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Energy Summary for Dec. 27, 2019

2019-12-27 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added four cents to $61.72 on the New York Merc, while Brent for February added 24 cents to $68.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.00 to WTI, down from a discount of $21.95. Natural gas for January lost 14 cents to $2.16. The TSX energy index added a fraction to close at 145.82.

U.S.-focused shale producer EnCana Corp. (ECA) edged up four cents to $6.03 on 6.73 million shares. It is making frequent appearances in the year-in-review stories that always come out this time of year, as no mention of the oil patch's tough slog through 2019 would be complete without EnCana's proposal to pull up stakes and move its headquarters to Denver from Calgary. The Calgary columnists are being particularly Grinch-like in rehashing the move. On Christmas Eve, the Financial Post's Calgary-based Geoffrey Morgan opined that U.S. shale is losing its lustre and therefore Canadian oil could enjoy "a dramatic change of fortunes, especially after EnCana Corp. decamped from Calgary to Denver." This was the sole mention of EnCana in the entire article. The Financial Post also ran an article this week by Martin Pelletier of Calgary's TriVest Wealth Counsel, who wrote dismissively of EnCana as "a once mighty hometown hero." Meanwhile, last week, Globe and Mail columnist Tim Shufelt (of Toronto, not Calgary) called EnCana one of the "dogs of 2019" and likened its chief executive officer, Doug Suttles, to Peter Pocklington, the infamous former Oilers owner who traded away Wayne Gretzky to a U.S. team in 1988. Mr. Shufelt also made fun of EnCana's proposed rebranding as Ovintiv Inc. and said the name sounds like a fertility drug.

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