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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery added 85 cents to $54.16 on the New York Merc, while Brent for December added 74 cents to $59.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.00 to WTI, up from a discount of $17.05. Natural gas for November added three cents to $2.27. The TSX energy index added a fraction to close at 126.85.
It was a gloomy day in the oil patch as the federal Liberals, despite losing the popular vote to the Conservatives, retained enough seats to form a minority government. This is far from the outcome that the industry wanted. Oil patch executives spoke out in interviews, took out public ads and even -- through the Canadian Association of Petroleum Producers (CAPP) -- registered as a third party advertiser during the election campaign, all in an effort to drum up support for an industry struggling with inadequate pipeline capacity and vanishing investor confidence. A continued Liberal government suggests that nothing will fundamentally change. The fact that it is a minority government brings additional uncertainty into the mix, as the Liberals may need to rely for legislative support on the staunchly anti-pipeline Greens or NDP.
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