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Oil Summary
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Energy Summary for Dec. 20, 2018

2018-12-20 20:12 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.32 to $45.88 on the New York Merc, while Brent for February lost $2.89 to $54.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16 to WTI, up from a discount of $16.60. Natural gas for January lost 14 cents to $3.58. The TSX energy index lost 2.34 points to close at 134.09.

Li Ka-shing's Husky Energy Inc. (HSE) lost 25 cents to $14.27 on 5.26 million shares, after lowering its guidance for 2019. It now plans to spend $3.4-billion and produce a total of 300,000 barrels of oil equivalent a day, all from its assets in Western Canada, Atlantic Canada and the Asia-Pacific region. Previously, at its investor day last May, it had indicated that it would spend closer to $3.7-billion and produce around 325,000 barrels a day. Those were the takeaways from the charts that Husky provided about its five-year plan from 2018 through 2022. Husky's press release this morning made no mention of the five-year plan, focusing solely on the lowered guidance for 2019, which the company blamed on the mandatory output cuts recently announced by the Alberta government. President and chief executive officer Rob Peabody has made no secret of the fact that he disagrees with the government's decision. He sniffed today that he is "disappointed with government intervention" but will nonetheless try to lower Husky's production as cost-effectively as possible.

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