Today’s energy and equity market update:
- Crude prices continue to unwind Hurricane Barry trade.
- Brent falls 1.1%, while WTI gives back 1.5%.
- Cdn Light discount narrows to less than US$4/bbl …
… while heavy oil discount widens by over US$3/bbl. - Energy stocks slide 1.2% on SPX, and 1.3% on TSX.
Today’s notable energy news:
- Lower gas prices drag Canada’s CPI much lower.
- Hurricane Barry dents Lower 48 output by 400 kbbl/day last week.
- US crude inventories fall for the fifth week in a row.
- Curtailment dents Kinder Morgan‘s storage volumes in Edmonton.
- Enbridge delays Mainline open season by about one week …
… while it begins construction on Line 5 tunnel in Michigan. - Phillips 66 Partners boosts dividend for 23rd quarter in a row.
