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by Stockwatch Business Reporter
West Texas Intermediate crude for January delivery lost 48 cents to $58.76 on the New York Merc, while Brent for February lost 62 cents to $63.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.53 to WTI, up from a discount of $20.57. Natural gas for January lost two cents to $2.24. The TSX energy index lost a fraction to close at 136.04.
Oil sands producer Cenovus Energy Inc. (CVE) edged down seven cents to $12.38 on 4.28 million shares, giving back some of the 27 cents it added yesterday after touting its "cost leadership, capital discipline, and continued safe and reliable operations." This was its way of introducing its 2020 guidance. The company plans to spend $1.3-billion to $1.5-billion next year, a roughly 20-per-cent increase over the 2019 budget of $1.1-billion to $1.2-billion. Production is expected to rise to a range of 472,000 to 496,000 barrels of oil equivalent a day from a range of 440,000 to 464,000 barrels a day.
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