06:24:11 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Energy Summary for Dec. 10, 2014

2014-12-10 20:06 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $2.88 to $60.94 on the New York Merc, while Brent for January lost $2.60 to $64.24, going below $65 for the first time since July, 2009 (all figures in this para U.S.). OPEC has cut its forecast for world oil demand. It estimates that demand for OPEC oil will drop to 28.9 million barrels a day in 2015, a 280,000-barrel-a-day decrease from its previous forecast, and the lowest level in 12 years. OPEC is currently producing around 30 million barrels a day. Western Canadian Select traded at a discount of $18 to WTI ($42.94), down from a discount of $17.30. Natural gas for January added 5.4 cents to $3.70. The TSX energy index dove 11.33 points to close at 195.87, its first time below 200 since March, 2009.

The drop made for another bloody day for energy stocks. Junior producers, particularly those that pay dividends, were among the hardest hit. Twin Butte Energy Ltd. (TBE) lost 19 cents to 81 cents on 14.9 million shares, its heaviest volume since May and its first time closing below $1 since the beginning of 2010. Its 1.6-cent monthly dividend now yields 23.7 per cent. Penn West Petroleum Ltd. (PWT) lost 39 cents to $2.67 on 11.8 million shares, closing in on the $2.50 mark, which it has not touched in over 18 years (adjusted for rollbacks). Its 14-cent quarterly dividend yields 20.9 per cent. Surge Energy Inc. (SGY), down 62 cents to $3.48 (a 19-month low) on 8.31 million shares, pays a five-cent monthly dividend that now yields 17.2 per cent. All three companies have insisted that their dividends are safe. Investors seem skeptical.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed