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Energy Summary for March 14, 2017

2017-03-14 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 68 cents to $47.72 on the New York Merc, while Brent for May lost 43 cents to $50.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($33.22), unchanged. Natural gas for April lost 10 cents to $2.94. The TSX energy index lost 3.18 points to close at 194.32.

The last of a transitory trio of cross-border oil and gas trusts has finally eliminated its payout. Eagle Energy Inc. (EGL), which used to be Eagle Energy Trust before it converted to a corporation last year, tumbled 17 cents to 54 cents on 1.7 million shares, after suspending its 0.5-cent monthly dividend. Eagle had been paying a dividend or distribution since it went public in 2010. Those were happier times. Eagle was a new breed of oil and gas trust, based in Canada but with assets in the United States. Two similar trusts soon emerged, Parallel Energy Trust in 2011 and Argent Energy Trust in 2012. All three of them went public through initial public offerings at $10 a unit. Now Eagle is now trading at one-20th of that and is no longer a trust, and Parallel and Argent no longer exist, having declared bankruptcy last year.

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