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Energy Summary for June 30, 2017

2017-06-30 19:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.11 to $46.04 on the New York Merc, while Brent for August added 50 cents to $47.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.20 to WTI ($35.84), unchanged. Natural gas for August was unchanged at $3.04. The TSX energy index lost a fraction to close at 172.10.

EnCana Corp. (ECA) edged up two cents to $11.41 on 6.97 million shares. This is no dramatic rise, but EnCana is surely happy to take what it can get, having spent most of this year falling from a late January high of over $18. Fortunately, when a stock falls hard enough, there is always someone to declare it a marvellous buying opportunity. A handful of analysts rose to the occasion this morning. For example, TD Securities' analyst Menno Hulshof, who previously had a hold rating on the stock, now says it is a buy. His new research note pointed out the stock's decline over the last six months and opined that the "risks are now appropriately reflected in its shares."

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