Today’s energy, equity and currency market action:
- Brent/WTI dip lower and reverse some of yesterday’s gains.
- Cdn crude benchmarks move higher as discounts to WTI narrow.
- API forecasts big build in US crude and gasoline stockpiles.
- Loonie sinks below 74 cents as USD hits 2-yr high.
- Cdn/US markets post second consecutive day of losses.
- Cdn energy sector bucks the downtrend, rising 1.2%.
Today’s notable energy news:
- Cdn Natural Resources buys Devon Energy‘s Cdn assets for $3.8B.
- Devon fully exits Canada and looks to offload Barnett gas assets in Texas.
- Connacher posts $3.3M profit in Q1, as it sits under creditor protection.
- Tourmaline Oil Corp trims 5-yr capital spending plans by $430M.
- ExxonMobil on track to boost output and double cash flow by 2025.
- Altus Midstream buys 27% stake in Permian Highway Pipeline.
- Fitch upgrades Kinder Morgan as balance sheet improves.
- Norwegian union threatens strike action, potentially taking over 100,000 boe/day offline.
