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Energy Summary for June 12, 2020

2020-06-12 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost eight cents to $36.26 on the New York Merc, while Brent for August added 18 cents to $38.73, with both benchmarks posting a weekly drop for the first time in seven weeks (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.20 to WTI, down from a discount of $8.39. Natural gas for July lost eight cents to $1.73. The TSX energy index added 1.37 points to close at 80.52.

Li Ka-shing's Husky Energy Inc. (HSE) added 19 cents to $4.96 on 8.65 million shares. Though it had no news today, it doubtless had a keen eye on the activities of Norway's Equinor, one of its joint venturers in Atlantic Canada. The two of them are hoping one day to turn their Bay du Nord project into offshore Newfoundland's fifth producing oil field. As recently as November, 2019, Equinor was happily hyping this "world-class" project, with its estimated 300 million barrels of oil located in the Flemish Pass basin. The goal was to sanction Bay du Nord in April, 2021, and achieve production in 2025. In March of this year, however, the joint venturers deferred the project amid weak oil prices and COVID-19. Now hope is stirring that the project could be revived faster than expected.

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