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Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index advancing 1% and the Energy Select Sector SPDR Fund (XLE) gaining 0.9%.
The Philadelphia Oil Service Sector index increased 2%, and the Dow Jones US Utilities index climbed 0.7%.
Front-month West Texas Intermediate crude oil rose 2.4% to $70.30 a barrel while global benchmark Brent advanced 1.7% to $72.82 a barrel. Henry Hub natural gas futures jumped 3.1% to $2.38 per 1 million BTU.
In corporate news, Waterous Energy Fund Management said Monday that it agreed to buy a more than 43% stake in Greenfire Resources from Allard Services, Annapurna and Modro Holdings for 327.8 million Canadian dollars ($241.1 million). Greenfire Resources shares jumped 11%.
Exxon Mobil and Chevron were among the oil majors getting a legal victory after a federal appeals court dismissed a case brought by consumers alleging the companies colluded with foreign nations and former President Donald Trump to cut production and raise prices. Exxon shares rose 1.3% and Chevron added 0.9%.
BP has agreed to sell a non-controlling stake in BP Pipelines TAP to Apollo Global Management (APO) in a deal valued at $1 billion. BP shares were rising 1.2%.
FirstEnergy shares were shedding 0.3% after it said Monday its FirstEnergy Pennsylvania Electric unit has reached a $225 million settlement in its base rate review, expanding bill assistance for low-income residential customers.
Oct WTI crude oil (CLV24) Monday closed up +1.44 (+2.10%), and Oct RBOB gasoline (RBV24) closed up +3.80 (+1.97%).
Crude oil and gasoline prices Monday rallied sharply to 1-week highs. Monday's slide in the dollar index to a 1-week low was bullish for most commodity prices. Also, the disruption of crude exports from Libya has tightened global supplies and supported oil prices. A negative for crude is concern about Chinese fuel demand after Monday's weaker-than-expected Chinese economic reports.
Reduced Libyan oil production and exports are supporting oil prices as UN-led talks failed to break an impasse in Libya over control of the country's central bank, which has led to reduced crude exports. Libya's crude exports fell to 314,000 bpd last week from 468,00 bpd at the beginning of this month. Earlier this month, Libya's eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country's central bank and oil revenues.
Chinese economic news Monday was weaker than expected, which sparked concerns about fuel demand in China, the world's second-largest crude-consuming country. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
A decline in crude oil held worldwide on tankers is bullish for prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -1.5% w/w to 65.53 million bbl in the week ended September 13.
Crude prices found support after OPEC+ on September 5 agreed to pause its scheduled crude production hike of 180,000 bpd in October and November due to recent weakness in crude prices and signs of fragile global energy demand.
An increase in Russian crude exports is negative for crude. Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +40,000 bpd to 3.14 million bpd in the week to September 8. Meanwhile, a decline in Russian crude production is positive for oil prices after Russia's Energy Ministry reported Tuesday that Russia's Aug crude production was 9.059 million bpd, down -30,000 bpd from July but +81,000 bpd above the output target it agreed to with OPEC+.
Last Wednesday's EIA report showed that (1) US crude oil inventories as of September 6 were -4.3% below the seasonal 5-year average, (2) gasoline inventories were -0.6% below the seasonal 5-year average, and (3) distillate inventories were -8.6% below the 5-year seasonal average. US crude oil production in the week ending September 6 was unchanged w/w at 13.3 million bpd, just below the record high of 13.4 million bpd from the week of August 16.
Baker Hughes reported last Friday that active US oil rigs in the week ending September 13 rose by +5 rigs to 488 rigs, modestly above the 2-1/2 year low of 477 rigs posted in the week ending July 19. The number of US oil rigs has fallen over the past year from the 4-year high of 627 rigs posted in December 2022.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
WINNIPEG, Manitoba--The ICE Futures canola market rose sharply on Monday, correcting itself from contract lows on Friday and after the release of new data from Statistics Canada.
One analyst expected StatCan's new production figure for canola was lifting prices, but he also raised the possibility of increased buying from China.
StatCan cut its 2024-25 canola production estimate by 520,000 tons at 18.98 million, down 1.1% on the year but still above the five-year average of 18.34 million tons.
Chicago soyoil and European rapeseed were up while Malaysian palm oil was down. Meanwhile, crude oil gained more than US$1 per barrel.
Chart-based positioning on ideas Friday's losses were overdone contributed to the gains, as canola was said to be looking cheap compared to other oilseeds.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday's close.
There were 58,100 canola contracts traded on Monday, which compares with Friday when 59,100 contracts changed hands. Spreading accounted for 31,162 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Price Change
Nov 564.70 up 22.90
Jan 578.30 up 22.40
Mar 590.70 up 21.40
May 599.80 up 20.10
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Nov/Jan 13.30 under to 14.90 under 7,313
Nov/Mar 25.70 under to 28.10 under 701
Nov/May 34.50 under to 36.90 under 170
Nov/Jul 42.80 under to 43.60 under 68
Nov/Nov 37.50 under to 41.00 under 500
Jan/Mar 12.10 under to 13.50 under 3,375
Jan/May 20.70 under to 22.40 under 291
Jan/Jul 30.80 under 23
Mar/May 8.40 under to 10.70 under 2,036
May/Jul 6.70 under to 8.90 under 703
Jul/Nov 6.20 over to 2.00 under 397
Nov/Jan 1.50 under to 2.30 under 4
Source: Commodity News Service Canada, news@marketsfarm.com
Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index advancing 1% and the Energy Select Sector SPDR Fund (XLE) gaining 0.9%.
The Philadelphia Oil Service Sector index increased 2%, and the Dow Jones US Utilities index climbed 0.7%.
Front-month West Texas Intermediate crude oil rose 2.4% to $70.30 a barrel while global benchmark Brent advanced 1.7% to $72.82 a barrel. Henry Hub natural gas futures jumped 3.1% to $2.38 per 1 million BTU.
In corporate news, Exxon Mobil and Chevron were among the oil majors getting a legal victory after a federal appeals court dismissed a case brought by consumers alleging the companies colluded with foreign nations and former President Donald Trump to cut production and raise prices. Exxon shares rose 1.3% and Chevron climbed 0.9%.
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