Today’s energy market action:
- Comforting words from Trump sends stocks and commodities higher.
- Brent gains 1.4%, while WTI and WCS rise 1.2%.
- Gasoline, heating oil and Henry Hub also move higher.
- API forecasts 8.6M bbl build in US crude stockpiles.
- SPX energy rises 1%, while TSX energy posts 2% gain.
Today’s supply/demand update from OPEC:
- OPEC output held steady at 30.0M bbl/day in April.
- OECD crude inventories remain 20M bbls above 5-yr average.
- Non-OPEC free cash flow hits record US$310B in 2018 …
… and should rise to US$324B in 2020. - Non-OPEC capex spend projected to reach US$468B next year.
Today’s other notable energy news:
- Keyera parters up with SemCAMS on Key Access Pipeline System …
… and sanctions sulphur handling project at South Cheecham Terminal. - Saudi oil pumping stations targeted by drones packed with explosives.
- Mozambique green-lights ExxonMobil‘s 15M t/yr Rovuma LNG project.
Today’s notable first quarter earnings:
- Profits at Keyera cut to $34M due to outage of Alberta EnviroFuels Facility.
