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Energy Summary for Oct. 5, 2021

2021-10-05 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.31 to $78.93 on the New York Merc, while Brent for December added $1.30 to $82.56 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.07 to WTI, down from a discount of $11.97. Natural gas for November shot up 54 cents to $6.31. The TSX energy index added 4.16 points to close at 152.46.

Canadian energy stocks rose with oil and gas prices, with analysts tagging along for the ride. "[Buy] with reckless abandon," urged Desjardins analysts Justin Bouchard and Chris MacCulloch, as they updated their commodity price forecasts to reflect the "fever pitch" in energy markets. Some of the stocks they singled out were Athabasca Oil Corp. (ATH: $0.97), with a revised price target of $1.25 instead of 85 cents, Crew Energy Inc. (CR: $3.41), with a target of $4 instead of $2.25, and Tourmaline Oil Corp. (TOU: $45.78), with a target of $70 instead of $52. Mr. Bouchard and Mr. MacCulloch were not the only excitable analysts.

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