Today’s energy market update:
- Oil prices continue slow and steady climb.
- WTI and Cdn Light rise 0.3%, while Brent edges up 0.1%.
- Cdn heavy crude gains 0.8%, as discount to WTI narrows slightly.
- Gasoline rises 1.4%, while heating oil and Henry Hub move up 1%.
- TSX energy stocks get a 1.5% boost, while SPX energy nudges up 0.1%.
Today’s supply/demand update:
- API predicts 8M bbl drawdown in US crude stockpiles last week.
- EIA bumps up 2019 forecasts for US output and world oil production …
… and ratchets down 2019 forecast for global oil demand.
Today’s notable energy news:
- Suncor, CNRL, Imperial & Cenovus in talks to takeover AB rail contracts.
- Chevron Phillips Chemical Co and Qatar Petroleum announce another mega-plastics plant in USGC.
- Saudi Aramco awards US$18B in EPC contracts to boost offshore output by 550,000 bbl/day.
