Today’s energy and equity market update:
- A mixed Monday in energy markets, as energy stocks shrug off lower oil prices.
- Brent falls almost 2%, while WTI retreats 1%.
- Cdn Light little changed, as differential to WTI narrows by US$0.50.
- WCS falls almost 4%, as differential to WTI widens by US$1.
- Gasoline tumbles over 2%, but manages to hold above US$1.70.
- SPX energy gains almost 1%, while TSX energy stocks rise 1.5%.
- Foreign ADRs listed on NYSE post another day of losses.
Today’s notable energy news:
- EQM Midstream announces more delays & cost overruns on Mountain Valley.
- C&J Energy Services & Keane Group announce US$1.8B “merger of equals.”
- Williams Co & CPPIB complete US$3.8B JV for Ohio assets.
- Equinor makes 2 discoveries offshore Norway, but comes up dry in the Arctic.
- Dutch government orders Royal Dutch Shell and ExxonMobil to cut Groningen output by another 20%.
