23:25:03 EDT Sun 25 Aug 2019
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Oil Summary
Symbol C : *MKTOIL
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Energy Summary for Aug. 8, 2019

2019-08-08 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $1.45 to $52.54 on the New York Merc, while Brent for October added $1.15 to $57.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.67 to WTI, down from a discount of $12.55. Natural gas for September added five cents to $2.13. The TSX energy index added 1.87 points to close at 126.15.

Alberta gas producer Peyto Exploration & Development Corp. (PEY) edged down 11 cents to $3.18 on 4.11 million shares, garnering a mixed response to its second quarter financials. The quarter was plagued by an unseasonably wet spring breakup, as well as persistently poor AECO gas prices (the benchmark in Alberta). Peyto was able to bring only one well on production between early May and early July. It also shut in some of its uneconomic gas production. As a result, gas production fell to 422 million cubic feet a day from about 494 million a year earlier, a drop that was not quite offset by a year-over-year rise in oil and liquids production (to 11,100 barrels a day from 9,200). Peyto has been increasing its focus on high-margin liquids, particularly in the Alberta Cardium, but gas is still by far its main product. In total, Peyto's production dropped to 81,500 barrels of oil equivalent a day in the second quarter of 2019 (from 91,500 a year earlier). Analysts had been predicting slightly higher production of at least 83,000 barrels a day. They were also predicting cash flow of around 50 cents a share; the actual figure was just 46 cents a share.

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