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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.09 to $50.58 on the New York Merc, while Brent for December lost 67 cents to $56.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.30 to WTI ($39.28), up from a discount of $11.45. Natural gas for November lost nine cents to $2.92. The TSX energy index lost a fraction to close at 189.36.

Whitecap Resources Inc. (WCP) edged down three cents to $9.67 on 2.89 million shares. The stock has nonetheless moved up nicely from $9 since the start of last month, perhaps reflecting its recent European marketing efforts, which were summed up yesterday by Canaccord Genuity analyst Anthony Petrucci. "WCP strengths resonate overseas," he cooed in the title of his boosterish research note. He added that several European investors, whether they considered themselves generalists or resource specialists, expressed a rising interest in oil. No doubt they were told that Whitecap is one of Mr. Petrucci's "top picks in the oil space." Mr. Petrucci praised the company's "attractive suite of assets, strong balance sheet and the potential for further accretive acquisitions." He estimated that Whitecap will generate free cash flow of $70-million this year. It is apparently looking into several options for this extra cash, including, according to Mr. Petrucci, reducing its debt, increasing its production (through acquisitions or through an expanded drill program) or even raising its dividend. The company currently pays a monthly dividend of 2.33 cents. It previously paid a 6.25-cent monthly dividend, but that was chopped twice in quick succession in early 2016, to 3.75 cents and then to the current level of 2.33 cents. It yields 2.9 per cent.

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