Today’s energy market update:
- More tanker attacks in Strait of Hormuz spark rally in oil prices.
- Brent and WTI gain over 2%, reversing some of yesterday’s declines.
- Cdn Light and C5+ rise 3%, while WCS moves up almost 4%.
- Henry Hub slumps almost 3% due to lack of cooling demand in the US.
- Energy stocks rise about 1% on both sides of the border.
Today’s supply/demand update:
- OPEC cuts world oil demand forecast for the first half of 2019 …
… while output falls to 5-year low of 29.9 million bbl/day. - CAPP cuts Cdn oil supply growth forecast due to “pipeline constraints, a lack of market diversity, and inefficient regulations.”
Today’s other notable energy news:
- Seymour Schulich buys 5% of MEG Energy, despite competitiveness concerns.
- Vermilion Energy drills first exploration well in Croatia.
- ExxonMobil and SABIC partner up on US$9B petrochemical plant in Texas.
- Patterson-UTI looks to streamline operations and divest pumping business.
- Trump threatens Germany with sanctions, for being too cozy with the Russians.
