Today’s energy market update:
- Oil prices get a boost from big drawdown in US crude stockpiles.
- WTI and WCS rise 3%, while Brent moves up 2%.
- Cdn Light discount to WTI widens by US$1/bbl.
- Gasoline prices jump 5%, while heating oil gains 2.5%.
- Energy stocks buck the downtrend, moving higher on both SPX/TSX.
Today’s notable energy news:
- US crude stockpiles drop a whopping 13M bbls, as exports hit record high.
- Pieridae Energy buys Shell’s Alberta Foothills gas assets for $190M.
- PES plans to shutdown 335 kbbl/day Philadelphia Refining Complex.
- TechnipFMC pays US$300M to settle anti-corruption charges in Brazil/US.
- Texas court dismisses lawsuits against Kinder Morgan‘s US$2B Permian Highway Pipeline.
