Oil prices stabilize after two days of heavy losses
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.
|Suncor Energy||SU||42.25||▼-0.2||35.53||52.06||D W|
|Imperial Oil||IMO||36.44||▼-1.1||31.51||44.69||D W|
|Husky Energy||HSE||9.76||▲0.1||8.48||22.99||D W|
|TC Energy||TRP||67.48||▲0.3||47.90||70.25||D W|
|Pembina Pipeline||PPL||49.38||▲0.4||39.15||50.65||D W|
|Inter Pipeline||IPL||24.41||▼-0.5||18.60||25.42||D W|
|Gibson Energy||GEI||23.37||▼-0.8||16.90||24.43||D W|
|LARGE CAP E&P|
|Cdn Natural Res||CNQ||35.92||▼-0.3||30.01||43.57||D W|
|Cenovus Energy||CVE||13.20||▼-0.2||8.74||14.31||D W|
|Vermilion Energy||VET||22.83||▲0.7||18.18||43.91||D W|
|Pason Systems||PSI||17.04||▲0.2||15.43||24.57||D W|
|Mullen Group||MTL||9.36||▼-0.2||8.44||16.04||D W|
|Secure Energy||SES||6.20||▼-0.8||5.41||9.44||D W|
|REFINING & MARKETING|
|Parkland Fuel||PKI||42.90||▲0.7||31.59||47.45||D W|
|Exxon Mobil||XOM||72.33||▼-0.7||64.65||87.36||D W|
|Kinder Morgan||KMI||20.69||▲0.1||14.62||21.50||D W|
|Williams Co||WMB||24.81||▼-0.1||20.36||29.55||D W|
|LARGE CAP E&P|
|EOG Resources||EOG||81.61||▲0.4||70.83||133.53||D W|
|Occidental Petro||OXY||45.79||▲2.6||41.83||83.35||D W|
|Pioneer Natural Res||PXD||135.93||▼-1.3||114.79||189.78||D W|
|Hess Corp||HES||65.58||▼-2.0||35.59||74.81||D W|
|Baker Hughes||BHGE||23.21||▼-0.1||20.09||34.49||D W|
|Ntl-Oilwell Varco||NOV||22.89||▼-0.2||18.05||46.64||D W|
|Marathon Petro||MPC||53.92||▲0.3||43.96||88.45||D W|
|Phillips 66||PSX||103.08||▲0.1||78.44||119.14||D W|
|Valero Energy||VLO||83.55||▼-0.1||68.81||120.72||D W|
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.
UPDATED: DAILY (END-OF-DAY)
• 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
• 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