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Energy Summary for Feb. 26, 2015

2015-02-26 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $2.82 to $48.17 on the New York Merc, while Brent for April lost $1.58 to $60.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI ($34.07), down from a discount of $13.60. Natural gas for April lost 19.7 cents to $2.69. The TSX energy index lost 3.98 points to close at 223.10.

Canadian Oil Sands Ltd. (COS) lost 75 cents to $10.93 on 5.55 million shares. It has had an interesting month. From Jan. 30 to Feb. 3, its shares gained $4.54, rising from $6.59 on Jan. 29, the day on which it lowered its quarterly dividend to five cents from 35 cents. The rise, of course, had nothing to do with the dividend, but rather with takeover speculation. FirstEnergy analyst Michael Dunn led the chattering charge when he wrote that a "take-out by another Syncrude partner is a distinct possibility." The company owns 37 per cent of the Syncrude oil sands project, with its main co-owners being Imperial Oil Ltd. (IMO: $48.52) and Suncor Energy Inc. (SU: $38.19). No offer has emerged, but the shares have mostly stayed over $11 this month, a pleasing gain for investors who bought in late January (less so for those who bought last summer near $25). The company was the subject of less cheerful talk last week, when Barclays analysts Brad Rogoff and Eric Gross named it as one of several companies on the brink of "junk" debt ratings. As much as $20-billion (U.S.) of energy-related debt may be downgraded to junk by mid-2016, they wrote. They specifically mentioned offshore driller TransOcean, service company Weatherford International and Canadian Oil Sands. Yesterday, one of their predictions came true. TransOcean was downgraded to junk by Moody's Investors Service.

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