Mideast drone strike boosts oil prices, sending U.S. markets to record highs
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.
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%.
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.
|Suncor Energy||SU||41.98||▲0.7||35.53||55.47||D W|
|Imperial Oil||IMO||37.46||▲2.0||33.52||44.91||D W|
|Husky Energy||HSE||12.90||▲2.1||12.27||22.99||D W|
|TC Energy||TRP||65.91||▼-0.2||47.90||66.93||D W|
|Pembina Pipeline||PPL||49.09||▲0.1||39.15||50.65||D W|
|Inter Pipeline||IPL||20.32||▲0.8||18.60||25.66||D W|
|Gibson Energy||GEI||23.74||▲1.2||16.90||24.05||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||36.64||▲2.2||30.11||49.08||D W|
|Cenovus Energy||CVE||11.83||▲1.8||8.74||14.84||D W|
|Vermilion Energy||VET||28.51||▲2.6||26.54||49.67||D W|
|Pason Systems||PSI||19.00||▲1.6||17.18||24.57||D W|
|Mullen Group||MTL||9.64||▲0.2||9.39||16.93||D W|
|Secure Energy||SES||7.14||▲1.0||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||41.68||▲0.3||31.59||47.45||D W|
|Exxon Mobil||XOM||76.61||▲1.7||64.65||87.36||D W|
|Kinder Morgan||KMI||21.10||▲0.7||14.62||21.32||D W|
|Williams Co||WMB||27.33||▲1.4||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||91.45||▲3.2||80.41||133.53||D W|
|Occidental Petro||OXY||51.30||▲2.0||47.00||86.60||D W|
|Anadarko Petro||APC||70.48||▲0.8||40.40||76.70||D W|
|Pioneer Natural Res||PXD||154.34||▲3.9||119.08||195.00||D W|
|Baker Hughes||BHGE||24.36||▲4.5||20.09||35.55||D W|
|Ntl-Oilwell Varco||NOV||21.72||▲4.3||19.57||49.08||D W|
|Marathon Petro||MPC||51.95||▲4.6||45.47||88.45||D W|
|Phillips 66||PSX||90.83||▲3.7||78.44||123.97||D W|
|Valero Energy||VLO||79.75||▲2.0||68.81||122.42||D W|
UPDATED: DAILY (END-OF-DAY)
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