Oil prices dip as Gulf of Mexico slowly returns to normal post-Barry
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.
|Suncor Energy||SU||42.00||▼-0.2||35.53||55.47||D W|
|Imperial Oil||IMO||37.29||▲0.1||33.52||44.91||D W|
|Husky Energy||HSE||12.11||▼-3.4||12.06||22.99||D W|
|TC Energy||TRP||65.89||▼-0.2||47.90||67.15||D W|
|Pembina Pipeline||PPL||49.77||▼-0.2||39.15||50.65||D W|
|Inter Pipeline||IPL||22.40||▲0.5||18.60||25.50||D W|
|Gibson Energy||GEI||23.86||▲0.1||16.90||24.18||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||35.93||▼-0.5||30.11||48.73||D W|
|Cenovus Energy||CVE||12.47||▲0.1||8.74||14.26||D W|
|Vermilion Energy||VET||28.68||▲0.5||26.54||49.18||D W|
|Pason Systems||PSI||17.83||▼-0.9||17.18||24.57||D W|
|Mullen Group||MTL||9.38||▼-1.6||9.35||16.93||D W|
|Secure Energy||SES||7.20||0.0||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||44.17||▼-1.1||31.59||47.45||D W|
|Exxon Mobil||XOM||77.08||▼-0.7||64.65||87.36||D W|
|Kinder Morgan||KMI||21.24||▼-0.1||14.62||21.50||D W|
|Williams Co||WMB||28.80||▼-0.2||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||88.75||▼-2.4||80.41||133.53||D W|
|Occidental Petro||OXY||51.63||▼-0.2||47.00||84.93||D W|
|Anadarko Petro||APC||73.12||▲0.0||40.40||76.23||D W|
|Pioneer Natural Res||PXD||140.69||▼-2.5||119.08||193.03||D W|
|Baker Hughes||BHGE||24.69||▼-1.3||20.09||35.55||D W|
|Ntl-Oilwell Varco||NOV||21.50||▼-1.9||19.57||49.08||D W|
|Marathon Petro||MPC||54.83||▼-1.1||45.47||88.45||D W|
|Phillips 66||PSX||101.01||▲0.7||78.44||123.97||D W|
|Valero Energy||VLO||84.32||▼-0.5||68.81||122.42||D W|
EnLink Midstream (ENLC): Upgraded from Hold to Buy at Jefferies Financial.
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.
UPDATED: DAILY (END-OF-DAY)
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