Oil prices rally on Thursday, giving energy stocks a much needed boost
Today's energy market action:
After several volatile trading days, oil prices staged a nice rally on Thursday, helped by rising stock markets.
Brent and WTI both gained almost 2%. WCS also moved up 2.2%.
Canadian Light rose just 0.2%, as its discount to WTI widened to almost US$7 a barrel.
Henry Hub natural gas prices fell to a 3-year low of US$2.32/MMBtu, after the Energy Information Administration reported a build of 119 billion cubic feet (bcf) for last week. Despite the increase, storage levels still tracking below the 5-year average.
Gasoline prices rose 0.9% for the day while heating oil rose 0.5%.
Today's currency and equity market action:
Canada's trade deficit narrowed from $2.3 billion in March to $966 million in April, the lowest since October 2018. Exports rose 1.3% to $50.7 billion, while imports declined 1.4% to $51.7 billion. Crude exports rose almost 12% in April to $7.8 billion, due to higher volumes and higher prices. Exports of natural gas plummeted 45.3%, due to lower gas prices.
The loonie gained 0.5%, inching closer to the 75 cent threshold. The US dollar index gave back all of yesterday's gains, falling 0.3%, to end the day at exactly 97.
US markets rallied again on Thursday, with most indices posting a third day of gains. Both the NYSE and NASDAQ gained about 0.5%. The Dow Jones Industrial Average rose over 180 points (+0.7%), while the S&P 500 large cap also ended the day 0.6% higher. Energy was the best performing sector on the SPX, rising 1.7%.
In Toronto, the TSX was little changed for the day. Energy stocks initially dipped lower in the morning, with many larger cap names touching new multi-year lows, but managed to recover in the afternoon and end the day up 0.8%.
|Ensign Energy Svcs (ESI -4.3%)|
Gran Tierra (GTE -4.1%)
PrairieSky (PSK -1.2%)
Inter Pipeline (IPL -1.2%)
Enbridge (ENB -0.9%)
|Husky Energy (HSE -0.1%)|
Encana (ECA +1.8%)
ARC Resources (ARX +0.8%)
CES Energy (CEU +1.8%)
Enerplus (ERF 0%)
Gran Tierra (GTE -4.1%)
MEG Energy (MEG -0.2%)
Nuvista Energy (NVA +1.1%)
Peyto Exploration (PEY +0.7%)
TORC O&G (TOG +2.8%)
Seven Generations (VII -0.7%)
|Suncor Energy||SU||40.62||▲0.9||35.53||55.47||D W|
|Imperial Oil||IMO||36.46||▲0.4||33.52||44.91||D W|
|Husky Energy||HSE||12.54||▼-0.1||12.27||22.99||D W|
|TC Energy||TRP||66.12||▼-0.1||47.90||66.93||D W|
|Pembina Pipeline||PPL||48.45||▲0.1||39.15||50.65||D W|
|Inter Pipeline||IPL||20.38||▼-1.2||18.60||25.66||D W|
|Gibson Energy||GEI||22.42||▲1.2||16.90||23.75||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||35.12||▲1.0||30.11||49.08||D W|
|Cenovus Energy||CVE||10.53||▲1.6||8.74||14.84||D W|
|Vermilion Energy||VET||28.41||▲1.0||26.67||49.67||D W|
|Pason Systems||PSI||18.93||▲0.2||17.18||24.57||D W|
|Mullen Group||MTL||10.06||▲0.9||9.39||16.93||D W|
|Secure Energy||SES||6.90||▲1.0||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||42.47||▼-0.6||31.16||47.45||D W|
|Exxon Mobil||XOM||74.31||▲1.8||64.65||87.36||D W|
|Kinder Morgan||KMI||20.86||▲1.9||14.62||21.12||D W|
|Williams Co||WMB||27.55||▼-1.0||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||84.27||▲2.7||81.32||133.53||D W|
|Occidental Petro||OXY||49.04||▲3.4||47.65||87.67||D W|
|Anadarko Petro||APC||70.17||▲0.5||40.40||76.70||D W|
|Pioneer Natural Res||PXD||144.00||▲1.8||119.08||197.42||D W|
|Baker Hughes||BHGE||22.95||▲3.2||20.09||35.68||D W|
|Ntl-Oilwell Varco||NOV||20.77||▲1.0||20.33||49.08||D W|
|Marathon Petro||MPC||48.10||▲0.9||45.47||88.45||D W|
|Phillips 66||PSX||84.90||▲0.1||78.44||123.97||D W|
|Valero Energy||VLO||74.47||▲1.8||68.81||124.43||D W|
CNOOC (CEO): Upgraded from Neutral to Outperform at Macquarie.
Valero Energy (VLO): Upgraded from Neutral to Buy at Goldman Sachs.
UPDATED: DAILY (END-OF-DAY)
• OIL PRICES REFLECT NEAR MONTH CONTRACT FROM THE NYMEX/CME GROUP
• EQUITY PRICES PROVIDED BY NYSE & TMX GROUP
• CHARTPACKS COURTESY STOCKCHARTS.COM (DIVIDEND ADJUSTED)
• 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