Oil prices stabilize after two days of heavy losses

Oil prices stabilize after two days of heavy losses

DATA SUBSCRIPTION
Sign-up for our data subscription service and get access to our complete database of oil and gas prices and energy statistics.

Today's energy market action:

  • Oil prices stemmed two days of declines, with most major North American benchmarks ending the day little changed.

  • Brent rose 1.3%, while WTI was unchanged. WCS ticked up 0.3%, as the differential nudged lower, to almost US$13 a barrel. Most other Canadian benchmarks were unchanged for the day.

  • Henry Hub declined more than 3%, while RBOB gasoline gained almost 3% for the day.

Today's equity market action:

  • US equity markets were little changed on Thursday. The S&P 500 energy sector declined 0.4%.

  • The TSX rose 0.3%, despite a 0.4% drop in Canadian energy stocks.

Today's notable energy news:

  • Flooding from Tropical Storm Imelda forced the partial shutdown of ExxonMobil's 366,000 bbl/day Beaumont refinery and adjacent petrochemicals plant in Texas. TC Energy's Marketlink pipeline, which runs from Cushing to the Gulf Coast, was also temporarily shut-in due to flooding and power disruptions. Bad weather also disrupted loadings at the Beaumont Ship Channel. Imelda has since been downgraded to a tropical depression.

  • Chevron sanctioned a brownfield expansion of its St. Malo field, located 280 miles off the coast of New Orleans. The company plans to use waterflood technology to boost recoverable reserves by more than 175 million barrels. Malo's remaining production life is now estimated at 30 years. The field is jointly owned with Murphy Oil, Petrobras, Equinor, ExxonMobil and Eni.

  • Enterprise Products Partners announced plans to expand and extend its Acadian natural gas system. When completed, the system’s capacity will increase from 1.8 to 2.1 Bcf/day. The expansion is expected to begin service in mid-2021.

  • Houston-based Talos Energy announced two separate agreements with BP and ExxonMobil for exploration opportunities for two different fields in the US Gulf of Mexico. Both fields are adjacent to Talos's existing assets.

  • The Trump Administration has revoked California's authority to set its own fuel standards, which are more stringent than federal requirements. EPA head Andrew Wheeler says the ruling provides "much-needed regulatory certainty for the automotive industry." Californian officials have vowed to fight the ruling in court. 

  • According to the Wall Street Journal, last Saturday's attack on two major oilfields has forced Saudi Arabia to import oil from its neighbours. The country is normally a net exporter of crude and refined products, and uses some of its oil production to generate electricity.

OIL PRICES - DAILY % CHANGE
WTI DIFFERENTIALS
STREAM CLOSE %CHG L 52WK H
BRENT$64.40▲1.350.47
 
86.29
WTI$58.13▲0.042.53
 
76.41
SCO$57.13▲0.025.15
 
65.55
C5+$52.38▲0.037.04
 
68.87
CDN LT$52.38▲0.020.83
 
61.30
WCS$45.08▲0.312.59
 
56.30

CRUDE OIL FUTURES CURVES
BRENT
WTI
█ SEP 19   █ SEP 12   █ SEP 5   █ AUG 29   (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
Nuvista Energy (NVA +3.2%)
Baytex Energy (BTE +1.4%)
Frontera (FEC +0.9%)
Crescent Point (CPG +0.8%)
MEG Energy (MEG +0.8%)
12-MO
HIGHS
None
TSX BEARISH INDICATORS
BOTTOM
5
Peyto Exploration (PEY -2.8%)
Encana (ECA -2.7%)
Birchcliff Energy (BIR -2.6%)
ARC Resources (ARX -2.6%)
Gran Tierra (GTE -2%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Suncor EnergySU42.25▼-0.235.53
 
