23:26:45 EDT Mon 22 Jul 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for Feb. 21, 2024

2024-02-21 19:20 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 April delivery added 87 cents to $77.91 on the New York Merc, while Brent for April added 69 cents to $83.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.60 to WTI, down from a discount of $18.70. Natural gas for March shot up 19 cents to $1.77. The TSX energy index added 6.96 points to close at 253.74.

Natural gas prices soared after one of the biggest gas producers on the continent announced a production cut. The Nasdaq-listed Chesapeake Energy, set to become the largest U.S. gas producer when it completes its merger with Southwestern Energy next quarter, has unveiled its 2024 production guidance, setting a target of 2.65 billion to 2.75 billion cubic feet of gas a day. That compares with its output of 3.47 billion cubic feet a day in 2023.

Chesapeake is not the first U.S. gas producer to announce an output cut -- Antero Resources, Comstock Resources and EQT all did the same last week -- but its announcement has made the biggest splash. Gas prices rebounded off yesterday's 3-1/2-year low of $1.58 (U.S.) to close today at $1.77 (U.S.). Canadian gas producers went along for the ride, with notable gainers including Tourmaline Oil Corp. (TOU), up $2.43 to $59.32, Advantage Energy Ltd. (AAV), up 69 cents to $9.77, and Crew Energy Inc. (CR), up 24 cents to $4.35.

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

© 2024 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.