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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.
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