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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery lost 58 cents to $51.56 on the New York Merc, while Brent for November lost 49 cents to $57.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.45 to WTI ($40.11), unchanged. Natural gas for October added five cents to $3.02. The TSX energy index lost 1.62 points to close at 190.82.
It was a day of mixed feelings in the Alberta oil patch. From one corner came a disheartening assessment that, despite the recent rise in WTI oil prices to over $50 (U.S.), the odds of increased investment in Alberta's oil industry remain slim. "Fifty-dollar WTI is not high enough to support a material uptick in oil sands investment," was the blunt determination of Randy Ollenberger, managing director of oil and gas equity research for BMO Capital Markets. He reckoned that most projects need sustained WTI prices of at least $60 (U.S.). Analysts generally see that price as unlikely in the near term. Just this morning, the analysts at Scotia Capital reduced their WTI price forecasts for both 2017 and 2018. They now expect WTI to average $49.75 (U.S.) this year (down from $50.42 previously) and $52 (U.S.) next year (down from $53 (U.S.) previously).
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