Today’s energy market action:
- Crude prices rise 3%, helped by weaker USD and rising stock markets.
- Brent dips 2% for the week, while WTI gains 1% w/w.
- WCS posts first increase since mid-April, rising 6% w/w.
- Despite ongoing trade wars, US indices all rise over 4% w/w.
- TSX unchanged on Friday, but gains 1.2% w/w.
- TSX energy posts seventh week of losses, falling 2.4% w/w.
- SPX energy gains 0.4% for the day, bringing weekly gains to over 4%.
Today’s notable energy news:
- US rig counts fall by 11, touching 16-month low.
- Canada adds another 15 oil rigs, bringing total to 59.
- Saudis pledge to extend quotas beyond June — with or without Russia
- Cdn Senate passes Bill C-69, with over 180 amendments …
… but rejects recommendation to kill Bill C-48, despite severe flaws. - Enbridge seeks legal clarity on Line 5 tunnel deal in Michigan.
- TC Energy cleared to resume construction on Keystone XL …
… but has nothing planned for 2019. - Husky resumes production at White Rose, after being offline for 7-mo.
- CNOOC Canada de-staffs 100 employees in Calgary.
- BP abandons talks to sell Shearwater oilfield to Royal Dutch Shell.
- Equinor evacuates Statfjord platform after being struck by supply vessel.
- Brazilian court clears Petrobras to sell TAG network to France’s Engie.
