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Energy Summary for July 13, 2017

2017-07-13 20:12 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 59 cents to $46.08 on the New York Merc, while Brent for September added 68 cents to $48.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.75 to WTI ($36.33), unchanged. Natural gas for August lost three cents to $2.96. The TSX energy index added a fraction to close at 169.29.

Cenovus Energy Inc. (CVE) added 11 cents to $9.33 on 10.7 million shares, as more details leaked about the asset sales that it is hoping to close by year-end. The company put a handful of assets up for sale in March, at the same time as it announced a "transformational" $17.7-billion asset acquisition from ConocoPhillips. The purpose of the asset sales is to reduce the debt that Cenovus took on to close the acquisition. All in all, the acquisition has been unpopular with investors, who have sent Cenovus's stock down to just $9.33 from nearly $17.50 before the acquisition was announced. The company is aiming to win them back by conducting some major repairs on its balance sheet through the asset sales.

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