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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery lost 88 cents to $54.18 on the New York Merc, while Brent for December lost 38 cents to $60.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.00 to WTI, down from a discount of $18.70. Natural gas for December lost six cents to $2.63. The TSX energy index lost 2.22 points to close at 123.26.
The increasingly U.S.-focused shale producer EnCana Corp. (ECA) dropped 37 cents to $5.16 on 34.9 million shares, after releasing its third quarter financials and announcing a "strategic transformation" that will include a new name, new headquarters and a 1-for-5 share rollback. It was a lot to take in on a Thursday morning. Taking things in order of release, the third quarter financials were mostly in line with analysts' predictions, showing production of 605,000 barrels of oil equivalent a day (compared with analysts' predictions of 589,000 barrels a day) and cash flow of about 63 U.S. cents a share (higher than analysts' predictions of 60 U.S. cents a share). Investors were likely expecting some 2020 guidance to arrive alongside the financials, but that will have to wait.
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