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Energy Summary for Feb. 13, 2017

2017-02-13 20:04 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 93 cents to $52.93 on the New York Merc, while Brent for April lost $1.11 to $55.59 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI ($38.13), down from a discount of $13.40. Natural gas for March lost nine cents to $2.94. The TSX energy index lost a fraction to close at 203.24.

Pengrowth Energy Corp. (PGF) added eight cents to $1.77 on 3.59 million shares. It has received another shot of support from billionaire shareholder Seymour Schulich, who on Friday disclosed his acquisition of two million shares at $1.65 to $1.69. He now owns 109 million of Pengrowth's 547 million shares. Mr. Schulich has been a steady buyer of Pengrowth since he filed his initial ownership report in March, 2016, when he owned just 80 million shares. What he paid for those is not clear, but the 29 million bought since then cost an average of $2.14, well above today's close of $1.77. Mr. Schulich seems confident that the stock will not stay this low for long. He told The Globe and Mail last spring that he sees Pengrowth as a $10 stock.

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