Oil prices catch a small bounce as equity markets surge higher

Oil prices catch a small bounce as equity markets surge higher

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Today's energy market action:

  • After several day of declines, crude benchmarks mostly moved higher on Tuesday, along with US and European equity markets.

  • Brent rose 1.1% while WTI gained 0.4%. Canadian Light and WCS also rose about 0.5%, while Edmonton Condensate (C5+) moved up 1%, as its discount to WTI narrowed by US$0.25 to US$5.50 a barrel.

  • According to the American Petroleum Institute, US crude stockpiles are expected to have risen by 3.5 million barrels last week. Official numbers from the Energy Information Administration (EIA) are due to be released Wednesday morning.

Today's currency and equity market action:

  • In a speech earlier this week, St. Louis Fed president James Bullard hinted an interest rate cut may be back on the table, if global trade continues to show signs of weakening. The US dollar ended the day little changed.

  • After sliding for much of the past two weeks, US markets surged higher on Tuesday, led by the Dow Jones Industrial Average, which rose over 500 points (+2.1%). The NYSE gained 1.8% while the S&P 500 also rose 2.1%. Most US sectors ended the day higher, including energy, which gained 1.6%.

  • In Toronto, the TSX rose almost 1%, with all sectors posting gains for the day. The Canadian energy sector rose 0.4% on Tuesday.

Today's global supply update:

  • Exports of Venezuelan crude and refined products dropped to 874,500 bbl/day in May, down 16% from the previous month. Exports to India were cut by one-third to 187,000 bbl/day, while China purchased around 450,000 bbl/day. Russia's Rosneft remains the largest buyer of Venezuelan crude, as part of its loan repayment program. Despite US sanctions, Spain's Repsol also received several thousand barrels as part of a fuel exchange program.

  • According to the EIA, US imports of Venezuelan crude dropped from 250,000 bbl/day in February to just 50,000 bbl/day in March. Preliminary figures show zero imports in the middle of May.

  • Russian output is still struggling to recover from the tainted pipeline scandal. The country averaged 11.11 million bbl/day in May, and is currently tracking closer to 10.9 million bbl/day. The cutbacks are expected to tip the Russian economy into recession this quarter. Rosneft CEO Igor Sechin once again questioned the need to take part in OPEC's production quotas, suggesting he may seek compensation from the Russian government.

Today's other notable energy news:

  • Equinor and its partners, Suncor Energy and Siccar Point Energy, are expected to make a final investment decision on the massive Rosebank project by next spring. Rosebank is one of the largest undeveloped oil and gas fields in the UK North Sea, with an estimated price tag of more than US$6 billion.

  • Total is expected to begin production at its Culzean field in the UK North Sea within the next few days, ahead of schedule and under budget. Culzean holds an estimated 300 million barrels of oil equivalent. The facility is expected produce 100,000 boe/day.

  • The US Federal Trade Commission has cleared Occidental Petroleum's plan to take-over Anadarko Petroleum, allowing the deal to close in the second half of the year, subject to all other conditions.

  • LNG behemoth Cheniere Energy sanctioned a sixth expansion train at Sabine Pass, and adjusted the plant's capacity to between 4.8 and 4.9 million t/y per train. The company also announced a 15-year supply deal with Apache Corp for 0.85 million t/yr out of its Corpus Christi Stage III LNG facility.

  • At today's 2019 Management Day meeting, Royal Dutch Shell says it remains on track to meet or exceed its 2020 commitments, which include US$35 billion in free cash flow for 2025, and returning US$125 billion back to shareholders, in the form of dividends and share buybacks.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$61.97▲1.150.47
 
86.29
WTI$53.48▲0.442.53
 
76.41
CDN LT$46.49▲0.520.83
 
69.32
C5+$47.98▲1.037.04
 
71.40
WCS$40.21▲0.412.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUN 4   █ MAY 28   █ MAY 21   █ MAY 14   (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
Precision Drilling (PD +3.2%)
Husky Energy (HSE +2.5%)
Kelt Exploration (KEL +2.5%)
Parkland Fuel (PKI +2.5%)
Tourmaline (TOU +2.5%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Gran Tierra (GTE -2.2%)
Cenovus Energy (CVE -0.9%)
Imperial Oil (IMO -0.5%)
Crescent Point (CPG -0.5%)
Suncor Energy (SU -0.4%)
12-MO
LOWS
Peyto Exploration (PEY +0.9%)
Seven Generations (VII +0.6%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU40.52▼-0.435.53
 
