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Energy Summary for Feb. 8, 2024

2024-02-08 19:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $2.36 to $76.22 on the New York Merc, while Brent for April added $2.42 to $81.63 (all figures in this para U.S.). Geopolitical strife sent oil prices up for the fourth day in a row, as Israel rejected a ceasefire proposal by Hamas and the U.S. military killed a senior militia leader in Iraq. Western Canadian Select traded at a discount of $19.55 to WTI, down from a discount of $19.15. Natural gas for March lost five cents to $1.92. The TSX energy index added 2.97 points to close at 238.23.

U.S. Bakken producer Enerplus Corp. (ERF) added $1.57 to $20.84 on 6.23 million shares, bounding up on murmurings of a merger. Reuters reported this morning that "people familiar with the matter" say Enerplus is being courted by fellow U.S. shale producer Devon Energy Corp. (U.DVN), up $1.10 (U.S.) to $42.41 (U.S.) on 11 million shares. The sources did not reveal a potential price tag. Neither company would comment on the rumour.

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