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Energy Summary for Jan. 20, 2020

2020-01-20 18:50 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed today for Martin Luther King Jr. Day. West Texas Intermediate crude for February delivery added 12 cents to $58.66 in electronic trading on the New York Merc, while Brent for March added 33 cents to $65.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.20 to WTI, unchanged. Natural gas for February lost six cents to $1.94. The TSX energy index lost a fraction to close at 142.99.

Michael Kabanuk and Brendan Carrigy's Alberta Bakken producer, Granite Oil Corp. (GXO), added 34 cents to 93 cents on 6.42 million shares, after accepting a 95-cent-a-share takeover offer from the Lundin family's International Petroleum Corp. (IPCO), up 11 cents to $5.54 on 69,300 shares. The total value of the deal, including Granite's roughly $40-million debt, is just under $80-million. Granite last traded at the 95-cent level in May, 2019. By early December, its shares could be had for as little as 40 cents. The month of December was good for many energy producers, thanks to rising oil prices and increasing optimism about Canadian pipeline progress. In Granite's case, it had extra reason to be in high spirits; International Petroleum's offer arrived Dec. 4.

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