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Energy Summary for Sept. 19, 2017

2017-09-19 20:07 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 43 cents to $49.48 on the New York Merc, while Brent for November lost 34 cents to $55.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.65 to WTI ($36.83), unchanged. Natural gas for October lost three cents to $3.12. The TSX energy index added a fraction to close at 181.37.

Crescent Point Energy Corp. (CPG) added eight cents to $9.09 on 3.45 million shares. Its battle with Tundra Energy over a pipeline system in Saskatchewan has entered a new arena. As discussed in previous Energy Summaries, Crescent Point filed a complaint against Tundra with the National Energy Board (NEB) on June 9, accusing Tundra of "unjustly enrich[ing]" itself through the "incomplete and inadequate" operation of a pipeline system in Saskatchewan. The system had been operated by Enbridge until Tundra bought it late last year. Crescent Point alleged that after buying the system, Tundra unfairly changed the operating methods, particularly with respect to the equalization process (an industry mechanism intended to ensure that producers delivering high-quality crude receive better value than those delivering lower-quality crude). Another issue in the complaint was Tundra's affiliation with Tundra Oil & Gas, the largest producer in Manitoba (and a subsidiary of James Richardson & Sons). Crescent Point was concerned that Tundra could be sharing confidential information. Yet another worry was Tundra's alleged (and since confirmed) intention to move butane on a segment of the system even though this would exceed the vapour pressure limits under that segment's regulations. On Aug. 25, the NEB determined that the complaint merited a public hearing. The hearing date has not yet been set, but interested parties will be filing information requests, responses to requests, filings of evidence and more until at least Jan. 9, 2018.

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