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Energy Summary for Jan. 21, 2020

2020-01-21 19:42 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 32 cents to $58.34 on the New York Merc, while Brent for March lost 59 cents to $64.59 (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 four cents to $1.90. The TSX energy index lost 2.02 points to close at 140.97.

North Dakota-focused oil producer Enerplus Corp. (ERF) lost 44 cents to $7.96 on 4.39 million shares, failing to impress investors with its surprisingly cautious 2020 guidance and hazy three-year outlook. The company plans to spend $520-million to $570-million this year. That figure is below analysts' forecasts of $630-million, and represents a 13-per-cent decrease (at the midpoint) from the 2019 budget of $625-million. Production is expected to stay relatively flat at 96,000 to 100,000 barrels a day, compared with the 2019 target of 100,000 to 101,000 barrels a day. Analysts had been expecting a more ambitious 2020 target of at least 103,000 barrels a day.

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