Energy markets get a boost after U.S. announces delay in next round of tariffs

Energy markets get a boost after U.S. announces delay in next round of tariffs

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Today's energy market action:

  • Rising equity markets lifted all boats on Tuesday, including energy. Brent rose almost 5%, while WTI and Canada's light oil benchmarks all gained 4%. Western Canadian Select (WCS) rose almost 6%, as its discount to WTI narrowed to US$12.15 per barrel.

  • Gasoline prices also moved up over 4% for the day, while Henry Hub gained 2%.

  • The American Petroleum Institute is forecasting a 3.7 million barrel increase in US crude stockpiles for last week. Official numbers from the Energy Information Administration are due to be released Wednesday morning.

Today's equity market action:

  • Equity markets rallied on Tuesday, after the Trump Administration announced plans to delay its latest rounds of tariffs from September to December, as it works through its trade dispute with China.

  • Markets in Toronto and New York moved higher on Tuesday, reversing most of yesterday's losses. The NYSE rose 1.1%, while the NASDAQ gained almost 2%. The S&P 500 Large Cap Index got a 1.5% boost, with all sectors moving to the upside. The US energy basket rose 1% for the day.

  • In Canada, the TSX gained 0.7%. Except for gold stocks, all sectors also moved higher on Tuesday, including energy, which rose 0.9%.

  • After rising steadily through the month of August, the yen finally retreated on Tuesday, falling 1.3%. The US dollar moved up 0.5% while the loonie was little changed.

Today's notable energy news:

  • Obsidian Energy says it continues to progress the sale of its Peace River Oil Partnership, which is now expected to close by the end of the month. Upon closing, its syndicated credit facility will be reduced from $550 million to $420 million. 

  • According to Reuters, ExxonMobil is considering a complete exit from the UK North Sea, after operating in the region for more than 50 years. The company is in talks with several other operators in the region to gauge interest in its oil and gas fields, most owned jointly with Royal Dutch Shell. The assets produce about 80,000 bbl/day of oil and 441 MMcf/day of gas (net to Exxon), and are estimated to be worth as much as US$2 billion.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$61.30▲4.750.47
 
86.29
WTI$57.10▲4.042.53
 
76.41
SCO$58.65▲4.025.15
 
71.86
C5+$54.57▲3.337.04
 
68.87
CDN LT$54.24▲4.120.83
 
63.86
WCS$44.96▲5.712.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ AUG 13   █ AUG 6   █ JUL 30   █ JUL 23   (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
Baytex Energy (BTE +5.7%)
Birchcliff Energy (BIR +4.6%)
MEG Energy (MEG +3.3%)
Enerplus (ERF +2.8%)
Whitecap Res (WCP +2.6%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Precision Drilling (PD -5.4%)
CES Energy (CEU -4.4%)
Enerflex (EFX -3.2%)
Ensign Energy Svcs (ESI -2.2%)
Nuvista Energy (NVA -2.2%)
12-MO
LOWS
Husky Energy (HSE +1.1%)
Tourmaline (TOU +0.2%)
Enerflex (EFX -3.2%)
Birchcliff Energy (BIR +4.6%)
Ensign Energy Svcs (ESI -2.2%)
Gran Tierra (GTE +0.5%)
Kelt Exploration (KEL +2.3%)
Nuvista Energy (NVA -2.2%)
Precision Drilling (PD -5.4%)
TORC O&G (TOG +1.8%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU37.94▲0.135.53
 
