Today’s energy and equity market action:
- Rising USD drags commodities lower on Friday, including energy.
- Brent and WTI post losses for the day, but a decent 2% gain for the week.
- Cdn light/heavy oil take a tumble as discounts widen on contract expiry.
- Gasoline falls 0.5% for the day, but ends the week 1.5% higher.
- USD gains 0.2% for the day, bringing weekly gain to 0.7%.
- SPX/TSX energy post losses for the day, wiping out all gains for the week.
- Canadian midstream stocks buck the downtrend on falling bond yields.
Today’s notable energy news:
- US drillers take another three oil rigs out of service.
- Cdn energy Senate committee gives Bill C-69 a major facelift.
- Obsidian Energy sells stake in Peace River Oil Partnership for $97M.
- ExxonMobil promises US$64B in revenues for New Mexico over next 40 years.
- Argentina awards US$724M in new offshore explorations permits.
- Contaminated Druzhba pipeline taking longer than expected to clean-out.