Today’s energy and equity market update:
- Oil prices post first loss of the week, despite big drop in stockpiles.
- Brent falls 1%, while WTI dips 1.6%.
- Cdn Light gives back 0.8%, as discount to WTI narrows.
- WCS declines 2%, as differential to WTI little changed.
- Heating oil and gasoline move lower, while Henry Hub sinks 3.5%.
- SPX energy gains 0.4%, helped by all subsectors except midstream.
- TSX energy slumps 1.2%, with all subsectors posting losses.
Today’s notable energy news:
- Hurricane Barry dents US output by 1M bbl/day …
… taking 11M barrels of crude out of inventories. - Suncor Energy reports record Q2 production, despite curtailments.
- Operating costs at Syncrude expected tomove higher in 2019.
- CN Rail boosts crude shipments to 200 kbbl/day in June …
… helping revenues touch a record $4B in Q2/2019. - Obsidian Energy regains compliance for NYSE listing.
- S&P Global Ratings upgrades Gibson Energy‘s credit and debt ratings.
- ExxonMobil announces start of new polyethylene line at Beaumont complex.
