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Energy Summary for Oct. 11, 2017

2017-10-11 20:35 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 38 cents to $51.30 on the New York Merc, while Brent for December added 33 cents to $56.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.15 to WTI ($40.15), unchanged. Natural gas for November was unchanged at $2.89. The TSX energy index lost a fraction to close at 185.95.

Li Ka-shing's Husky Energy Inc. (HSE) lost 14 cents to $15.74 on 1.5 million shares. The company got a less than enthusiastic mention this morning from Desjardins Securities analyst Justin Bouchard. Although Mr. Bouchard likes Husky's "elevated FCF [free cash flow] yield," he is put off by the company's "considerable disadvantages." These include, in his view, assets that show a "lack of depth in growth" and do not compare favourably with competitors' assets. Husky would presumably disagree with him. At its investor day on May 30, it made a big to-do about its plan to increase production over the next five years to as much as 400,000 barrels of oil equivalent a day, up from around 320,000 barrels a day now. It also talked up its assets' ability to cope with low oil prices, declaring that within five years, its break-even point (based on WTI oil prices) would be in the mid-$30 (U.S.) range, compared with the mid-$40 (U.S.) range currently.

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