Canaccord raises its 2019 price outlook on U.S. crude, Brent

Bonterra Energy

09/04/2019 10:26

** Canaccord Genuity raises its 2019 U.S. crude price  CLc1 
forecast to $60 a barrel from $50 and Brent  LCoc1  outlook to
$65 a barrel from $60  
    ** U.S. crude trading at $64.57 a barrel, Brent at $71.28 on
Tuesday
    ** In Canada, price differentials between heavy crude and
U.S. light crude should widen out from current levels into
year-end, Canaccord says
    ** Output curbs imposed by Alberta led to differentials
narrowing "significantly" in Q1, notes brokerage
    ** Canaccord upgrades Nuvista Energy Ltd  NVA.TO  and
Bonterra Energy Corp  BNE.TO  to 'buy' from 'hold'     
    ** Among oilfield services firms, brokerage favors Precision
Drilling Corp  PD.TO , Ensign Energy Services Inc  ESI.TO , CES
Energy Solutions Corp  CEU.TO  & Total Energy Services Inc
 TOT.TO 
    ** Canaccord views international presence as a hedge on
domestic headwinds
    ** Since OPEC and allies agreed to cut output in Dec, U.S.
crude has risen ~23% and Brent ~16%

 (Reporting by John Benny in Bengaluru)
 ((John.Benny@thomsonreuters.com; +1 646-223-8780; Reuters
Messaging: John.Benny.thomsonreuters.com@reuters.net))