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Energy Summary for June 7, 2017

2017-06-07 19:44 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.79 to $45.72 on the New York Merc, while Brent for August lost $2.06 to $48.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.45 to WTI ($35.27), unchanged. Natural gas for July lost two cents to $3.02. The TSX energy index lost 6.40 points to close at 180.37.

Cenovus Energy Inc. (CVE) had another bad day, losing seven cents to $10.88 on 8.84 million shares. This is its first time ever below $11. Just 10 weeks ago, it was closer to $17.50. It skidded in late March after announcing a $17.7-billion asset acquisition from ConocoPhillips, involving assets in the Alberta oil sands (familiar ground for Cenovus) and in the Deep basin (new territory, and thus disconcerting to investors). The deal closed on May 17. Despite president and chief executive officer Brian Ferguson's repeated efforts to laud the agreement as "exciting" and "transformational," investors continue to have their doubts about it. Mr. Ferguson will have another chance to try to win them back in about two weeks, when Cenovus hosts its investor day on June 20. It has promised to provide an update on its investment plans for its expanded oil sands business and its new Deep basin assets.

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