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Energy Summary for Jan. 9, 2019

2019-01-09 20:25 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $2.58 to $52.36 on the New York Merc, while Brent for March added $2.72 to $61.44 (all figures in this para U.S.). Traders took heart from Saudi Arabia's reaffirmed commitment to cutting its production over the coming months. "We are serious about restoring balance to the market," the country's energy minister, Khalid al-Falih, told a press conference in Riyadh. Meanwhile, Western Canadian Select traded at a discount of $11.28 to WTI, up from a discount of $11.53. Natural gas for February added two cents to $2.98. The TSX energy index added 2.89 points to close at 147.61.

Li Ka-shing's Husky Energy Inc. (HSE) added 41 cents to $15.29 on 4.73 million shares, after launching a "strategic review" of non-core downstream assets. This means that it is putting them up on the auction block. The assets in question are Husky's Canadian retail and commercial fuel business and its light oil refinery in Prince George, B.C. The retail network boasts over 500 gas stations, cardlock operations, travel centres and bulk distribution facilities across Canada, as well as a loyalty program (myHusky Rewards) with 1.6 million members. Selling this network would represent Husky's exit from the gas station business, where it has been active for more than 80 years. The Prince George refinery has capacity of 12,000 barrels a day. For context, in 2017, Husky's total throughput from its refineries averaged 387,100 barrels a day, with most of that (267,500 barrels a day) taking place in the U.S. Midwest.

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