Today’s energy market action:
- Risk appetite resurfaced on Friday, sending equity markets and most commodities higher,
- Brent rose almost 1% while WTI gained 1.4%, ending the week back above US$60 for the first time since early November.
- Canadian Light and WCS also rose about 1.5%. The Edmonton Condensate (C5+) discount to WTI narrowed another US$0.25 to US$4.20 a barrel, sending C5+ prices up 2%.
- Gasoline prices rose 1% while heating oil was unchanged. Henry Hub dropped another 2% on Friday, bringing weekly losses to almost 4%.
Today’s currency and equity market action:
- Better than expected GDP data sent the Canadian dollar up 0.7%. Most other currencies, including the US dollar were little changed for the day.
- Except for the TSX, most major markets ended the day in the positive. The NYSE rose 0.5%, while the S&P 500 rose 0.7%. The TSX ended the day down 0.3%.
- The TSX energy sector declined 0.5% on Friday, while SPX energy dipped 0.2%.
