Today’s energy market action:
- Oil prices recover some of Thursday’s losses on Friday …
… but post largest weekly drop so far this year. - Canadian light and heavy benchmarks slide 10% w/w.
- Gasoline and heating oil also decline 5% w/w.
- US oil rig counts drop by 5, while Canada adds 16.
- US energy stocks rise 0.2% for the day, but fall 3.4% w/w.
- TSX energy stocks rise 0.4% for the day, but fall 5.5% w/w.
Today’s other notable energy news:
- BC court rules province has no jurisdiction on pipeline contents.
- Gibson plans a record 200 kbbl/day of crude-by-rail this summer.
- German shipper detains PDVSA tankers in hopes of collecting on unpaid bills.
- US gov’t blames Iran’s Revolutionary Guards for tanker attacks …
… and deploys more troops to the Middle East. - Tallgrass Energy shuts southern end of Pony Express pipeline due to flooding.
- Total looking to sell part of its stake in 400 kbbl/day Kashagan oil field.
- Brookfield Business Partners launches hostile bid for remaining shares of Teekay Offshore Partners, at a bargain-basement price.
