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Energy Summary for Oct. 18, 2019

2019-10-18 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 15 cents to $53.78 on the New York Merc, while Brent for December lost 49 cents to $59.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.05 to WTI, down from a discount of $17.00. Natural gas for November was unchanged at $2.32. The TSX energy index lost 1.43 points to close at 125.15.

Canada's largest natural gas producer, Tourmaline Oil Corp. (TOU) -- do not let the "oil"-y name fool you -- lost 64 cents to $11.36 on 2.25 million shares. Following its jump last Friday to $12.33 from $10.72, the stock has spent most of this week giving back ground. Last Friday's rise was spurred by Tourmaline's announcement that it is spinning out a private royalty and mid-stream company called Topaz Energy in a deal worth $775-million. Of that price, $150-million to $200-million will be in cash, with the rest payable in shares, giving Tourmaline a 75-per-cent to 80-per-cent interest in Topaz. Third parties will own the rest of Topaz, which will eventually seek to go public, possibly in the first half of next year.

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