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Energy Summary for Aug. 9, 2022

2022-08-09 20:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 26 cents to $90.50 on the New York Merc, while Brent for October lost 34 cents to $96.31 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.67 to WTI, unchanged. Natural gas for September added 24 cents to $7.83. The TSX energy index added 1.34 points to close at 220.43.

As oil prices whipsawed amid headlines of Russian pipeline halts and Iranian nuclear talks, here in Canada, quarterly reporting season marched steadily on. The B.C. Montney-focused Crew Energy Inc. (CR) added 26 cents to $5.55 on 2.91 million shares, as chief executive officer Dale Shwed trumpeted another quarter of "standout performance." Production of 35,000 barrels a day and cash flow of 76 cents a share were well above analysts' predictions of 32,100 barrels a day and 53 cents a share. Thanks to sharply higher gas and liquids prices, Crew swung to net earnings of $88.6-million from a loss of $23.1-million a year earlier.

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