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Energy Summary for Aug. 8, 2017

2017-08-08 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 22 cents to $49.17 on the New York Merc, while Brent for October lost 23 cents to $52.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.95 to WTI ($39.22), up from a discount of $10.20. Natural gas for September added two cents to $2.82. The TSX energy index lost a fraction to close at 178.25.

Alberta Montney producer Seven Generations Energy Ltd. (VII) added 35 cents to $17.53 on 4.42 million shares, still struggling to bounce back after the fallout from its second quarter financials. It released these last Thursday and promptly watched its stock plunge to $16.90 from $20.51. Investors were displeased by the higher-than-forecast costs and the unexpected reduction to the company's full-year production guidance. Both were particularly exasperating for two reasons. One, Seven Generations had made an announcement about its costs less than a month earlier, yet still managed to vastly exceed its own estimates. Two, the company already had a guidance blunder earlier this year, when it announced that its 2016 production fell below the mark. The 2017 production was said to be "on track" as recently as July 5, but that is not the case anymore.

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