Today’s energy and equity market action:
- A relatively good day for oil prices, despite a slight pullback in equity markets.
- Brent rose 0.5%, edging closer to the US$70 threshold, while WTI rose 1.6%. The spread between the two benchmarks shrank to US$6.80 a barrel, the lowest since last fall.
- Canada’s light and heavy benchmarks both added another 2% for the day.
- Heating oil rose 1%, while gasoline prices gained 1.6%.
- In New York, the NYSE dipped 0.1%, while the S&P 500 was unchanged.
- The SPX energy sector declined 0.7%, giving back some of yesterday’s gains. Except for select midstream names, most energy components ended Tuesday in the red.
- In Toronto, the TSX gained 0.2%, despite a 0.4% decline in energy stocks.
