Energy markets little moved on Friday, but post solid gains for the week

Energy markets little moved on Friday, but post solid gains for the week

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Today's energy and equity market update:

  • Oil prices were little changed on Friday, holding on to solid gains for the week.

  • Brent rose 4% w/w, while WTI and Canadian Light gained about 5% w/w. Western Canadian Select (WCS) moved up 7.5% for the week, as the heavy oil discount narrowed by over US$0.60 a barrel versus last Friday's close.

  • Heating oil, gasoline and natural gas prices were little moved on Friday.

  • The US dollar dipped 0.3% on Friday, bringing weekly losses to 0.5%.

  • US markets ended the week in the positive. The NYSE rose 0.3% for the day, and 0.2% for the week. The S&P 500 rose 0.5% for the day, bringing weekly gains to 0.8%.

  • In Toronto, the TSX dipped 0.2% on Friday, bringing this week's losses to 0.3%.

  • In the energy space, the TSX energy sector dipped 0.1% for the day, but ended the week 2.5% higher. S&P 500 energy stocks move up 0.4% on Friday, bringing this week's gains to 2.1%.

Today's supply/demand update:

  • According to Baker Hughes, four oil rigs were taken offline in the US this week, bringing the total to 784. Canada gained 5 oil rigs, ending the week at 85.

  • According to the Bureau of Safety and Environmental Enforcement, 257 platforms have now been evacuated in the Gulf of Mexico, taking 1.1 million bbl/day of oil and 1.35 Bcf/day of natural gas offline. Aside from the Phillips 66 Alliance Refinery in Louisiana, no other refinery disruptions have been reported so far. Tropical Storm Barry is expected to reach hurricane status when it makes landfall on Saturday.

  • According to the International Energy Agency (IEA), world oil markets were still in surplus in the second quarter of 2019, by about 500,000 bbl/day. The agency warns there are "indications of deteriorating trade and manufacturing activity," downgrading its Q2 demand forecast to 0.45 million bbl/day. Demand growth for the full year 2019 was left unchanged at 1.2 million bbl/day, rising to 1.4 million bbl/day in 2020. The IEA warns supply is still outstripping demand, perhaps by as much as 2 million bbl/day by the beginning of next year.

  • China's crude imports took another leg up in June, rising to 9.6 million bbl/day, up 15% from the same time last year. The rise is being attributed to the start-up of new large-scale refineries, and is also boosting the country's exports of refined products. China just recently became the world's largest crude oil importer, now surpassing the US by over 2 million bbl/day.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$66.72▲0.350.47
 
86.29
WTI$60.21▲0.042.53
 
76.41
SCO$60.90▼0.125.15
 
74.46
C5+$56.10▲0.037.04
 
71.30
CDN LT$55.78▼0.020.83
 
69.32
WCS$47.96▲0.212.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUL 12   █ JUL 5   █ JUN 28   █ JUN 21   (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
Parkland Fuel (PKI +3.6%)
Seven Generations (VII +2.3%)
Mullen Group (MTL +1.4%)
Cenovus Energy (CVE +1.2%)
Parex Resources (PXT +1.1%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Kelt Exploration (KEL -2.6%)
Encana (ECA -2%)
Precision Drilling (PD -1.7%)
ARC Resources (ARX -1.5%)
Freehold Royalties (FRU -1.5%)
12-MO
LOWS
CES Energy (CEU -0.9%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU42.08▼-0.735.53
 
55.47D   W
Imperial OilIMO37.25▲0.633.52
 
44.91D   W
Husky EnergyHSE12.54▼-1.112.18
 
22.99D   W
MIDSTREAM
EnbridgeENB47.61▼-1.039.40
 
51.22D   W
TC EnergyTRP66.04▼-1.247.90
 
67.15D   W
Pembina PipelinePPL49.89▼-0.639.15
 
50.65D   W
Inter PipelineIPL22.28▲0.318.60
 
25.66D   W
Keyera KEY35.24▲0.424.05
 
38.91D   W
Gibson EnergyGEI23.83▲0.016.90
 
24.18D   W
LARGE CAP E&P
Cdn Natural ResCNQ36.12▲0.230.11
 
48.73D   W
Cenovus EnergyCVE12.46▲1.28.74
 
14.38D   W
EncanaECA6.52▼-2.06.12
 
18.54D   W
TourmalineTOU16.91▲0.815.39
 
25.79D   W
Vermilion EnergyVET28.53▲0.626.54
 
49.35D   W
SERVICES
Pason SystemsPSI17.99▼-1.317.18
 
24.57D   W
EnerflexEFX16.56▼-0.213.56
 
20.38D   W
Mullen Group MTL9.53▲1.49.36
 
16.93D   W
ShawcorSCL17.26▼-0.115.11
 
28.89D   W
Secure EnergySES7.200.06.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI44.64▲3.631.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Occidental Petro (OXY +2.5%)
Noble Energy (NBL +2.1%)
Marathon Oil (MRO +2%)
Cimarex Energy (XEC +1.7%)
Anadarko Petro (APC +1.6%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Baker Hughes (BHGE -0.9%)
Concho Res (CXO -0.5%)
Halliburton (HAL -0.4%)
Pioneer Natural Res (PXD -0.4%)
Schlumberger (SLB -0.4%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM77.63▲0.164.65
 
87.36D   W
ChevronCVX125.98▲0.4100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI21.29▲0.114.62
 
21.50D   W
Williams CoWMB28.85▲0.620.36
 
32.22D   W
ONEOKOKE71.30▲0.350.26
 
71.71D   W
LARGE CAP E&P
ConocoPhillipsCOP61.76▲0.556.75
 
80.24D   W
EOG ResourcesEOG90.90▲0.180.41
 
133.53D   W
Occidental PetroOXY51.72▲2.547.00
 
85.08D   W
Anadarko PetroAPC73.11▲1.640.40
 
76.23D   W
Pioneer Natural ResPXD144.29▼-0.4119.08
 
193.03D   W
SERVICES
SchlumbergerSLB40.81▼-0.434.46
 
68.71D   W
HalliburtonHAL23.75▼-0.420.98
 
45.60D   W
Baker HughesBHGE25.01▼-0.920.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.94▼-0.419.57
 
49.08D   W
TechnipFMCFTI25.78▲0.918.20
 
33.60D   W
REFINERS
Marathon PetroMPC55.48▲0.145.47
 
88.45D   W
Phillips 66PSX100.33▲0.778.44
 
123.97D   W
Valero EnergyVLO84.75▲0.468.81
 
122.42D   W
HollyFrontierHFC48.54▲0.837.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A65.06▼-0.555.04
 
70.60D   W
TotalTOT56.45▲0.049.70
 
65.69D   W
BPBP41.21▼-0.236.28
 
47.16D   W
EniE33.400.029.75
 
39.16D   W
EquinorEQNR20.14▼-1.518.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • None.

DOWNGRADES

  • Superior Plus (SPB.TO): Downgraded from Outperform to Sector Perform at RBC.

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 SHOWN IN USD/BBL
• WCS = WESTERN CANADIAN SELECT; C5+ = EDMONTON CONDENSATE; SCO = SYNTHETIC CRUDE
• FUTURES CURVES REFLECT 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 dip as Gulf of Mexico slowly returns to normal post-Barry

Oil prices dip as Gulf of Mexico slowly returns to normal post-Barry

Oil and gas prices retreat, despite mounting outages in the Gulf of Mexico

Oil and gas prices retreat, despite mounting outages in the Gulf of Mexico

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