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Energy Summary for Sept. 11, 2019

2019-09-11 19:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.65 to $55.75 on the New York Merc, while Brent for November lost $1.57 to $60.81 (all figures in this para U.S.). The benchmarks tumbled in the wake of a report that U.S. President Donald Trump is considering easing sanctions on Iran, a move that could boost global oil production. In addition, OPEC released a bearish monthly report today, in which it lowered its 2019 and 2020 forecasts for global oil demand. OPEC now expects demand to rise by 1.02 million barrels a day in 2019 (a 60,000-barrel-a-day decrease from last month's report) and to rise by 1.08 million barrels a day in 2020 (an 80,000-barrel-a-day decrease from last month). It cited a weakening in the global economic outlook. Here in Canada, Western Canadian Select traded at a discount of $12.13 to WTI, unchanged. Natural gas for October lost three cents to $2.55. The TSX energy index lost a fraction to close at 134.10.

Oil sands producer Cenovus Energy Inc. (CVE) edged up eight cents to $12.47 on 9.99 million shares. It has filed on SEDAR a preliminary prospectus for a mixed shelf financing worth up to $5-billion (U.S.), valid for the next 25 months. The prospectus does not, of course, require Cenovus to complete a financing; it merely leaves the option open. Cenovus last filed a similar prospectus in October, 2017, which will soon expire. That prospectus would have allowed it to raise $7.5-billion (U.S.).

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