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Energy Summary for Jan. 12, 2017

2017-01-12 20:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 76 cents to $53.01 on the New York Merc, while Brent for March added 91 cents to $56.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.05 to WTI ($38.96), unchanged. Natural gas for February added 16 cents to $3.38. The TSX energy index lost 1.91 points to close at 211.38.

Oil sands producer MEG Energy Corp. (MEG) lost 45.5 cents to $7.96 on 9.86 million shares. Yesterday after the close, it unveiled ambitious refinancing and spending plans, complete with the news that it will be going ahead with a major expansion of its core Christina Lake SAGD (steam-assisted gravity drainage) project. The news makes MEG the third oil sands company to announce an expansion in the last two months, following in the footsteps of Canadian Natural Resources Ltd. (CNQ: $40.41) and Cenovus Energy Inc. (CVE: $19.33).

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