Today’s energy and equity market action:
- Oil prices sink lower, as USD hits 28-month high.
- Brent and WTI give back all gains from Sept 14 attacks.
- Cdn crude benchmarks all move lower for the day …
… closing out September with a loss. - Henry Hub and AECO also move lower for the day …
… but post a decent gain for the month. - SPX energy stocks end Q3 down over 7% …
… while TSX energy stocks sink 2% in Q3.
Today’s supply update for the month of September:
- OPEC output sinks to 28.9 Mbbl/day, the lowest since 2011.
- Saudi output sinks to 9.1 Mbbl/day, incl. barrels from storage.
- Russian output dips to 11.2 Mbbl/day, still slightly above quota.
Today’s M&A news:
- NextEra Energy Partners buys Meade Pipeline Co from owners AltaGas, Cabot Oil & Gas and EIF Vega Midstream.
- Sempra Energy sells Peruvian power business to China Yangtze Power.
- Total closes on purchase of Anadarko’s Mozambique LNG.
- ConocoPhillips closes on sale of UK subsidiary to Chrysaor.
- Jefferies and Wells Fargo trim energy investment teams, as M&A activity slows.
Today’s other notable energy news:
- Husky gets permission to begin rebuild of Superior Refinery.
- Pengrowth Energy delays revolving credit debt repayment …
… as strategic review process continues. - Obsidian Energy provides operational update, and boosts hedging volumes.
- ConocoPhillips ceases exploration in Louisiana’s Austin Chalk play.
- Shell releases first quarterly outlook, and promises more transparency.
- BP CEO Bob Dudley prepares for retirement after 10-years at the helm.
