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Energy Summary for Nov. 12, 2019

2019-11-12 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost six cents to $56.80 on the New York Merc, while Brent for January lost 12 cents to $62.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.00 to WTI, up from a discount of $21.99. Natural gas for December lost two cents to $2.62. The TSX energy index lost 1.28 points to close at 134.85.

Keith MacPhail and Ronald Poelzer's Alberta Montney-focused NuVista Energy Ltd. (NVA) added eight cents to $2.49 on 3.9 million shares, after releasing its third quarter financials and congratulating itself for its "measured and profitable growth." The fact that it did not turn a profit in the quarter was, apparently, meant to be ignored. Net loss came to $7.65-million, down from earnings of $3.46-million a year earlier. All in all, the financials were largely as analysts predicted, given that NuVista had already forecast that it would produce 49,000 to 52,000 barrels of oil equivalent a day. Its actual production came to 51,819 barrels a day. With Tidewater Midstream having recently completed a new Montney gas plant in the Pipestone area at the end of September, NuVista is now aiming to produce as much as 60,000 barrels a day in the fourth quarter. This is more than double what it was producing just three years ago.

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