01:17:37 EDT Wed 07 Jun 2023
Enter Symbol
or Name

Login ID:

Energy Summary for Dec. 23, 2022

2022-12-23 21:01 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $2.07 to $79.56 on the New York Merc, while Brent for February added $2.94 to $83.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.00 to WTI, unchanged. Natural gas for January added eight cents to $5.08. The TSX energy index added 9.41 points to close at 244.50.

Although trading volumes were thin in a choppy pre-Christmas trading session, oil prices managed to notch their second weekly gain in a row, buoyed by Russian threats to disrupt global supplies. Russian deputy prime minister Alexander Novak told the state television agency that Russia may cut its production by 500,000 to 700,000 barrels a day in early 2023, as a response to Western price caps. This could include halting sales to "unfriendly countries" that support the caps and other restrictions on Russian energy.

Here in Canada, Jim Evaskevich's Alberta Cardium-focused Yangarra Resources Ltd. (YGR) added 19 cents to $2.96 on 610,800 shares, pleasing investors with its 2023 guidance. The company will aim for production of 13,000 barrels a day (up from this year's target of 11,250 barrels a day) on a budget of $125-million (compared with this year's $110-million). Management boasted that the budget is well within forecast cash flow and that it expects to reduce debt to just $75-million by the end of next year.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.