Mideast drone strike boosts oil prices, sending U.S. markets to record highs

Mideast drone strike boosts oil prices, sending U.S. markets to record highs

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Today's energy market update:

  • Geopolitical tensions sent oil prices higher on Thursday, posting one of the largest single-day gains so far this year. 

  • WTI rose 5.4%, while Brent gained 4.3%. Heating oil and gasoline prices also moved up 3% for the day.

  • In Canadian oil markets, WCS gained 7.5%, ending the day at US$43 a barrel. Canadian Light rose 6%. Discounts to WTI were little changed for the day.

  • Natural gas prices continue to sink lower, with Henry Hub falling another 5% for the day, touching a new 3-year low. AECO gas prices breached US$0.50/MMBtu earlier in the week (or $0.60/GJ), while spot prices are tracking close to zero.

Today's treasury, currency and equity market update:

  • The US dollar declined another 0.5%, sending most other global currencies higher for the day. The Canadian dollar gained 0.5%, hitting a 3-month high of 75.80 cents.

  • The prospects of lower bond yields and more global monetary stimulus sent stock markets higher again on Thursday. The NYSE gained 1%, while the NASDAQ rose 0.8%. The DJIA added another 250 points (+0.9%), while the S&P 500 rose almost 1%, ending the day at a record high. Energy was the best performing sector south of the border, rising 2.2%.

  • In Toronto, the TSX gained 0.4%, led higher by precious metals stocks. Energy stocks also had a good day, rising 1.9%.

Today's notable energy news:

  • Tensions between Tehran and Washington touched a new high after the Iranians shot down a US military drone, after it allegedly entered Iranian airspace. The Americans claim the unmanned aircraft was flying in international airspace over the Strait of Hormuz. President Trump condemned the attack on Twitter.

  • According to Reuters, Chevron Phillips Chemical Company has made a US$15 billion offer for Calgary-based Nova Chemicals. The Canadian plastics firm was purchased by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co in 2009 for US$500 million. Chevron Phillips Chemical Company is a joint-venture between Chevron Corp and Phillips 66.

  • Phillips 66 has filed applications to build a deepwater crude export terminal in the US Gulf Coast (USGC). The Bluewater Texas Terminal would be located 30 kms offshore Corpus Christi and would be developed jointly with the Port of Corpus Christi. There are about eight other deepwater terminals currently in the works in the USGC.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$64.45▲4.350.47
 
86.29
WTI$56.65▲5.442.53
 
76.41
CDN LT$50.15▲6.120.83
 
69.32
C5+$51.65▲5.937.04
 
71.40
WCS$43.00▲7.512.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUN 20   █ JUN 13   █ JUN 6   █ MAY 30   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES & YIELDS
TSX SECTORS
TSX SECTORS - 52WK
SPX SECTORS
SPX SECTORS - 52WK
ENERGY SECTORS

TSX ENERGY SUB-SECTORS

SPX ENERGY SUB-SECTORS
TSX ENERGY STOCKS
TSX BULLISH INDICATORS
TOP 5
Crescent Point (CPG +8.7%)
Precision Drilling (PD +8.3%)
MEG Energy (MEG +5.9%)
Baytex Energy (BTE +4.9%)
Nuvista Energy (NVA +3.8%)
12-MO
HIGHS
Gibson Energy (GEI +1.2%)
TSX BEARISH INDICATORS
BOTTOM
5
CES Energy (CEU -1.3%)
Gran Tierra (GTE -0.4%)
Kelt Exploration (KEL -0.2%)
TC Energy (TRP -0.2%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU41.98▲0.735.53
 
55.47D   W
Imperial OilIMO37.46▲2.033.52
 
44.91D   W
Husky EnergyHSE12.90▲2.112.27
 
22.99D   W
MIDSTREAM
EnbridgeENB46.69▲0.639.40
 
51.22D   W
TC EnergyTRP65.91▼-0.247.90
 
66.93D   W
Pembina PipelinePPL49.09▲0.139.15
 
50.65D   W
Inter PipelineIPL20.32▲0.818.60
 
25.66D   W
Keyera KEY33.76▲0.324.05
 
38.91D   W
Gibson EnergyGEI23.74▲1.216.90
 
24.05D   W
LARGE CAP E&P
Cdn Natural ResCNQ36.64▲2.230.11
 
49.08D   W
Cenovus EnergyCVE11.83▲1.88.74
 
14.84D   W
EncanaECA6.54▲1.96.12
 
18.54D   W
TourmalineTOU16.74▲3.715.39
 
25.79D   W
Vermilion EnergyVET28.51▲2.626.54
 
49.67D   W
SERVICES
Pason SystemsPSI19.00▲1.617.18
 
24.57D   W
EnerflexEFX16.77▲0.113.55
 
20.38D   W
Mullen Group MTL9.64▲0.29.39
 
16.93D   W
ShawcorSCL17.74▲1.415.11
 
28.89D   W
Secure EnergySES7.14▲1.06.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI41.68▲0.331.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Noble Energy (NBL +6.2%)
HollyFrontier (HFC +5.3%)
Halliburton (HAL +4.9%)
Schlumberger (SLB +4.8%)
Marathon Petro (MPC +4.6%)
12-MO
HIGHS
Kinder Morgan (KMI +0.7%)
SPX BEARISH INDICATORS
BOTTOM
5
Cabot O&G (COG -2%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM76.61▲1.764.65
 
87.36D   W
ChevronCVX124.28▲1.1100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI21.10▲0.714.62
 
21.32D   W
Williams CoWMB27.33▲1.420.36
 
32.22D   W
ONEOKOKE67.76▲2.350.26
 
71.99D   W
LARGE CAP E&P
ConocoPhillipsCOP60.70▲1.856.75
 
80.24D   W
EOG ResourcesEOG91.45▲3.280.41
 
133.53D   W
Occidental PetroOXY51.30▲2.047.00
 
86.60D   W
Anadarko PetroAPC70.48▲0.840.40
 
76.70D   W
Pioneer Natural ResPXD154.34▲3.9119.08
 
195.00D   W
SERVICES
SchlumbergerSLB38.25▲4.834.46
 
69.61D   W
HalliburtonHAL22.88▲4.920.98
 
47.35D   W
Baker HughesBHGE24.36▲4.520.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.72▲4.319.57
 
49.08D   W
TechnipFMCFTI24.76▲3.218.20
 
33.60D   W
REFINERS
Marathon PetroMPC51.95▲4.645.47
 
88.45D   W
Phillips 66PSX90.83▲3.778.44
 
123.97D   W
Valero EnergyVLO79.75▲2.068.81
 
122.42D   W
HollyFrontierHFC43.65▲5.337.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A65.52▲1.855.04
 
71.85D   W
TotalTOT54.95▲1.849.70
 
65.69D   W
BPBP41.81▲1.836.28
 
47.25D   W
EniE32.40▲1.829.75
 
39.16D   W
EquinorEQNR19.98▲3.118.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • None.

DOWNGRADES

  • None.

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
• PRICE CHARTS PROVIDED BY STOCKCHARTS.COM ARE 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 log another day of gains, sending Canadian benchmarks up over 10% for the week

Oil prices log another day of gains, sending Canadian benchmarks up over 10% for the week

Stocks markets power higher, but energy stocks fail to go along for the ride

Stocks markets power higher, but energy stocks fail to go along for the ride

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