Today’s energy and equity market action:
- Crude benchmarks nudge up slightly.
- C5+ gains almost 1%, as differential to WTI narrows.
- Henry Hub gives back another 2%.
- Trump threatens major increase in Chinese import tariffs …
… sending global equity markets for a wild ride. - Energy sectors little changed on TSX/SPX.
- US refining stocks take a hit as gasoline prices sink 1.5%.
Today’s notable energy news:
- Occidental boosts cash portion for Anadarko …
… and tries to make a runaround OXY shareholders. - Anadarko sides with Occidental, and gives Chevron ultimatum.
- Total makes US$9B bid for Anadarko‘s African assets — maybe?
- US gov’t denies Kinder Morgan‘s request to waive steel tariffs.
- BP approves Phase 2 expansion of Thunder Horse platform in GoM.
Today’s notable first quarter earnings:
- MEG Energy posts $48M loss, despite big improvement in dilbit prices.
- Gibson Energy posts $59M profit, as revenues rise 4% to $1.75B.
- Occidental posts US$631M profit, as global output hits 719,000 boe/day.
