Canadian oil prices move up on Monday, as differentials narrow

Canadian oil prices move up on Monday, as differentials narrow

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Today's energy market update:

  • Energy markets were mixed on Monday, despite continued weakness in the US dollar and more sanctions imposed on Iranian officials. 

  • Brent slipped 0.5%, while WTI gained 0.8%. Canadian Light rose 3.4% as its differential to WTI narrowed by US$1.25 to US$5.25, the lowest discount since early May. WCS rose 2.1%, as its differential also narrowed by US$0.45 to US$13.20 a barrel.

  • Gasoline and heating oil prices were little changed, while Henry Hub bounced over 5% on Monday. 

  • Today's currency and equity market action:

  • Global bond yields all moved lower on Monday, giving back some of Friday's gains. After declining through most of last week, the US dollar slipped another 0.2%, while most other global currencies were flat to slightly higher. In Canada, the loonie rose 0.4%.

  • Exchanges in New York and Toronto moved higher in the morning but slowly drifted lower for the rest of the trading day. The NYSE and NASDAQ slipped 0.2% and 0.3%, respectively, while the TSX was unchanged. 

  • Gold stocks and interest-sensitive utility stocks led to the upside on both sides of the border. Energy was the worst performing sector on the S&P 500, falling 0.9%. In Canada, the energy basket dipped a more modest 0.2%.

Today's notable energy news:

  • Iran's crude exports fell from about 500,000 bbl/day in May to just 300,000 bbl/day in June, as US-imposed sanctions scare off any last remaining buyers. The country exported about 2.5 million bbl/day in the spring of last year, before sanctions were reinstated by the US. President Trump also announced a new round of sanctions on top Iranian officials, barring them from using the international banking system.

  • ExxonMobil is reporting looking to exit its remaining assets offshore Norway. The company sold most of its Norwegian holdings a few years ago, but held on to about 20 mostly non-operated fields. The properties produced about 170,000 boe/day in 2017, and are estimated to be worth as much as US$4 billion.

  • Qatar Petroleum has selected Chevron Phillips Chemical Company as its partner for a new ethylene and derivatives complex, to be located just north of Doha, Qatar. The project includes a 1.9 million t/y ethane cracker, adding to three that are already in service. Qatar Petroleum will maintain a 70% stake, while Chevron Phillips Chemical will hold the remaining 30%. 

  • McDermott International was awarded a large EPCI contract from Saudi Aramco for its Marjan and Zuluf fields, located offshore Saudi Arabia.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$64.86▼0.550.47
 
86.29
WTI$57.90▲0.842.53
 
76.41
CDN LT$52.65▲3.420.83
 
69.32
C5+$52.90▲0.937.04
 
71.40
WCS$44.70▲2.112.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUN 24   █ JUN 17   █ JUN 10   █ JUN 3   (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
Mullen Group (MTL +3.1%)
Nuvista Energy (NVA +1.5%)
TORC O&G (TOG +1.2%)
Whitecap Res (WCP +1.2%)
Enerplus (ERF +1%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Gran Tierra (GTE -6.1%)
Seven Generations (VII -4.6%)
Peyto Exploration (PEY -3.7%)
Precision Drilling (PD -3.6%)
Encana (ECA -3.2%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU42.03▲0.735.53
 
55.47D   W
Imperial OilIMO36.62▼-0.333.52
 
44.91D   W
Husky EnergyHSE12.62▼-0.512.27
 
22.99D   W
MIDSTREAM
EnbridgeENB46.29▼-0.839.40
 
51.22D   W
TC EnergyTRP65.48▼-0.547.90
 
66.93D   W
Pembina PipelinePPL48.50▼-0.739.15
 
50.65D   W
Inter PipelineIPL20.110.018.60
 
25.66D   W
Keyera KEY33.27▼-0.624.05
 
38.91D   W
Gibson EnergyGEI23.74▼-1.216.90
 
24.18D   W
LARGE CAP E&P
Cdn Natural ResCNQ36.49▲0.430.11
 
49.08D   W
Cenovus EnergyCVE11.58▼-0.78.74
 
14.84D   W
EncanaECA6.31▼-3.26.12
 
18.54D   W
TourmalineTOU16.70▼-0.615.39
 
25.79D   W
Vermilion EnergyVET28.46▲0.126.54
 
49.67D   W
SERVICES
Pason SystemsPSI18.79▼-0.617.18
 
24.57D   W
EnerflexEFX16.71▼-0.413.56
 
20.38D   W
Mullen Group MTL9.73▲3.19.36
 
16.93D   W
ShawcorSCL18.14▲0.915.11
 
28.89D   W
Secure EnergySES7.01▼-0.96.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI41.79▼-0.431.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Hess Corp (HES +0.6%)
ConocoPhillips (COP +0.3%)
12-MO
HIGHS
Kinder Morgan (KMI -1%)
SPX BEARISH INDICATORS
BOTTOM
5
Concho Res (CXO -3.9%)
Pioneer Natural Res (PXD -2.5%)
ONEOK (OKE -2.4%)
Helmerich & Payne (HP -2.2%)
Williams Co (WMB -2%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM76.95▼-0.964.65
 
87.36D   W
ChevronCVX124.91▼-0.1100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI21.16▼-1.014.62
 
21.50D   W
Williams CoWMB27.15▼-2.020.36
 
32.22D   W
ONEOKOKE67.29▼-2.450.26
 
71.99D   W
LARGE CAP E&P
ConocoPhillipsCOP60.52▲0.356.75
 
80.24D   W
EOG ResourcesEOG90.56▼-2.080.41
 
133.53D   W
Occidental PetroOXY49.89▼-1.447.00
 
86.60D   W
Anadarko PetroAPC70.11▼-0.340.40
 
76.70D   W
Pioneer Natural ResPXD151.28▼-2.5119.08
 
195.00D   W
SERVICES
SchlumbergerSLB38.65▼-0.634.46
 
69.61D   W
HalliburtonHAL22.51▼-1.420.98
 
47.35D   W
Baker HughesBHGE24.72▼-1.920.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.27▼-0.219.57
 
49.08D   W
TechnipFMCFTI24.74▼-0.418.20
 
33.60D   W
REFINERS
Marathon PetroMPC51.60▼-2.045.47
 
88.45D   W
Phillips 66PSX89.76▼-0.978.44
 
123.97D   W
Valero EnergyVLO80.76▼-1.468.81
 
122.42D   W
HollyFrontierHFC43.84▼-0.737.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A65.86▲0.255.04
 
71.85D   W
TotalTOT55.75▲0.749.70
 
65.69D   W
BPBP42.18▼-0.736.28
 
47.25D   W
EniE33.06▲0.129.75
 
39.16D   W
EquinorEQNR20.03▼-1.118.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • Mullen Group (MTL.TO): Upgraded from Hold to Buy at TD Sercurities.

  • Renewable Energy Group (REGI): Upgraded from Neutral to Buy at Roth Capital.

DOWNGRADES

  • Oasis Petroleum (OAS): Downgraded from Overweight to Equal Weight at Morgan Stanley.

  • Occidental Petroleum (OXY): Downgraded from Overweight to Equal Weight at Morgan Stanley.

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
Energy stocks sell-off in tandem with global equity markets

Energy stocks sell-off in tandem with global equity markets

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