Energy markets little moved on Friday, but post solid gains for the week
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.
|Suncor Energy||SU||42.08||▼-0.7||35.53||55.47||D W|
|Imperial Oil||IMO||37.25||▲0.6||33.52||44.91||D W|
|Husky Energy||HSE||12.54||▼-1.1||12.18||22.99||D W|
|TC Energy||TRP||66.04||▼-1.2||47.90||67.15||D W|
|Pembina Pipeline||PPL||49.89||▼-0.6||39.15||50.65||D W|
|Inter Pipeline||IPL||22.28||▲0.3||18.60||25.66||D W|
|Gibson Energy||GEI||23.83||▲0.0||16.90||24.18||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||36.12||▲0.2||30.11||48.73||D W|
|Cenovus Energy||CVE||12.46||▲1.2||8.74||14.38||D W|
|Vermilion Energy||VET||28.53||▲0.6||26.54||49.35||D W|
|Pason Systems||PSI||17.99||▼-1.3||17.18||24.57||D W|
|Mullen Group||MTL||9.53||▲1.4||9.36||16.93||D W|
|Secure Energy||SES||7.20||0.0||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||44.64||▲3.6||31.59||47.45||D W|
|Exxon Mobil||XOM||77.63||▲0.1||64.65||87.36||D W|
|Kinder Morgan||KMI||21.29||▲0.1||14.62||21.50||D W|
|Williams Co||WMB||28.85||▲0.6||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||90.90||▲0.1||80.41||133.53||D W|
|Occidental Petro||OXY||51.72||▲2.5||47.00||85.08||D W|
|Anadarko Petro||APC||73.11||▲1.6||40.40||76.23||D W|
|Pioneer Natural Res||PXD||144.29||▼-0.4||119.08||193.03||D W|
|Baker Hughes||BHGE||25.01||▼-0.9||20.09||35.55||D W|
|Ntl-Oilwell Varco||NOV||21.94||▼-0.4||19.57||49.08||D W|
|Marathon Petro||MPC||55.48||▲0.1||45.47||88.45||D W|
|Phillips 66||PSX||100.33||▲0.7||78.44||123.97||D W|
|Valero Energy||VLO||84.75||▲0.4||68.81||122.42||D W|
Superior Plus (SPB.TO): Downgraded from Outperform to Sector Perform at RBC.
UPDATED: DAILY (END-OF-DAY)
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