Today’s energy market action:
- WTI posts first loss for the week, falling 0.6% on Wednesday.
- WCS dips 1.5%, as discount to WTI widens slightly.
- Heating oil declines 1%, while gasoline falls 0.4%.
- Loonie sinks to 74 cents as Bank of Canada downgrades GDP forecast.
- USD takes another leg up, breaking out to 22-month high.
- Energy sectors post 2% loss on both TSX and SPX.
Today’s notable energy news:
- EIA reports higher crude stockpiles …
… and 10th weekly decline in gasoline inventories. - IEA says world oil markets “adequately supplied” with or without Iran.
- Curtailment hits CP Rail‘s crude-by-rail shipments in Q1.
- Shell makes significant deepwater discovery in US GoM.
- ExxonMobil plans expansion of Fawley refinery in the UK …
… and adds more acreage in Namibia.
Today’s notable M&A activity:
- Occidental trumps Chevron‘s offer for Anadarko
- Shell in talks to buy BP‘s stake in Shearwater field in UK North Sea.
- Delek Group closing in on deal to buy Chevron‘s UK North Sea assets.
Today’s first quarter earnings results:
- Cenovus posts $110M net profit, thanks to Alberta’s curtailment program.
- Western Energy posts $7M loss, blamed on Alberta’s curtailment program.
- QEP Resources posts US$117M loss, due to big drop in gas production.
- CVR Energy posts US$101M profit, on revenues of US$1.5B.
- RPC posts US$2M operating loss, as revenues fall 23%.
