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by Stockwatch Business Reporter
Oil prices enjoyed their second big rally in as many days, with West Texas Intermediate crude for March delivery adding $2.66 to $32.19 on the New York Merc and Brent for March adding $2.93 to $32.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI ($18.19), up from a discount of $14.05. Natural gas for February added 0.1 cent to $2.139. The TSX energy index added 7.93 points to close at 148.54.
Moody's Investors Service did not share traders' oily optimism. The credit ratings agency ended the week on a rampage, putting no fewer than 120 energy companies and 55 mining companies around the world on review for a downgrade. Nineteen of the energy companies are Canadian. They include Bellatrix Exploration Ltd. (BXE: $1.55), MEG Energy Corp. (MEG: $4.85), Northern Blizzard Resources Inc. (NBZ: $3.77), Paramount Resources Ltd. (POU: $4.33) and Seven Generations Energy Ltd. (VII: $14.64). Internationally, companies under review include Ithaca Energy Inc. (IAE: $0.39) and global giants such as Shell and Total. This comes about five weeks after Moody's put seven other Canadian energy companies under review (namely Baytex Energy Corp. (BTE: $2.76), Canadian Natural Resources Ltd. (CNQ: $26.06), Canadian Oil Sands Ltd. (COS: $8.73), Cenovus Energy Inc. (CVE: $17.80), EnCana Corp. (ECA: $5.80), Husky Energy Inc. (HSE: $13.98) and Suncor Energy Inc. (SU: $31.33)). On top of the review warnings, Moody's has also lowered its WTI and Brent forecasts for 2016 to just $33 (U.S.) for both benchmarks, down from $40 (U.S.) for WTI and $43 (U.S.) for Brent. Again, this comes about five weeks after a previous revision, in which it lowered its estimates from $48 (U.S.) for WTI and $53 (U.S.) for Brent.
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