Today’s energy and equity market action:
- Oil prices rally in the morning, but fizzle in the afternoon.
- WTI little changed, while Cdn Light moves up 0.3%.
- WCS dips 0.4%, as heavy oil discount widens slightly.
- Equity markets soar as US/China trade talks progress.
- Energy stocks log second day of gains on TSX/SPX.
Today’s notable energy news:
- EIA reports another drawdown in US crude stockpiles.
- Parkland Fuel buys Miami-based Tropic Oil.
- Imperial Oil and Cenovus step-up in support of Enbridge.
- Schlumberger doubles-down on digital investments …
… and vows to exit unprofitable businesses. - ExxonMobil strikes major deal to exit Norway.
- Total announces positive FID on US$21B Arctic LNG 2 …
… bringing 2019 total volumes sanctioned to record 63 Mt/y. - Equinor executes first tranche of US$5B buyback program.
- US Administration announces more sanctions on Iran …
… as France mulls US$15B cash-for-oil lifeline.
