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Energy Summary for Feb. 20, 2020

2020-02-20 19:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 49 cents to $53.78 on the New York Merc, while Brent for April added 19 cents to $59.31 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.25 to WTI, up from a discount of $17.35. Natural gas for March lost four cents to $1.92. The TSX energy index added a fraction to close at 134.03.

U.S. shale producer Ovintiv Inc. (OVV) (formerly EnCana Corp.) added 16 cents to $21.53 on 1.45 million shares, after releasing its year-end 2019 financials and its 2020 guidance. They were generally as expected. Ovintiv already announced last month that its full-year production averaged 589,000 barrels a day, on full-year spending of $2.8-billion (U.S.), both in line with its guidance. As for 2020, Ovintiv is planning to spend $2.7-billion (U.S.) and produce 583,000 barrels a day. Analysts had been forecasting a production target of closer to 589,000 barrels a day, but the difference is trivial. Ovintiv will allow its gas production to fall slightly in 2020 as it works on boosting its production of higher-margin liquids. Liquids made up 54 per cent of Ovintiv's production in 2019 and are expected to make up 56 per cent in 2020.

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