Today’s energy and equity market action:
- Oil prices continue steep downward slide.
- Brent tumbles 3%, while WTI gives back 1%.
- Heavy oil discount narrows to almost US$12.50.
- C5+ moves higher, as differential narrows to US$3.60.
- Henry Hub slumps 2%, while AECO gains 10%.
- Dismal US manufacturing data sends equity markets lower.
- SPX energy posts fourth day of declines …
… while TSX energy falls for sixth day in a row.
Today’s notable energy news:
- API forecasts another big drop in crude stockpiles.
- Minnesota asks Enbridge to revise L3RP EIS …
… as state restarts regulatory review process. - Outages offshore NL take a bite out of July GDP.
- Obsidian Energy receives another NYSE delisting warning …
… as it begins “to explore strategic alternatives.” - ExxonMobil warns of another drop in quarterly earnings.
- Kinder Morgan gets OK to begin LNG exports at Elba.
- Shell makes case against Nord Stream 2 sanctions.
- Ecuador files for divorce from OPEC, again.
