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Energy Summary for Jan. 10, 2020

2020-01-10 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 52 cents to $59.04 on the New York Merc, while Brent for March lost 39 cents to $64.98 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.75 to WTI, unchanged. Natural gas for February added three cents to $2.20. The TSX energy index lost 1.02 points to close at 146.74.

Oil sands producer Cenovus Energy Inc. (CVE) lost 13 cents to $12.92 on 7.72 million shares, on top of the seven cents it lost yesterday despite a cacophony of horn-tooting as it outlined "ambitious" and "bold" ESG targets. ESG stands for environmental, social and governance. Cenovus likes to focus on four particular areas: greenhouse gas emissions, "indigenous engagement," land and wildlife, and water usage. Its goals include reducing its emissions intensity by 30 per cent by 2030 (having already reduced it by 30 per cent since 2004) before ultimately reaching "net zero" emissions by 2050. These goals demonstrate Cenovus's "sustainability leadership," cheered president and chief executive officer Alex Pourbaix. He liked the phrase so much that he repeated it a few paragraphs later. He also emphasized, at great length, Cenovus's past progress on its ESG goals, such as the one million trees it has planted since 2013 and the $3-billion it has spent with indigenous-linked businesses since 2009.

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