Oil prices and energy stocks post a second consecutive day of gains

Oil prices and energy stocks post a second consecutive day of gains

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Today's energy market summary:

  • Oil prices moved up slightly on Monday, following through on Friday's gains.

  • Brent rose 1.3% while WTI gained 1.1%. Canadian benchmarks all rose in tandem with WTI as differentials were unchanged for the day.

  • Gasoline prices dipped 0.4%, while Henry Hub moved up almost 3%.

  • Disappointing wholesale sales data for the month of May dented the loonie by 0.4%. The US dollar index edged up 0.1%, ending the day just under 97.

  • Aside from technology stocks, equity markets were little moved on Monday. The NYSE was unchanged, while the S&P 500 Large Cap Index rose 0.3%. The TSX also rose 0.2%.

  • Energy stocks moved up 0.4% on the SPX and 0.5% on the TSX, also a second consecutive day of gains.

Today's notable energy news:

  • AltaGas has agreed to sell its US power generation assets to TerraForm Power for $940 million. The assets were acquired through the purchase of WGL Energy. Once this latest deal closes, the company’s total asset divestitures will add up to $1.3 billion so far this year. TerraForm is an affiliate of Brookfield Asset Management.

  • Royalty production at PrairieSky Royalty dipped to 22,160 boe/day in the first half of this year, down 5% from the same time last year. The decline was blamed on spring break-up, "challenging" commodity prices and the province's mandated production curtailments, which resulted in less capital spending. Second quarter revenues declined 9% y/y to $69.3 million, mostly due to lower oil prices.

  • Philadelphia Energy Solutions filed for Chapter 11 this week, marking its second bankruptcy in less than two years. The company's 335,000 bbl/day PES refinery suffered a major fire last month, leaving the facility crippled, and forcing the lay-off of 1,000 workers. The company has secured US$100 million in financing, and could be eligible for US$1.25 billion in insurance payments. CEO Mark Smith says the funds will be put towards winding down its operations, repairing damaged equipment and restarting the refinery.

  • Echoing a similar sentiment from Schlumberger last week, oilfield services firm Halliburton says it continues to grow revenues in almost every market except North America. For the first half of this year, revenues totalled US$11.7 billion, down 2% for the same period last year.

  • According to Reuters, Brazil's PetroBras is poised to sell two shallow-water oilfields to Trident Energy for as much as US$1 billion. The fields produce about 35,000 boe/day. Trident is backed by private-equity firm Warburg Pincus.

  • BP announced a new 50/50 joint-venture with Brazil's Bunge, a major producer of sugarcane ethanol. The new agreement boosts BP's biofuels business by more than 50%. Financial terms of the deal were not disclosed.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$63.26▲1.350.47
 
86.29
WTI$56.22▲1.142.53
 
76.41
SCO$58.22▲1.025.15
 
74.46
C5+$51.97▲1.137.04
 
70.58
CDN LT$52.57▲1.120.83
 
69.32
WCS$41.32▲1.412.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ JUL 22   █ JUL 15   █ JUL 8   █ JUL 1   (USD/BBL)
MARKET OVERVIEW
MARKETS
CURRENCIES & YIELDS
     TSX SECTORS
52WK Δ
     SPX SECTORS
52WK Δ
ENERGY SECTORS

TSX ENERGY SUB-SECTORS

SPX ENERGY SUB-SECTORS
TSX ENERGY STOCKS
TSX BULLISH INDICATORS
TOP 5
Altagas (ALA +6.1%)
Kelt Exploration (KEL +2.6%)
Precision Drilling (PD +2.3%)
Crescent Point (CPG +2%)
Encana (ECA +1.9%)
12-MO
HIGHS
Gibson Energy (GEI +1.1%)
TSX BEARISH INDICATORS
BOTTOM
5
Enerplus (ERF -1%)
Peyto Exploration (PEY -1%)
PrairieSky (PSK -0.9%)
Ensign Energy Svcs (ESI -0.5%)
Secure Energy (SES -0.4%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU40.84▲0.435.53
 
