Today’s energy and equity market update:
- Oil prices take a breather, sending most energy stocks lower.
- Brent falls 0.5%, while WTI and Cdn Light dip 0.3%.
- WCS and C5+ buck the downtrend, as differentials narrow.
- Henry Hub sinks over 2%, and touches new 3-year low.
- Canada’s inflation rate moves sharply higher — but don’t blame gas prices.
- SPX energy dips 0.2%, while TSX energy sheds almost 1%.
- Cdn midstream stocks get a boost from falling interest rates.
Today’s notable energy news:
- US crude stockpiles finally start to ease …
… while output growth hits the pause button. - Repsol cuts Canadian headcount by 30%, all in Alberta.
- Trans Mountain hopes to restart TMX construction in September …
… bringing in service date to mid-2022. - Minnesota holds back permits for Enbridge‘s Line 3 Replacement …
… until new spill models on Lake Superior are completed. - Gran Tierra suffers operational disruptions in Columbia.
- ExxonMobil evacuates Basra office in Iraq, due to rocket launches.
- OPEC and friends finally set a date to review output quotas.
