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Energy Summary for June 8, 2017

2017-06-08 20:48 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost eight cents to $45.64 on the New York Merc, while Brent for August lost 20 cents to $47.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.45 to WTI ($35.19), unchanged. Natural gas for July added one cent to $3.03. The TSX energy index lost a fraction to close at 179.88.

Penn West Petroleum Ltd. (PWT) added one cent to $1.79 on 2.38 million shares. It unveiled its five-year plan at an analyst day yesterday afternoon in Calgary, just two weeks after unveiling its proposed new name, as part of a rebranding that it evidently sees as necessary. (A name change can be a popular move for a company that wants to gain some distance from a troubled past. A good example from the energy sector is Griffiths Energy, which changed its name to Caracal Energy in 2013, mere months after being fined $10-million under anti-corruption laws in connection with a bribery scandal. Caracal was ultimately acquired by Glencore in 2014. More recently, embattled drug maker Valeant Pharmaceuticals has started to mull a name change, as chief executive officer Joseph Papa told investors at last month's annual meeting. He cited the current "perception" of the company in the market. Valeant's stock has crashed to about $18 from its 2015 high of nearly $350.)

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