oday’s energy and equity market update:
- Traders dump stocks and commodities, as US/China trade talks fizzle.
- Brent drops 2%, and ends Tuesday below US$70.
- WCS drops 2%, as heavy oil discount widens to US$12.50.
- Gasoline gives back another 2.4%, falling below US$2/gal.
- TSX energy falls 1.3%, while SPX energy drops 0.6%.
Today’s supply/demand update:
- API forecasts 3M bbl build in US crude stockpiles for last week.
- EIA bumps up US crude production forecasts for 2019 and 2020.
Today’s other notable energy news:
- Iraq mulls US$53B deal with ExxonMobil and PetroChina to boost output.
- Saudi Aramco mulls investment in Equinor‘s US shale gas operations.
- TechnipFMC wins EPCI contract for BP‘s Thunder Horse in US GoM.
- Pioneer Natural Resources looks to destaff executives and divest gas processing midstream assets.
Today’s notable first quarter earnings:
- Bonterra Energy posts $1.6M profit, as output falls 9% to 12 kboe/day.
- Peyto Exploration posts $25M profit, as output falls 16% to 88 kboe/day.
- NuVista Energy posts $36M loss, as output rises 21% to 44 kboe/day.
- Plains All American posts US$970M profit, on revenues of US$8.4B.
- Pioneer Natural Resources posts US$350M profit, on revenues of US$2.4B.
- Targa Resources posts US$39M loss, on revenues of US$2.3B.
- Ecopetrol posts US$848M profit, on output of 729 kboe/day.
