Today’s energy and equity market update:
- Oil prices get a boost from GoM outages and big drop in crude stockpiles.
- Light oil benchmarks rise about 4.5%. Canadian heavy gains almost 6%.
- Gasoline and heating oil also move up 4%.
- Energy stocks outperform broader markets, rising 1.4% on the S&P 500 and 2.2% on the TSX.
Today’s notable energy news:
- One-third of GoM output comes offline ahead of tropical storm.
- EIA reports 9.5M barrel drop in US crude stockpiles …
… while US imports of Canadian crude surges to 4M bbl/day. - Enbridge cuts minimum volume commitments on Mainline contracts.
- Dominican Republic poised to get into the oil business.
- Total sells non-core UK gas assets to Petrogas for US$635M.
