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Energy Summary for Nov. 20, 2019

2019-11-20 20:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.90 to $57.11 on the New York Merc, while Brent for January added $1.49 to $62.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.90 to WTI, down from a discount of $18.60. Natural gas for December added five cents to $2.56. The TSX energy index added 1.02 points to close at 132.51.

U.S.-focused shale producer EnCana Corp. (ECA) edged up 16 cents to $5.42 on 15.4 million shares, despite criticism from a large shareholder that has come out in opposition to its proposed redomiciling to the United States. About three weeks have passed since EnCana announced that it would move its headquarters to the U.S. from Calgary, change its name to Ovintiv Inc. and roll back its shares 1 for 5. There have been no shortage of op-eds since then bemoaning the company's choice to strip its Canadian roots from its name (let alone to decide that a superior name would be Ovintiv). Yesterday, another party joined the critics: the Montreal-based Letko, Brosseau & Associates Inc., an investment manager that owns about 4 per cent of EnCana's 1.3 billion shares.

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