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Energy Summary for July 24, 2019

2019-07-24 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 89 cents to $55.88 on the New York Merc, while Brent for September lost 65 cents to $63.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI, up from a discount of $14.90. Natural gas for August lost eight cents to $2.32. The TSX energy index lost 1.65 points to close at 136.54.

Alberta Montney producer Pipestone Energy Corp. (PIPE) added 12 cents to $1.27 on 109,500 shares, after trumpeting a "strategic mid-stream transaction" with Tidewater Midstream & Infrastructure. The two already have a business relationship involving a five-year take-or-pay commitment for Pipestone to use a plant that Tidewater is currently building in the area (with expected completion in September). Now, among other things, the companies have doubled the time length to 10 years, agreed that Tidewater will add a second phase to the plant, and further agreed that Pipestone will sell some infrastructure and surface equipment to Tidewater for $30-million.

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