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Energy Summary for Feb. 15, 2024

2024-02-15 19:33 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.39 to $78.03 on the New York Merc, while Brent for April added $1.26 to $82.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.55 to WTI, up from a discount of $19.60. Natural gas for March lost three cents to $1.58. The TSX energy index added 10.10 points to close at 247.20.

Oil sands producer Cenovus Energy Inc. (CVE) added $1.54 to $23.51 on 14.9 million shares, pleasing investors with its year-end financials. It cheered "exceptional" results from its upstream (production) division, which produced the second-highest quarterly average in Cenovus's history. The downstream (refining) division also experienced "operating momentum." Over all, production for the fourth quarter averaged 809,000 barrels of oil equivalent a day, in line with analysts' predictions of 803,000 barrels a day, while cash flow of $1.06 a share was nicely ahead of analysts' predictions of 99 cents a share.

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