55.47D   W
Imperial OilIMO35.79▼-0.533.52
 
44.91D   W
Husky EnergyHSE12.96▲2.512.31
 
22.99D   W
MIDSTREAM
EnbridgeENB47.88▲1.039.40
 
51.22D   W
TC EnergyTRP66.15▲1.247.90
 
66.93D   W
Pembina PipelinePPL48.66▲1.039.15
 
50.65D   W
Inter PipelineIPL20.67▼-0.118.60
 
25.66D   W
Keyera KEY32.64▲0.824.05
 
38.91D   W
Gibson EnergyGEI22.63▲2.416.90
 
23.75D   W
LARGE CAP E&P
Cdn Natural ResCNQ36.01▲0.730.11
 
49.08D   W
Cenovus EnergyCVE10.75▼-0.98.74
 
14.84D   W
EncanaECA7.19▲0.36.90
 
18.54D   W
TourmalineTOU17.67▲2.515.84
 
25.79D   W
Vermilion EnergyVET28.82▲1.326.67
 
49.67D   W
SERVICES
Pason SystemsPSI19.23▼-0.317.18
 
24.57D   W
EnerflexEFX16.64▲0.313.55
 
20.38D   W
Mullen Group MTL10.00▲1.09.39
 
16.93D   W
ShawcorSCL17.46▲0.515.11
 
28.89D   W
Secure EnergySES7.04▲1.46.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI42.80▲2.531.16
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Apache (APA +5.4%)
Williams Co (WMB +3.1%)
Marathon Petro (MPC +2.9%)
HollyFrontier (HFC +2.6%)
Valero Energy (VLO +2.6%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
ConocoPhillips (COP -0.5%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM73.59▲2.464.65
 
87.36D   W
ChevronCVX117.30▲1.1100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI20.34▲1.014.62
 
20.57D   W
Williams CoWMB27.69▲3.120.36
 
32.22D   W
ONEOKOKE65.10▲2.150.26
 
71.99D   W
LARGE CAP E&P
ConocoPhillipsCOP59.10▼-0.556.75
 
80.24D   W
EOG ResourcesEOG84.28▲1.681.32
 
133.53D   W
Occidental PetroOXY49.69▲0.849.05
 
87.67D   W
Anadarko PetroAPC70.60▲0.840.40
 
76.70D   W
Pioneer Natural ResPXD144.62▲1.4119.08
 
197.42D   W
SERVICES
SchlumbergerSLB35.73▲2.134.46
 
70.47D   W
HalliburtonHAL21.96▲2.521.14
 
49.49D   W
Baker HughesBHGE22.04▲0.920.09
 
35.68D   W
Ntl-Oilwell VarcoNOV21.32▲0.520.38
 
49.08D   W
TechnipFMCFTI21.40▲1.518.20
 
33.60D   W
REFINERS
Marathon PetroMPC48.49▲2.945.47
 
88.45D   W
Phillips 66PSX84.12▲2.378.44
 
123.97D   W
Valero EnergyVLO73.85▲2.668.81
 
126.98D   W
HollyFrontierHFC39.67▲2.637.73
 
83.28D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A62.48▲0.255.04
 
71.85D   W
TotalTOT52.72▲0.849.70
 
65.69D   W
BPBP41.36▲0.836.28
 
47.57D   W
EniE31.40▲1.729.75
 
39.16D   W
EquinorEQNR19.53▼-0.218.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • Superior Energy Services (SPN): Upgraded from Underweight to Neutral at JPMorgan Chase.

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
• 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 sink as U.S. output hits another record high

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Enbridge meltdown sinks TSX and Canadian energy sector

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