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Energy Summary for Sept. 24, 2021

2021-09-24 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 68 cents to $73.98 on the New York Merc, while Brent for November added 84 cents to $78.09 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, down from a discount of $11.65. Natural gas for October added 16 cents to $5.14. The TSX energy index added 1.80 points to close at 133.39.

Canadian oil stocks rose with oil prices. Some got a bit of extra help, such as Grant Fagerheim's Alberta- and Saskatchewan-focused Whitecap Resources Inc. (WCP), up 55 cents to $6.44 on a heavier-than-usual 12.4 million shares. Whitecap got a lovely mention from Raymond James analyst Jeremy McCrea. He wrote in a research note this morning that Whitecap's finances and drilling prospects are looking better than ever, perhaps setting the stage for a special dividend, share buyback or other "shareholder-friendly catalysts." The analyst hiked his price target on the stock to $10 from $9. His remarks appeared in The Globe and Mail and thus gained broad readership.

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