oday’s energy and equity market action:
- Oil prices creep higher again on Wednesday.
- Cdn heavy oil discount widens to US$13, the highest since mid-Feb.
- Gasoline prices rise 2%, and move back above US$2 a gallon.
- SPX energy gains 0.5%, while TSX energy little changed.
Today’s supply/demand update:
- US crude stockpiles rise by 5.4M bbls, mostly in USGC and Cushing.
- US crude output continues to slide from record highs of early May.
- World oil supply falls to 99.3M bbl/day in April, down 300 kbbl/day m/m.
- Libya, Nigeria and Iraq boost output, offsetting losses from Venezuela and Iran.
Today’s other notable energy news:
- Canada’s inflation rate hits 2% in April, thanks to higher gas prices.
- Woodfibre LNG buys privately-held E&P firm Canbriam Energy.
- Venezuela puts upgraders in recirc-mode, as storage tanks become full.
- Warren Buffett’s Berkshire Hathaway slashes stake in Phillips 66.
- Seymour Schulich boosts stake in Pengrowth Energy, bringing total ownership to almost 30%.
Today’s notable first quarter earnings:
- Birchcliff Energy posts $17M profit, while revenues rise 12% to $178M.
- Bellatrix Exploration posts $19M loss, while revenues rise 3% to $69M.
