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by Stockwatch Business Reporter

U.S. markets are closed for Thanksgiving. In electronic trading on the New York Merc, benchmark oil prices reached their lowest levels since May, 2010, after OPEC decided that it will not cut output despite oversupplied conditions and tumbling prices. West Texas Intermediate crude for January delivery fell below $70, losing $5.04 to $69.05 (all figures in this para U.S.). Brent for January lost $5.83 to $72.50. Western Canadian Select traded at a discount of $17.40 to WTI ($51.65), unchanged. Natural gas for January lost 11.5 cents to $4.24. The TSX energy index plunged 17.56 points to close at 235.54.

Canadian producers were hit hard. Some of today's biggest fallers, by percentage and assuming no other news, included Lightstream Resources Ltd. (LTS), down 70 cents to $2.59, Legacy Oil + Gas Inc. (LEG), down 57 cents to $3.14, Penn West Petroleum Ltd. (PWT), down 70 cents on $4.21, Long Run Exploration Ltd. (LRE), down 31 cents to $2.39, and Pengrowth Energy Corp. (PGF), down 55 cents to $3.76. Some of these names are more surprising than others. Pengrowth, for example, is not particularly affected by the drop in oil prices. It has hedged two-thirds of its oil/liquids production at about $94 a barrel in 2015 and nearly four-fifths at $93 a barrel in the fourth quarter of 2014. Other companies that have hedged more than half of their oil/liquids production above $90 in 2015 are: Talisman Energy Inc. (TLM), down 92 cents to $5.60, Twin Butte Energy Ltd. (TBE), down 13 cents to $1.24, and Perpetual Energy Inc. (PMT), which is mainly a gas producer and fell just 5.5 cents to $1.34. Whitecap Resources Inc. (WCP) can join the list; it has 49 per cent of its oil/liquids hedged at $98. Today it lost 93 cents to $12.09.

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