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Energy Summary for Feb. 20, 2024

2024-02-20 19:45 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.01 to $78.18 on the New York Merc, while Brent for April lost $1.22 to $82.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.70 to WTI, up from a discount of $19.25. Natural gas for March lost three cents to $1.58. The TSX energy index lost 1.55 points to close at 246.66.

Oil prices drifted lower on concerns of slowing global demand amid a longer period of high interest rates. In the oil patch, investors prepared for a shortened but earnings-packed week. Producers set to release their year-end financials in the coming days include Suncor Energy Inc. (SU: $44.12), Enerplus Inc. (ERF: $21.85), Obsidian Energy Inc. (OBE: $9.21) and Whitecap Resources Inc. (WCP: $8.97). For some, the wait is over.

Kicking off the week with its financials was Gary Guidry's Colombia-focused Gran Tierra Energy Inc. (GTE), down 17 cents to $6.97 on 196,300 shares. Investors were disappointed. For the year, Gran Tierra swung to a net loss of $6.2-million (U.S.), compared with its 2022 profit of $139-million (U.S.). Meanwhile, net debt climbed to $511-million (U.S.) as of Dec. 31 from $453-million (U.S.) a year earlier -- and that does not include a $100-million (U.S.) bond offering that closed earlier this month.

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