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Energy Summary for Nov. 29, 2022

2022-11-29 20:48 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 96 cents to $78.20 on the New York Merc, while Brent for January lost 16 cents to $83.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, unchanged. Natural gas for January added four cents to $7.24. The TSX energy index added 3.77 points to close at 261.99.

Oil sands giant Suncor Energy Inc. (SU) lost 77 cents to $45.43 on 19.7 million shares. Today brought its long-awaited investor day -- previously postponed from July -- and various operational and guidance updates for investors to chew over. Not everything was to their taste.

Suncor kicked off the day on a defiant note, declaring that "after careful consideration," it has decided to hold on to its Petro-Canada retail business. The decision rebuffs an earlier demand from activist shareholder Elliott Investment. In a scathing open letter about "the confidence that has been lost [in Suncor]," Elliott wrote in April that Suncor "must ... explore opportunities to unlock the value of high-multiple assets ... including a strategic review of retail." It pegged the value of the 1,800-outlet Petro-Canada chain at up to $9-billion. In July, when Suncor and Elliott shook hands on a stand-still agreement, one of the concessions made by Suncor was to launch the demanded "strategic review," with two Elliott-nominated directors sitting on the review committee.

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