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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery lost 81 cents to $59.96 on the New York Merc, while Brent for July lost $1.24 to $63.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.55 to WTI ($52.41), up from a discount of $7.65. Natural gas for July lost 7.5 cents to $2.75. The TSX energy index lost 3.81 points to close at 211.40.
Pacific NorthWest LNG has become the first major operator in British Columbia to announce conditional approval for an LNG (liquefied natural gas) project. The Petronas-backed player is planning an $11.4-billion LNG terminal near Prince Rupert as part of a $36-billion plan to make exports a reality in 2019. It said yesterday that it had satisfied the technical and commercial components of its project and would move forward with a positive final investment decision, subject to gaining the go-ahead from both the B.C. Legislative Assembly and the Canadian Environmental Assessment Agency. The B.C. approval is expected this summer and the environmental report is expected this fall. There are still plenty of (Indian) roadblocks ahead, but the news is good for Montney gas producers, which hope to become suppliers to the LNG industry. Since Tuesday, when the media began reporting that Pacific NorthWest would be making this decision any day now, Crew Energy Inc. (CR) has added a total of 36 cents to $5.93, Birchcliff Energy Ltd. (BIR) has added 49 cents to $7.92, and Kelt Exploration Ltd. (KEL) has added 75 cents to $9.19.
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