Today’s energy and equity market action:
- Brent and WTI slide back to January lows.
- Canadian benchmarks give back about 4%.
- Gasoline, heating oil and Henry Hub dip 2%.
- Cdn/US equity markets power higher …
… despite steep losses in energy stocks. - US midstream stocks get a lift from falling interest rates.
Today’s supply/demand update:
- EIA reports big build in Gulf Coast and Cushing crude stockpiles.
- Total US production hits new record high of 12.4M bbl/day.
- Kashagan oil field hits all-time high of 400,000 bbl/day …
… and expected to keep rising.
Today’s other notable energy news:
- Alberta First Nations coalition throws hat in the ring for Trans Mountain.
- Obsidian Energy shareholders approve 7-for-1 reverse share spilt.
- LyondellBasell turfs US$11B takeover of Brazil’s Braskem.
- ExxonMobil extends production offshore Angola.
- McDermott, Saipem and Chiyoda signed major EPC deal with Anadarko Petroleum for proposed Mozambique LNG project.
