09:23:13 EDT Fri 23 Aug 2019
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Energy Summary for Jan. 22, 2019

2019-01-22 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.33 to $52.57 on the New York Merc, while Brent for March lost $1.28 to $61.50 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, unchanged. Natural gas for February lost 20 cents to $3.04. The TSX energy index lost 5.37 points to close at 147.98.

Oil sands producer MEG Energy Corp. (MEG) lost 30 cents to $4.96 on 12.4 million shares, disappointing investors with its guidance for 2019. It had waited until now to release the guidance because, up until last week, it was fending off a hostile takeover offer from Husky Energy Inc. (HSE: $16.38). The offer received insufficient support from MEG's shareholders and expired last Wednesday evening. Although MEG's board and management were pleased to see the back of Husky, shareholders did not quite share the feeling. MEG's stock plunged on Thursday to $5.50 from $8.54 and has since fallen even further to the current level of $4.96.

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