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Energy Summary for Oct. 17, 2019

2019-10-17 20:28 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 57 cents to $53.93 on the New York Merc, while Brent for December added 49 cents to $59.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.00 to WTI, unchanged. Natural gas for November added two cents to $2.32. The TSX energy index added a fraction to close at 126.58.

Turkey-focused Valeura Energy Inc. (VLE) added 13 cents to $1.95 on 882,400 shares, regaining some of the 27 cents it lost yesterday and the 16 cents it lost the day before that. Investors have been fleeing as Turkey presses ahead with its military offensive against Kurdish forces in northeast Syria. U.S. President Donald Trump recently ordered the withdrawal of American troops from Syria, a move that was criticized as clearing the way for the Turkish escalation. Mr. Trump has since imposed sanctions on Turkey and demanded an immediate ceasefire. Valeura tried to calm the jitters this morning by reminding investors that it works in Turkey's Thrace basin, more than 1,000 kilometres from the border with Syria, and so far its people and assets are safe. It has retained legal counsel from Washington to make sure that it does not get tripped up in the sanctions. For now at least, the situation remains normal.

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