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

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Today's energy and equity market update:

  • Oil prices all moved lower on Monday, after China released more weak economic data and production out of the Gulf of Mexico slowly gets restored.

  • Brent fell 0.4%, while WTI and all Canadian benchmarks fell about 1%. The heavy oil discount narrowed to less than US$12 a barrel, the lowest since late April.

  • Henry Hub and gasoline both declined about 2%.

  • China's GDP growth rate declined to a 27-year low of 6.7% in the second quarter of this year. The news sent stocks higher in Asia overnight, on expectations of loosening monetary policy from the world's top central bankers.

  • In North America, both the NYSE and S&P 500 were unchanged for the day, while the TSX rose 0.1%. Energy stocks declined 0.9% on the SPX and 0.4% on the TSX. US producers were the worst performing subsector.

Today's notable energy news:

  • Operators in the US Gulf of Mexico have begun re-boarding 280 platforms evacuated ahead of Hurricane Barry. At its peak, almost 70% of oil production in the region was taken offline (1.3 million bbl/day) and 60% of gas output (1.7 Bcf/day).

  • Callon Petroleum has agreed to acquire Carrizo Oil & Gas for US$1.2 billion in stock. Callon is offering 2.05 of its shares in exchange for every Carrizo share, representing an 18% premium to the previous day's close. Once the deal closed, the company will produce an average of 100,000 boe/day, primarily focused in the Permian and Eagle Ford shale basins.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$66.48▼0.450.47
 
86.29
WTI$59.58▼1.042.53
 
76.41
SCO$60.36▼0.925.15
 
74.46
C5+$55.59▼0.937.04
 
71.09
CDN LT$55.24▼1.020.83
 
69.32
WCS$47.60▼0.712.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUL 15   █ JUL 8   █ JUL 1   █ JUN 24   (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
Peyto Exploration (PEY +6.2%)
Nuvista Energy (NVA +6.1%)
Birchcliff Energy (BIR +5.6%)
Tourmaline (TOU +4.8%)
Kelt Exploration (KEL +3.7%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Precision Drilling (PD -5.9%)
Crescent Point (CPG -5.3%)
Encana (ECA -5.2%)
Husky Energy (HSE -3.4%)
Enerplus (ERF -2.8%)
12-MO
LOWS
Husky Energy (HSE -3.4%)
Mullen Group (MTL -1.6%)
CES Energy (CEU -0.5%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU42.00▼-0.235.53
 
55.47D   W
Imperial OilIMO37.29▲0.133.52
 
44.91D   W
Husky EnergyHSE12.11▼-3.412.06
 
22.99D   W
MIDSTREAM
EnbridgeENB47.37▼-0.539.40
 
51.22D   W
TC EnergyTRP65.89▼-0.247.90
 
67.15D   W
Pembina PipelinePPL49.77▼-0.239.15
 
50.65D   W
Inter PipelineIPL22.40▲0.518.60
 
25.50D   W
Keyera KEY35.36▲0.324.05
 
38.91D   W
Gibson EnergyGEI23.86▲0.116.90
 
24.18D   W
LARGE CAP E&P
Cdn Natural ResCNQ35.93▼-0.530.11
 
48.73D   W
Cenovus EnergyCVE12.47▲0.18.74
 
14.26D   W
EncanaECA6.18▼-5.26.12
 
18.54D   W
TourmalineTOU17.72▲4.815.39
 
25.79D   W
Vermilion EnergyVET28.68▲0.526.54
 
49.18D   W
SERVICES
Pason SystemsPSI17.83▼-0.917.18
 
24.57D   W
EnerflexEFX16.64▲0.513.56
 
20.38D   W
Mullen Group MTL9.38▼-1.69.35
 
16.93D   W
ShawcorSCL17.12▼-0.815.11
 
28.89D   W
Secure EnergySES7.200.06.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI44.17▼-1.131.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Phillips 66 (PSX +0.7%)
Anadarko Petro (APC +0%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Cimarex Energy (XEC -4.5%)
Noble Energy (NBL -4.4%)
Diamondback (FANG -4%)
Devon Energy (DVN -3.5%)
Marathon Oil (MRO -3.2%)
12-MO
LOWS
Cimarex Energy (XEC -4.5%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM77.08▼-0.764.65
 
87.36D   W
ChevronCVX125.72▼-0.2100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI21.24▼-0.114.62
 
21.50D   W
Williams CoWMB28.80▼-0.220.36
 
32.22D   W
ONEOKOKE70.98▼-0.550.26
 
71.71D   W
LARGE CAP E&P
ConocoPhillipsCOP60.65▼-1.856.75
 
80.24D   W
EOG ResourcesEOG88.75▼-2.480.41
 
133.53D   W
Occidental PetroOXY51.63▼-0.247.00
 
84.93D   W
Anadarko PetroAPC73.12▲0.040.40
 
76.23D   W
Pioneer Natural ResPXD140.69▼-2.5119.08
 
193.03D   W
SERVICES
SchlumbergerSLB40.47▼-0.834.46
 
68.43D   W
HalliburtonHAL23.46▼-1.320.98
 
45.60D   W
Baker HughesBHGE24.69▼-1.320.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.50▼-1.919.57
 
49.08D   W
TechnipFMCFTI25.26▼-2.118.20
 
33.60D   W
REFINERS
Marathon PetroMPC54.83▼-1.145.47
 
88.45D   W
Phillips 66PSX101.01▲0.778.44
 
123.97D   W
Valero EnergyVLO84.32▼-0.568.81
 
122.42D   W
HollyFrontierHFC47.99▼-1.137.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A64.50▼-0.955.04
 
70.60D   W
TotalTOT56.58▲0.249.70
 
65.69D   W
BPBP40.69▼-1.336.28
 
47.16D   W
EniE33.08▼-1.129.75
 
39.16D   W
EquinorEQNR19.89▼-1.218.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • EnLink Midstream (ENLC): Upgraded from Hold to Buy at Jefferies Financial.

DOWNGRADES

  • Callon Petroleum (CPE): Downgraded from Buy to Hold at Jefferies Financial.

  • Carrizo Oil & Gas (CRZO): Downgraded from Buy to Hold at Jefferies Financial.

  • Centennial Resource Development (CDEV): Downgraded from Buy to Hold at Jefferies Financial.

  • Gulfport Energy (GPOR): Downgraded from Buy to Hold at Jefferies Financial.

  • National Oilwell Varco (NOV): Downgraded from Buy to Hold at Johnson Rice.

  • Range Resources (RRC): Downgraded from Buy to Hold at Jefferies Financial.

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
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