Oil prices rebound slightly on Friday, but post a big loss for the week

Oil prices rebound slightly on Friday, but post a big loss for the week

DATA SUBSCRIPTION
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Today's energy market summary:

  • Oil prices posted their weekly first gain on Friday, despite more warnings of slowing economic growth.

  • Brent rose 0.9% for the day, pairing this week's losses to 6.4%. WTI rose 0.6%, but ended the week almost 8% lower.

  • Canadian Light rose 0.8% for the day, but declined 7% this week. Western Canadian Select (WCS) rose 1.3% on Friday, but ended the week 15% lower. Differentials on Canadian crudes were little changed for the day.

  • Gasoline prices also moved up 0.5% for the day, but declined almost 7% for the week. Henry Hub fell 1.5% for the day, and over 8% for the week.

Today's currency and equity market action:

  • The US dollar recovered most of this week's losses on Friday, ending the week 0.4% higher.

  • The NYSE fell 0.4% on Friday, bringing this week's losses to almost 1%. The S&P 500 posted a 0.6% decline for the day, and 1.2% for the week. The TSX was unchanged for the day and unchanged for the week.

  • Energy stocks rose 0.5% on the SPX and almost 1% on the TSX on Friday. For the week, energy stocks declined 2.7% in the US and 4% in Canada, in both cases reversing gains from the previous week.

Today's notable energy news:

  • According to Baker Hughes, five oil rigs were taken out of service in the US this week, a third consecutive week of declines. Canada also lost two rigs, bringing the total to 83.

  • Iran's Revolutionary Guards intercepted a second UK-operated oil tanker in the Strait of Hormuz, supposedly in retaliation for the seizure of an Iranian vessel earlier this month. The Iranians claim the ship was stopped for possible environmental violations. The event comes one day after the US military shot down an Iranian drone.

  • The International Energy Agency (IEA) cut its 2019 oil demand forecast, due mostly to weak Chinese economic growth. The agency originally set an oil demand forecast of 1.5 million bbl/day, downgraded to 1.2 million bbl/day in June, and now 1.1 million bbl/day. The IEA warns the global economy appears weak, and may warrant another downgrade later this year.

  • Schlumberger appointed Olivier Le Peuch as its new CEO, replacing Paal Kibsgaard who will retire on August 1. The company also reported a 5% increase in its second quarter revenues today, driven almost entirely by markets outside of the US and Canada.

  • CNX Midstream Partners boosted its quarterly dividend 3.6% to $0.3865 per share.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$62.47▲0.950.47
 
86.29
WTI$55.63▲0.642.53
 
76.41
SCO$57.63▲0.625.15
 
74.46
C5+$51.38▲1.237.04
 
70.58
CDN LT$51.98▲0.820.83
 
69.32
WCS$40.73▲1.312.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUL 19   █ JUL 12   █ JUL 5   █ JUN 28   (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
Baytex Energy (BTE +5.6%)
Encana (ECA +4%)
Birchcliff Energy (BIR +3.5%)
Crescent Point (CPG +3.3%)
Gran Tierra (GTE +3%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Enbridge (ENB -1%)
Vermilion Energy (VET -0.8%)
Husky Energy (HSE -0.7%)
Parkland Fuel (PKI -0.4%)
Seven Generations (VII -0.2%)
12-MO
LOWS
Vermilion Energy (VET -0.8%)
Enerplus (ERF +1.5%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU40.69▲0.135.53
 
55.47D   W
Imperial OilIMO36.37▲0.733.52
 
44.69D   W
Husky EnergyHSE11.27▼-0.711.05
 
22.99D   W
MIDSTREAM
EnbridgeENB46.80▼-1.039.40
 
51.22D   W
TC EnergyTRP66.00▲0.447.90
 
67.15D   W
Pembina PipelinePPL49.73▲0.439.15
 
50.65D   W
Inter PipelineIPL22.38▲0.218.60
 
25.35D   W
Keyera KEY34.94▲1.124.05
 
38.91D   W
Gibson EnergyGEI23.98▲0.316.90
 
24.18D   W
LARGE CAP E&P
Cdn Natural ResCNQ34.05▲0.530.11
 
47.93D   W
Cenovus EnergyCVE12.41▲2.88.74
 
14.26D   W
EncanaECA5.93▲4.05.63
 
18.54D   W
TourmalineTOU17.20▲0.115.39
 
25.79D   W
Vermilion EnergyVET26.08▼-0.825.70
 
48.38D   W
SERVICES
Pason SystemsPSI17.85▲0.117.18
 
24.57D   W
EnerflexEFX16.91▲0.114.17
 
20.38D   W
Mullen Group MTL9.25▼-0.19.15
 
16.93D   W
ShawcorSCL17.20▲0.515.11
 
28.89D   W
Secure EnergySES7.00▲1.36.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI43.75▼-0.431.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Apache (APA +3.1%)
Concho Res (CXO +2.8%)
Occidental Petro (OXY +2.6%)
Devon Energy (DVN +2.5%)
Marathon Oil (MRO +2.1%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
ONEOK (OKE -0.9%)
Cabot O&G (COG -0.4%)
Marathon Petro (MPC -0.2%)
Schlumberger (SLB -0.1%)
12-MO
LOWS
Apache (APA +3.1%)
Cimarex Energy (XEC +0.7%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM74.99▲0.264.65
 
87.36D   W
ChevronCVX125.04▲0.3100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI20.50▲0.414.62
 
21.50D   W
Williams CoWMB27.57▲0.020.36
 
32.22D   W
ONEOKOKE68.53▼-0.950.26
 
71.43D   W
LARGE CAP E&P
ConocoPhillipsCOP60.33▲0.556.75
 
80.24D   W
EOG ResourcesEOG87.04▲1.980.41
 
133.53D   W
Occidental PetroOXY52.33▲2.647.00
 
84.93D   W
Anadarko PetroAPC73.38▲0.640.40
 
76.23D   W
Pioneer Natural ResPXD138.07▲1.5119.08
 
193.03D   W
SERVICES
SchlumbergerSLB38.71▼-0.134.46
 
68.43D   W
HalliburtonHAL21.75▲0.320.98
 
45.36D   W
Baker HughesBHGE23.56▲1.120.09
 
35.55D   W
Ntl-Oilwell VarcoNOV20.99▲1.219.57
 
49.08D   W
TechnipFMCFTI25.11▲0.718.20
 
33.60D   W
REFINERS
Marathon PetroMPC55.24▼-0.245.47
 
88.45D   W
Phillips 66PSX101.96▲0.178.44
 
123.97D   W
Valero EnergyVLO83.65▲0.468.81
 
122.42D   W
HollyFrontierHFC48.53▲0.837.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A63.65▲0.955.04
 
70.60D   W
TotalTOT54.50▲0.149.70
 
65.69D   W
BPBP39.23▲1.036.28
 
47.16D   W
EniE32.02▼-0.829.75
 
39.16D   W
EquinorEQNR19.01▲0.918.65
 
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
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