11:28:23 EST Sat 16 Feb 2019
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Oil Summary
Symbol C : *MKTOIL
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Energy Summary for Jan. 24, 2019

2019-01-24 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 51 cents to $53.13 on the New York Merc, while Brent for March lost five cents to $61.09 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10 to WTI, up from a discount of $10.50. Natural gas for February added 12 cents to $3.10. The TSX energy index added 2.19 points to close at 148.34.

Li Ka-shing's Husky Energy Inc. (HSE) lost nine cents to $15.79 on 5.31 million shares. It continues to make headlines for its decision over a week ago to abandon its hostile takeover bid for oil sands producer MEG Energy Corp. (MEG: $5.24). The offer expired last Wednesday and Husky surprised the market by declining to extend it, citing "insufficient support" from MEG's shareholders. Now, Reuters has reported that Husky in fact received nearly 60-per-cent support from MEG's shareholders, easily surpassing the 50-per-cent threshold needed to extend the offer in order to reach the required two-thirds for completing the bid. The unnamed sources quoted by Reuters suggested that Husky had lost interest in MEG and was even "hoping the bid would fail." Although Husky's press release last week pinned the blame on negative market developments, the idea that it lost interest seems plausible in light of MEG's executives' comments that they had invited Husky's executives to negotiate a non-hostile bid, only to be ignored.

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