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Energy Summary for Sept. 30, 2021

2021-09-30 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 20 cents to $75.03 on the New York Merc, while Brent for November lost 12 cents to $78.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, up from a discount of $11.80. Natural gas for November added 39 cents to $5.87. The TSX energy index added a fraction to close at 144.61.

Abu Dhabi's TAQA is ready to join the exodus of foreigners leaving Canada. The state-backed company, officially known as Abu Dhabi National Energy Co., has reportedly hired financial advisers to sell all of its Canadian oil and gas assets, according to Reuters. The assets produced 73,000 barrels of oil equivalent a day last year and are valued by analysts at up to $1.5-billion. Should TAQA find a buyer, it will join Shell, ConocoPhillips, Marathon Oil, Devon Energy, Norway's Equinor, France's Total and others on the long list of foreign companies shedding Canadian assets. Data from IHS Markit indicate that such sales have exceeded $33-billion over the last five years.

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