54.51D   W
Imperial OilIMO33.08▲0.132.44
 
44.69D   W
Husky EnergyHSE8.95▲1.18.71
 
22.99D   W
MIDSTREAM
EnbridgeENB45.48▲1.939.40
 
51.22D   W
TC EnergyTRP65.47▲2.547.90
 
67.15D   W
Pembina PipelinePPL48.99▲1.039.15
 
50.65D   W
Inter PipelineIPL24.67▲1.818.60
 
25.24D   W
Keyera KEY32.86▼-1.524.05
 
38.43D   W
Gibson EnergyGEI23.310.016.90
 
24.43D   W
LARGE CAP E&P
Cdn Natural ResCNQ31.79▲1.230.11
 
46.39D   W
Cenovus EnergyCVE11.54▲2.58.74
 
14.26D   W
EncanaECA5.88▲1.65.25
 
17.76D   W
TourmalineTOU13.60▲0.213.42
 
23.86D   W
Vermilion EnergyVET20.38▲2.519.77
 
43.91D   W
SERVICES
Pason SystemsPSI16.62▼-0.616.30
 
24.57D   W
EnerflexEFX13.67▼-3.213.45
 
20.38D   W
Mullen Group MTL9.30▼-1.19.15
 
16.93D   W
ShawcorSCL17.00▼-1.115.11
 
28.89D   W
Secure EnergySES6.40▼-0.26.25
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI43.20▲1.531.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Cimarex Energy (XEC +3.4%)
Diamondback (FANG +3.2%)
Hess Corp (HES +2.1%)
Valero Energy (VLO +2.1%)
Marathon Oil (MRO +1.7%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Anadarko Petro (APC -27.3%)
Cabot O&G (COG -2.1%)
Helmerich & Payne (HP -1.9%)
Occidental Petro (OXY -0.6%)
12-MO
LOWS
Occidental Petro (OXY -0.6%)
Schlumberger (SLB +1%)
Apache (APA +1.6%)
Helmerich & Payne (HP -1.9%)
Cimarex Energy (XEC +3.4%)
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM70.49▲1.264.65
 
87.36D   W
ChevronCVX122.39▲0.6100.22
 
127.60D   W
MIDSTREAM
Kinder MorganKMI20.51▲0.914.62
 
21.50D   W
Williams CoWMB23.89▲0.820.36
 
31.96D   W
ONEOKOKE69.64▲0.650.26
 
72.38D   W
LARGE CAP E&P
ConocoPhillipsCOP53.87▲1.452.30
 
80.24D   W
EOG ResourcesEOG78.52▲0.774.84
 
133.53D   W
Occidental PetroOXY44.76▼-0.644.01
 
83.35D   W
Anadarko PetroAPC0.12▼-27.30.08
 
0.85D   W
Pioneer Natural ResPXD128.36▲1.3114.79
 
189.78D   W
SERVICES
SchlumbergerSLB34.63▲1.033.86
 
66.04D   W
HalliburtonHAL19.48▲0.419.10
 
42.57D   W
Baker HughesBHGE23.57▲0.620.09
 
34.68D   W
Ntl-Oilwell VarcoNOV20.38▲1.019.57
 
47.46D   W
TechnipFMCFTI24.38▲1.518.20
 
32.91D   W
REFINERS
Marathon PetroMPC47.15▲1.645.47
 
88.45D   W
Phillips 66PSX99.74▲1.578.44
 
123.45D   W
Valero EnergyVLO78.74▲2.168.81
 
122.42D   W
HollyFrontierHFC47.00▲0.737.73
 
76.56D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A57.70▲0.955.04
 
70.09D   W
TotalTOT49.43▲1.647.91
 
65.69D   W
BPBP37.20▲1.536.28
 
47.16D   W
EniE30.00▲1.729.43
 
39.16D   W
EquinorEQNR17.18▲3.216.57
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • None.

DOWNGRADES

  • Seadrill (SDRL): Downgraded from Buy to Neutral at BTIG Research.

  • Western Midstream Partners (WES): Downgraded from Overweight to Neutral at JPMorgan and from Buy to Neutral at Ladenburg Thalm.

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
Inverted yield curve sinks oil prices, sending TSX energy sector to 16-year low

Inverted yield curve sinks oil prices, sending TSX energy sector to 16-year low

Energy stocks kick off the trading week with another loss

Energy stocks kick off the trading week with another loss