shutdown earlier this week, after a fire broke out near a leaky section of the line. The line is operated by Heritage Energy, while Royal Dutch Shell manages the crude terminal. Force majeure was not declared, and extent of the damage is still unknown.

  • Russia's NOVATEK announced an EPC contract with TechnipFMC for its Arctic LNG 2 joint-venture. The export facility has a liquefaction capacity of 19.8 million t/y, with start-up expected in 2023. The LNG project is owned jointly with France's Total. NOVATEK is one of Russia's largest natural gas producers in Russia.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$72.18▲0.350.47
 
86.29
WTI$62.99▼0.242.53
 
76.41
CDN LT$55.74▼0.220.83
 
69.32
C5+$57.34▼0.237.04
 
71.40
WCS$47.24▼0.212.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ MAY 21   █ MAY 14   █ MAY 7   █ APR 30   (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
Enerflex (EFX +3.7%)
Ensign Energy Svcs (ESI +2.6%)
Encana (ECA +2.1%)
ARC Resources (ARX +1.8%)
Suncor Energy (SU +1.6%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Seven Generations (VII -2.3%)
Birchcliff Energy (BIR -2.1%)
Gran Tierra (GTE -1.7%)
Keyera (KEY -1%)
Husky Energy (HSE -0.7%)
12-MO
LOWS
Gran Tierra (GTE -1.7%)
Seven Generations (VII -2.3%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU44.00▲1.635.53
 
55.47D   W
Imperial OilIMO37.86▲0.733.52
 
44.91D   W
Husky EnergyHSE13.39▼-0.713.10
 
22.99D   W
MIDSTREAM
EnbridgeENB50.38▼-0.239.40
 
51.20D   W
TransCanadaTRP65.98▲0.747.90
 
66.00D   W
Pembina PipelinePPL48.910.039.15
 
50.65D   W
Inter PipelineIPL20.96▼-0.318.60
 
25.66D   W
Keyera KEY33.66▼-1.024.05
 
38.91D   W
Gibson EnergyGEI23.18▲0.016.76
 
23.75D   W
LARGE CAP E&P
Cdn Natural ResCNQ36.66▼0.030.11
 
49.08D   W
Cenovus EnergyCVE11.74▲1.08.74
 
14.84D   W
EncanaECA9.15▲2.16.90
 
18.54D   W
TourmalineTOU19.32▼-0.115.84
 
26.19D   W
Vermilion EnergyVET30.80▼-0.726.67
 
49.67D   W
SERVICES
Pason SystemsPSI19.93▲0.317.18
 
24.57D   W
EnerflexEFX18.06▲3.713.55
 
20.38D   W
Mullen Group MTL10.18▲0.49.39
 
16.93D   W
ShawcorSCL18.54▼-0.515.11
 
28.89D   W
Secure EnergySES7.59▲0.36.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI40.98▲0.630.01
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Cimarex Energy (XEC +4%)
Diamondback (FANG +3.8%)
Devon Energy (DVN +3.6%)
Cabot O&G (COG +3.4%)
Concho Res (CXO +3.1%)
12-MO
HIGHS
Kinder Morgan (KMI +0.3%)
SPX BEARISH INDICATORS
BOTTOM
5
Ntl-Oilwell Varco (NOV -0.1%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM76.25▲0.564.65
 
87.36D   W
ChevronCVX121.34▲0.4100.22
 
130.39D   W
MIDSTREAM
Kinder MorganKMI20.34▲0.314.62
 
20.57D   W
Williams CoWMB27.89▲1.620.36
 
32.22D   W
ONEOKOKE67.97▲1.450.26
 
71.99D   W
LARGE CAP E&P
ConocoPhillipsCOP63.62▲1.856.75
 
80.24D   W
EOG ResourcesEOG95.63▲2.182.04
 
133.53D   W
Occidental PetroOXY53.51▲0.152.62
 
87.67D   W
Anadarko PetroAPC72.77▲0.040.40
 
76.70D   W
Pioneer Natural ResPXD157.91▲2.4119.08
 
212.91D   W
SERVICES
SchlumbergerSLB39.50▲1.034.99
 
75.25D   W
HalliburtonHAL25.59▲2.024.33
 
54.80D   W
Baker HughesBHGE23.61▲1.420.09
 
37.07D   W
Ntl-Oilwell VarcoNOV24.10▼-0.123.42
 
49.08D   W
TechnipFMCFTI23.52▲2.418.20
 
34.17D   W
REFINERS
Marathon PetroMPC53.28▲2.250.19
 
88.45D   W
Phillips 66PSX86.16▲1.978.44
 
123.97D   W
Valero EnergyVLO82.47▲0.568.81
 
126.98D   W
HollyFrontierHFC44.13▲1.842.19
 
83.28D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A64.47▲0.155.04
 
73.86D   W
TotalTOT55.06▲0.349.70
 
65.69D   W
BPBP42.75▲0.436.28
 
47.83D   W
EniE32.33▲0.629.75
 
39.16D   W
EquinorEQNR21.01▲0.419.95
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • None

DOWNGRADES

  • Gran Tierra Energy (GTE.TO): Downgraded from Top Pick to Outperform at RBC.

  • Occidental Petroleum (OXY): Downgraded from Outperform to Market Perform at Wells Fargo.

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
Slowing global growth and rising US crude inventories send energy markets lower

Slowing global growth and rising US crude inventories send energy markets lower

Oil markets remain quiet despite rumblings of higher output from OPEC+

Oil markets remain quiet despite rumblings of higher output from OPEC+