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Energy Summary for May 29, 2019

2019-05-29 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 33 cents to $58.81 on the New York Merc, while Brent for July lost 66 cents to $69.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.30 to WTI, unchanged. Natural gas for June added five cents to $2.63. The TSX energy index added 1.66 points to close at 146.25.

Li Ka-shing's Husky Energy Inc. (HSE) added 30 cents to $12.86 on 3.34 million shares, as it watched a competitor put an end to a rumour about Husky that has been floating around for months. The rumour started in February, when U.S. oil producer Devon Energy Corp. announced its desire to sell all of its Canadian assets by the end of the year. Its main Canadian asset is the 120,000-barrel-a-day Jackfish oil sands project. Given that Husky had shown a recent interest in oil sands expansion through a hostile -- though ultimately cancelled -- takeover bid for MEG Energy Corp. (MEG: $4.47), Husky was seen as a potential bidder for Devon's Canadian business. Investors were not especially fond of this idea. Husky's management tried repeatedly to curb the rumour, but it persisted nonetheless. As recently as May 2, GMP FirstEnergy analyst Mike Dunn wrote that he expected Husky to be taking "a hard look at these Devon assets" and that it has "more than enough liquidity to pursue such a bid." He pegged the value of Devon's Canadian assets at about $4-billion.

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