55.47D   W
Imperial OilIMO36.86▲1.433.52
 
44.69D   W
Husky EnergyHSE11.38▲1.011.05
 
22.99D   W
MIDSTREAM
EnbridgeENB46.84▲0.139.40
 
51.22D   W
TC EnergyTRP66.48▲0.747.90
 
67.15D   W
Pembina PipelinePPL50.06▲0.739.15
 
50.65D   W
Inter PipelineIPL22.59▲0.918.60
 
25.35D   W
Keyera KEY35.02▲0.224.05
 
38.91D   W
Gibson EnergyGEI24.25▲1.116.90
 
24.33D   W
LARGE CAP E&P
Cdn Natural ResCNQ34.07▲0.130.11
 
47.93D   W
Cenovus EnergyCVE12.52▲0.98.74
 
14.26D   W
EncanaECA6.04▲1.95.63
 
18.54D   W
TourmalineTOU17.27▲0.415.39
 
25.79D   W
Vermilion EnergyVET26.10▲0.125.70
 
47.98D   W
SERVICES
Pason SystemsPSI18.09▲1.317.18
 
24.57D   W
EnerflexEFX16.96▲0.314.17
 
20.38D   W
Mullen Group MTL9.39▲1.59.15
 
16.93D   W
ShawcorSCL17.18▼-0.115.11
 
28.89D   W
Secure EnergySES6.97▼-0.46.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI43.57▼-0.431.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Halliburton (HAL +9.2%)
Schlumberger (SLB +2%)
TechnipFMC (FTI +2%)
Baker Hughes (BHGE +1.7%)
Kinder Morgan (KMI +1.3%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Noble Energy (NBL -1.4%)
Diamondback (FANG -1.1%)
Helmerich & Payne (HP -0.9%)
Concho Res (CXO -0.9%)
Apache (APA -0.7%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM75.07▲0.164.65
 
87.36D   W
ChevronCVX125.31▲0.2100.22
 
128.55D   W
MIDSTREAM
Kinder MorganKMI20.77▲1.314.62
 
21.50D   W
Williams CoWMB27.62▲0.220.36
 
32.22D   W
ONEOKOKE69.14▲0.950.26
 
71.43D   W
LARGE CAP E&P
ConocoPhillipsCOP60.44▲0.256.75
 
80.24D   W
EOG ResourcesEOG87.21▲0.280.41
 
133.53D   W
Occidental PetroOXY52.51▲0.347.00
 
84.93D   W
Anadarko PetroAPC73.64▲0.440.40
 
76.23D   W
Pioneer Natural ResPXD138.23▲0.1119.08
 
193.03D   W
SERVICES
SchlumbergerSLB39.49▲2.034.46
 
68.43D   W
HalliburtonHAL23.74▲9.220.98
 
45.29D   W
Baker HughesBHGE23.96▲1.720.09
 
35.55D   W
Ntl-Oilwell VarcoNOV21.25▲1.219.57
 
49.08D   W
TechnipFMCFTI25.59▲2.018.20
 
33.60D   W
REFINERS
Marathon PetroMPC55.22▼0.045.47
 
88.45D   W
Phillips 66PSX102.55▲0.678.44
 
123.97D   W
Valero EnergyVLO84.35▲0.868.81
 
122.42D   W
HollyFrontierHFC48.20▼-0.737.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A63.90▲0.455.04
 
70.60D   W
TotalTOT54.41▼-0.249.70
 
65.69D   W
BPBP39.35▲0.336.28
 
47.16D   W
EniE32.02▲0.129.75
 
39.16D   W
EquinorEQNR19.07▲0.318.65
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • CNOOC (CEO): Upgraded from Neutral to Outperform at CICC Research.

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 move higher on hopes for major drawdown in crude stockpiles

Oil prices move higher on hopes for major drawdown in crude stockpiles

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