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Energy Summary for April 21, 2017

2017-04-21 19:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 65 cents to $49.62 on the New York Merc, while Brent for June lost $1.03 to $51.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.45 to WTI ($39.17), up from a discount of $10.75. Natural gas for May lost six cents to $3.10. The TSX energy index added 1.43 points to close at 196.86.

Baytex Energy Corp. (ECA) touched an intraday low of $3.93, its first time below $4 in over a year, before recovering to close up one cent at $4.04 on 7.85 million shares. All in all, it was another uninspiring day for a stock that was as high as $9 last June and as a high as $50 in mid-2014. The anchor weighing it down is its $1.8-billion net debt load, much of which was taken on when the company entered the Texas Eagle Ford through a $2.8-billion acquisition nearly two years ago. The debt will soon become the problem of Ed LaFehr. He is already Baytex's president and will succeed Jim Bowzer as CEO on Thursday, May 4, at the annual shareholder meeting.

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