Today’s energy market action:
- Oil prices little changed for the day, but down 2% for the week.
- Edmonton Condensate gains 0.4%, as discount to WTI narrows.
- Canadian benchmarks post third week of losses.
- Henry Hub falls 1%, after EIA reports unusually high inventory build.
Today’s equity market action:
- US jobless rate drops to 50-yr low, sending equity markets higher.
- SPX energy gains 0.8%, reducing weekly losses to 3.3%.
- TSX energy gains 1%, reducing weekly losses to 5.5%.
Today’s crude oil supply update:
- Oil rig counts rise by 2 in the US and drop by 2 in Canada.
- Iranian output expected to drop to 500,000 bbl/day in May …
… as exports to India and China likely to continue post-sanctions. - Despite Trump’s pleas, Saudi output likely unchanged in May.
Today’s other notable energy news:
- TransCanada officially becomes TC Energy …
… and promises to keep head office in Calgary. - Plains Midstream plans new terminal in Mitsue, Alberta …
… connecting to Rangeland‘s new gathering & distribution system. - ExxonMobil and Hess sanction Liza Phase 2 offshore Guyana.
- Shell seeks buyer for stake in US$15B Indonesian LNG project.
Today’s first quarter earnings:
- TransCanada posts $1B profit, while revenues dip 2% to $3.5B.
- Pembina Pipeline posts $313M profit, and raises dividend 5.3%.
- Seven Gen posts $11M profit, as output rises 5% to 197 kboe/day.
- Advantage Oil & Gas posts $1M profit, and cuts 2019 capital budget.
- Black Diamond posts $2.7M loss, while revenues rise to $45M.
- Enerflex posts $17M profit, as revenues rise 26% to $485M.
- Murphy Oil posts US$40M profit, as output rises to 192 kbbl/day.
- EOG Resources posts US$635M profit, as output rises to 774 kboe/day.
- Noble Energy posts US$313M loss, as revenues fall to US$1.1B.
- Equinor posts US$4.2B profit, while output holds steady at 2.2M boe/day.
