Today’s energy and equity market update:
- After Wednesday’s big run-up, oil prices took a breather on Thursday.
- Brent slips 0.7%, while WTI, WCS and Cdn Light drops 0.4%.
- Heating oil and gasoline pull back 0.7%.
- Henry Hub sinks 1.5%, wiping out all of yesterday’s gains.
- Energy sector unmoved on TSX, but nudges up 0.2% on SPX.
Today’s supply/demand update:
- Tropical Storm Barry takes over 1M bbl/day offline in GoM …
… and shuts down Phillips 66 Alliance Refinery in Lousiana. - OPEC output drops another 68k to 29.8M bbl/day in June …
… which is still 500,000 bbl/day above 2020 demand.
Today’s other notable energy news:
- Iranian vessels intercept BP-operated tanker in Strait of Hormuz.
- CES Energy Solutions plans buyback of 18.6M shares.
- Occidental Petroleum boosts quarterly dividend for 17th year in a row.
