Today’s energy and equity market update:
- Oil prices log third day of gains, as Brent, WTI, C5+ and SCO all rise 1%.
- Cdn Light gains 1.4%, as discount to WTI narrows below US$3.50.
- WCS gains 3%, as discount to WTI narrows to US$14.25.
- USD moves up 0.5%, sinking most other global currencies.
- SPX energy nudges up 0.3%, while TSX energy gains 0.6%.
- Most energy subsectors move higher, except for midstream stocks.
Today’s notable energy news:
- API forecasts 11M bbl drawdown in crude stockpiles for last week.
- Pipestone Energy sells gas processing plant to Tidewater Midstream.
- TechnipFMC scores US$1B+ EPC contract by Novatek for Arctic LNG 2.
- American Midstream Partners closes on merger with ArcLight Energyand delists from NYSE.