52.06D   W
Imperial OilIMO36.44▼-1.131.51
 
44.69D   W
Husky EnergyHSE9.76▲0.18.48
 
22.99D   W
MIDSTREAM
EnbridgeENB46.69▼-0.139.40
 
51.22D   W
TC EnergyTRP67.48▲0.347.90
 
70.25D   W
Pembina PipelinePPL49.38▲0.439.15
 
50.65D   W
Inter PipelineIPL24.41▼-0.518.60
 
25.42D   W
Keyera KEY33.43▲0.424.05
 
35.93D   W
Gibson EnergyGEI23.37▼-0.816.90
 
24.43D   W
LARGE CAP E&P
Cdn Natural ResCNQ35.92▼-0.330.01
 
43.57D   W
Cenovus EnergyCVE13.20▼-0.28.74
 
14.31D   W
EncanaECA6.51▼-2.75.25
 
17.41D   W
TourmalineTOU14.17▼-1.711.89
 
23.86D   W
Vermilion EnergyVET22.83▲0.718.18
 
43.91D   W
SERVICES
Pason SystemsPSI17.04▲0.215.43
 
24.57D   W
EnerflexEFX12.58▼-0.311.81
 
20.38D   W
Mullen Group MTL9.36▼-0.28.44
 
16.04D   W
ShawcorSCL16.30▼-1.015.11
 
25.93D   W
Secure EnergySES6.20▼-0.85.41
 
9.44D   W
REFINING & MARKETING
Parkland FuelPKI42.90▲0.731.59
 
47.45D   W
S&P 500 ENERGY STOCKS
SPX BULLISH INDICATORS
TOP 5
Occidental Petro (OXY +2.6%)
Apache (APA +1.3%)
Halliburton (HAL +0.5%)
EOG Resources (EOG +0.4%)
Marathon Petro (MPC +0.3%)
12-MO
HIGHS
None
SPX BEARISH INDICATORS
BOTTOM
5
Noble Energy (NBL -3.9%)
Devon Energy (DVN -2%)
Hess Corp (HES -2%)
ONEOK (OKE -1.8%)
TechnipFMC (FTI -1.4%)
12-MO
LOWS
None
COMPANY TICKER CLOSE %CHG L 52WK H CHART
INTEGRATED
Exxon MobilXOM72.33▼-0.764.65
 
87.36D   W
ChevronCVX123.66▼-0.4100.22
 
127.60D   W
MIDSTREAM
Kinder MorganKMI20.69▲0.114.62
 
21.50D   W
Williams CoWMB24.81▼-0.120.36
 
29.55D   W
ONEOKOKE75.09▼-1.850.26
 
77.21D   W
LARGE CAP E&P
ConocoPhillipsCOP59.97▼-0.150.13
 
80.24D   W
EOG ResourcesEOG81.61▲0.470.83
 
133.53D   W
Occidental PetroOXY45.79▲2.641.83
 
83.35D   W
Pioneer Natural ResPXD135.93▼-1.3114.79
 
189.78D   W
Hess CorpHES65.58▼-2.035.59
 
74.81D   W
SERVICES
SchlumbergerSLB37.76▼-0.731.03
 
63.65D   W
HalliburtonHAL20.92▲0.516.97
 
42.57D   W
Baker HughesBHGE23.21▼-0.120.09
 
34.49D   W
Ntl-Oilwell VarcoNOV22.89▼-0.218.05
 
46.64D   W
TechnipFMCFTI24.00▼-1.418.20
 
32.91D   W
REFINERS
Marathon PetroMPC53.92▲0.343.96
 
88.45D   W
Phillips 66PSX103.08▲0.178.44
 
119.14D   W
Valero EnergyVLO83.55▼-0.168.81
 
120.72D   W
HollyFrontierHFC52.78▼-0.537.73
 
72.30D   W
NYSE ADRs
COMPANY TICKER CLOSE %CHG L 52WK H CHART
Royal Dutch ShellRDS.A58.31▲0.254.56
 
70.09D   W
TotalTOT52.86▲0.147.70
 
65.69D   W
BPBP38.69▲0.335.73
 
47.16D   W
EniE31.59▼-0.128.54
 
39.16D   W
EquinorEQNR19.87▼-1.116.24
 
28.93D   W
ANALYST RATINGS

UPGRADES

  • Cabot Oil & Gas (COG): Upgraded from Peer Perform to Outperform at Wolfe Research.

  • Southwestern Energy (SWN): Upgraded from Underperform to Peer Perform at Wolfe 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
TSX energy stocks rally to levels of mid-July, as Cdn benchmarks hold on to Monday's gains

TSX energy stocks rally to levels of mid-July, as Cdn benchmarks hold on to Monday's gains

Oil prices and energy stocks continue to unwind Monday spike

Oil prices and energy stocks continue to unwind Monday spike