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Energy Summary for Dec. 4, 2018

2018-12-04 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 30 cents to $53.25 on the New York Merc, while Brent for February added 39 cents to $62.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.80 to WTI, down from a discount of $20.75. Natural gas for January added 12 cents to $4.46. The TSX energy index lost 3.38 points to close at 151.20.

George Fink's Alberta Cardium-focused Bonterra Energy Corp. (BNE) lost 17 cents to $7.66 on 703,600 shares. It added 96 cents yesterday on a wave of optimism about Alberta producers, courtesy of the provincial government's decision to mandate production cuts in an effort to boost oil prices. This was not enough to offset the $1.41 that Bonterra lost late last week, in the wake of its announcement on Thursday that it would slash its monthly dividend to one cent from 10 cents. Between that and general market malaise, Bonterra's stock is worth less than half of the $19.50 that it traded at two months ago. One insider is taking the dip as a buying opportunity. William Oberndorf, a San Francisco-based businessman and the chairman of Oberndorf Enterprises, announced yesterday that an entity controlled by him has bought 31,198 shares of Bonterra at $7.955. Mr. Oberndorf now controls 4.02 million of Bonterra's 33.3 million shares. (Mr. Fink, the founder, chairman and chief executive officer of Bonterra, holds 3.77 million.)

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