Today’s energy and equity market action:
- Another global market meltdown pulls oil prices lower.
- Brent/WTI spread narrows to US$5 a barrel.
- Heavy oil discount moves back above US$13 …
… while Cdn light oil differentials all narrow. - Henry Hub and AECO prices also nudge lower.
- Loonie takes a big haircut.
- SPX energy sheds another 2.6% …
… while TSX energy posts seventh day of declines.
Today’s notable energy news:
- US crude stockpiles move higher for third week in a row.
- Cenovus Energy trims capex and boosts dividend.
- Bellatrix Exploration files for creditor protection …
… and launches strategic review. - CNRL and Suncor Energy get downgraded at National Bank.
- Washington State set to ban Bakken crude imports by rail.
- BP CEO Bob Dudley confirms plans to retire in 2020.
