Oil prices slide after Trump claims to make progress with Iran
Today's energy and equity market update:
Oil prices moved lower again on Tuesday on speculation that the US may be softening its stance against Iran.
Brent, WTI, Canadian Light and Edmonton Condensate all sank 2%. Western Canadian Select fell 1.6%, as its discount to WTI narrowed by another US$0.40 a barrel.
Gasoline and heating oil also slid over 2%. Henry Hub fell over 4% for the day.
More Brexit drama in the UK sent the sterling lower by almost 1%, returning to the lows of spring 2017. The move sent the US dollar up 0.5%. The loonie lost 0.3% on Tuesday.
The NYSE and S&P 500 both fell about 0.3%, while the TSX was little changed. Energy was the day's worst performer, falling 1.1% on the SPX and 1.6% on the TSX.
Today's notable energy news:
The White House telegraphed mixed messages today over the state of relations between Washington and Tehran. President Trump said "a lot of progress" was made over Iran's nuclear program, while Iran's foreign minister took a much less conciliatory tone.
According to the American Petroleum Institute, crude stockpiles shrank by an estimated 1.4 million barrels last week. Official numbers from the Energy Information Administration are due to be released Wednesday morning.
According to the BSEE, 25% of production platforms in the US Gulf of Mexico remain evacuated in the aftermath of Hurricane Barry. As of noon Tuesday, over 1 million bbl/day of oil and 1.5 Bcf/day of gas remains offline.
As part of its second quarter earnings release today, CP Rail says it transported about 25,000 carloads of crude in the second quarter, up from 20,000 for the same quarter last year. The company says crude shipment volumes remain robust, and should continue to rise as curtailment quotas ease through the second half of the year. Third quarter carload shipments are expected to average closer to 30,000.
Energy Transfer is reportedly weighing the sale of its 33% stake in the Rover Pipeline, estimated to be worth as much as US$2.5 billion. Rover runs 713 miles from the Marcellus and Utica shale fields to customers in Ohio, Michigan and Ontario. The line has a capacity of 3.25 Bcf/day.
Norwegian oil major Equinor announced the start of production from the Trestakk field, owned jointly with ExxonMobil and Var Energi. The field is expected to produce 22,000 bbl/day, eventually ramping up to 44,000 bbl/day.
|Suncor Energy||SU||41.27||▼-1.7||35.53||55.47||D W|
|Imperial Oil||IMO||37.01||▼-0.8||33.52||44.71||D W|
|Husky Energy||HSE||11.80||▼-2.6||11.75||22.99||D W|
|TC Energy||TRP||65.83||▼-0.1||47.90||67.15||D W|
|Pembina Pipeline||PPL||49.98||▲0.4||39.15||50.65||D W|
|Inter Pipeline||IPL||22.56||▲0.7||18.60||25.35||D W|
|Gibson Energy||GEI||23.97||▲0.5||16.90||24.18||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||35.25||▼-1.9||30.11||48.13||D W|
|Cenovus Energy||CVE||12.33||▼-1.1||8.74||14.26||D W|
|Vermilion Energy||VET||28.21||▼-1.6||26.54||48.38||D W|
|Pason Systems||PSI||17.67||▼-0.9||17.18||24.57||D W|
|Mullen Group||MTL||9.40||▲0.2||9.20||16.93||D W|
|Secure Energy||SES||7.02||▼-2.5||6.25||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||43.99||▼-0.4||31.59||47.45||D W|
|Exxon Mobil||XOM||75.93||▼-1.5||64.65||87.36||D W|
|Kinder Morgan||KMI||20.91||▼-1.5||14.62||21.50||D W|
|Williams Co||WMB||28.20||▼-2.1||20.36||32.22||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||87.00||▼-1.7||80.41||133.53||D W|
|Occidental Petro||OXY||51.10||▼-1.0||47.00||84.93||D W|
|Anadarko Petro||APC||73.06||▼-0.1||40.40||76.23||D W|
|Pioneer Natural Res||PXD||140.06||▼-0.4||119.08||193.03||D W|
|Baker Hughes||BHGE||24.09||▼-2.4||20.09||35.55||D W|
|Ntl-Oilwell Varco||NOV||21.33||▼-0.8||19.57||49.08||D W|
|Marathon Petro||MPC||55.68||▲1.7||45.47||88.45||D W|
|Phillips 66||PSX||101.38||▲0.4||78.44||123.97||D W|
|Valero Energy||VLO||84.21||▼-0.2||68.81||122.42||D W|
UPDATED: DAILY (END-OF-DAY)
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