Today’s energy and equity market action:
- Rising stock markets give oil prices a boost on Tuesday.
- Brent and WTI post first gain in past five trading days.
- C5+ moves up 1%, as discount to WTI narrows to US$5.50/bbl.
- US markets surge higher on hopes of interest rate cut.
- SPX energy gains 1.4%, while TSX energy rises 0.4%.
Today’s supply/demand update:
- API forecasts 3.5M barrel build in US crude stockpiles last week.
- Exports of Venezuelan crude fall 16% to 875 kbbl/day in May.
- US imports of Venezuelan crude fall 80% to 50 kbbl/day in March.
- Russian output falls below 11M bbl/day in June, due to pipeline problems.
Today’s other notable energy news:
- Equinor, Suncor and Siccar Point mull sanction of US$6B Rosebank field.
- Total poised to begin production at Culzean in UK North Sea.
- Cheniere Energy sanctions Train 6 at Sabine Pass …
… and signs 15-yr supply deal with Apache Corp. - FTC clears Occidental Petroleum‘s take-over of Anadarko Petroleum.
- Royal Dutch Shell sees US$35B in free cash flow for 2025 …
… and remains on track to return US$125B to shareholders.
