Oil prices slide after Trump claims to make progress with Iran

Oil prices slide after Trump claims to make progress with Iran

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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.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$64.35▼3.250.47
 
86.29
WTI$57.62▼3.342.53
 
76.41
SCO$58.37▼3.325.15
 
74.46
C5+$53.63▼3.537.04
 
70.58
CDN LT$53.32▼3.520.83
 
69.32
WCS$46.02▼3.312.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUL 16   █ JUL 9   █ JUL 2   █ JUN 25   (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
Ensign Energy Svcs (ESI +1.3%)
Precision Drilling (PD +0.9%)
Keyera (KEY +0.8%)
Inter Pipeline (IPL +0.7%)
Gibson Energy (GEI +0.5%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Enerplus (ERF -3.3%)
MEG Energy (MEG -3.1%)
Seven Generations (VII -2.8%)
CES Energy (CEU -2.8%)
Husky Energy (HSE -2.6%)
12-MO
LOWS
Husky Energy (HSE -2.6%)
Encana (ECA -1.6%)
Mullen Group (MTL +0.2%)
CES Energy (CEU -2.8%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU41.27▼-1.735.53
 
55.47D   W
Imperial OilIMO37.01▼-0.833.52
 
44.71D   W
Husky EnergyHSE11.80▼-2.611.75
 
22.99D   W
MIDSTREAM
EnbridgeENB47.00▼-0.839.40
 
51.22D   W
TC EnergyTRP65.83▼-0.147.90
 
67.15D   W
Pembina PipelinePPL49.98▲0.439.15
 
50.65D   W
Inter PipelineIPL22.56▲0.718.60
 
25.35D   W
Keyera KEY35.65▲0.824.05
 
38.91D   W
Gibson EnergyGEI23.97▲0.516.90
 
24.18D   W
LARGE CAP E&P
Cdn Natural ResCNQ35.25▼-1.930.11
 
48.13D   W
Cenovus EnergyCVE12.33▼-1.18.74
 
14.26D   W
EncanaECA6.08▼-1.65.93
 
18.54D   W
TourmalineTOU17.52▼-1.115.39
 
25.79D   W
Vermilion EnergyVET28.21▼-1.626.54
 
48.38D   W
SERVICES
Pason SystemsPSI17.67▼-0.917.18
 
24.57D   W
EnerflexEFX16.63▼-0.113.56
 
20.38D   W
Mullen Group MTL9.40▲0.29.20
 
16.93D   W
ShawcorSCL17.04▼-0.515.11
 
28.89D   W
Secure EnergySES7.02▼-2.56.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI43.99▼-0.431.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Marathon Petro (MPC +1.7%)
Phillips 66 (PSX +0.4%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Apache (APA -4.3%)
Cimarex Energy (XEC -3.5%)
Devon Energy (DVN -3.1%)
Noble Energy (NBL -3%)
Halliburton (HAL -2.5%)
12-MO
LOWS
Cimarex Energy (XEC -3.5%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM75.93▼-1.564.65
 
87.36D   W
ChevronCVX124.76▼-0.7100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI20.91▼-1.514.62
 
21.50D   W
Williams CoWMB28.20▼-2.120.36
 
32.22D   W
ONEOKOKE70.15▼-1.250.26
 
71.43D   W
LARGE CAP E&P
ConocoPhillipsCOP59.75▼-1.556.75
 
80.24D   W
EOG ResourcesEOG87.00▼-1.780.41
 
133.53D   W
Occidental PetroOXY51.10▼-1.047.00
 
84.93D   W
Anadarko PetroAPC73.06▼-0.140.40
 
76.23D   W
Pioneer Natural ResPXD140.06▼-0.4119.08
 
193.03D   W
SERVICES
SchlumbergerSLB40.07▼-1.034.46
 
68.43D   W
HalliburtonHAL22.88▼-2.520.98
 
45.50D   W
Baker HughesBHGE24.09▼-2.420.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.33▼-0.819.57
 
49.08D   W
TechnipFMCFTI25.12▼-0.518.20
 
33.60D   W
REFINERS
Marathon PetroMPC55.68▲1.745.47
 
88.45D   W
Phillips 66PSX101.38▲0.478.44
 
123.97D   W
Valero EnergyVLO84.21▼-0.268.81
 
122.42D   W
HollyFrontierHFC47.83▼-0.337.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A63.82▼-1.055.04
 
70.60D   W
TotalTOT55.59▼-1.849.70
 
65.69D   W
BPBP40.21▼-1.136.28
 
47.16D   W
EniE32.69▼-1.029.75
 
39.16D   W
EquinorEQNR19.29▼-3.018.91
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • None.

DOWNGRADES

  • None.

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 stumble for the third day in a row

Oil prices stumble for the third day in a row

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