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Energy Summary for July 4, 2017

2017-07-04 20:11 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Independence Day. West Texas Intermediate crude for August delivery added one cent to $47.08 in electronic trading on the New York Merc, while Brent for September lost 11 cents to $49.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI ($37.18), unchanged. Natural gas for August added three cents to $2.98. The TSX energy index was unchanged at 172.10.

Crescent Point Energy Corp. (CPG) added three cents to $9.95 on 2.14 million shares. Its battle over a pipeline system in Saskatchewan is picking up steam. As discussed in the June 26 Energy Summary, Crescent Point recently filed a complaint with the National Energy Board (NEB) about Tundra Energy Marketing. Tundra is a mid-stream company owned by Tundra Oil & Gas, which is the largest oil producer in Manitoba and is a wholly owned subsidiary of the Winnipeg-based James Richardson & Sons Ltd. Tundra is also the operator of a pipeline system in southeast Saskatchewan that carries crude produced by, among several others, Crescent Point. The 48-page complaint alleges that Tundra, after buying the pipeline system from Enbridge last December, made unjustified changes to the crude equalization process (an industry procedure whereby different qualities of crude are blended together and the value received by shippers is adjusted for the difference in quality). Tundra's new process "unjustly enriches [Tundra] at the expense of shippers and is improper," complains Crescent Point. By its estimates, Crescent Point lost $1.1-million in revenue between March and April alone because of Tundra's changes. The complaint demands a "fair and equitable" equalization process from Tundra and such further relief as the NEB deems necessary.

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