Today’s energy market action:
- Oil and gas prices continue to move higher.
- Brent and WTI both rise about 2%.
- Cdn light and heavy benchmarks gain closer to 3%.
- Heavy oil discount moves back above US$12/bbl.
- Henry Hub surges 4%, while gasoline moves up 1%.
- Energy stocks outperform on both side of the border.
Today’s supply/demand update:
- Chinese oil imports unexpectedly rise in July.
- Desjardins bets on lower oil prices in 2020.
- ADNOC says US$11T req’d to meet demand thru 2040.
Today’s other notable energy news:
- Suncor Energy announces $1.4B plan to install two cogens.
- Baytex Energy says 2019 output will hit high end of guidance …
… while capital spending forecasted on low end. - Energy Transfer mulls sale of US$6B Rover Pipeline.
- Saudi Arabia announces change of energy minister …
… but don’t expect changes to OPEC policy.