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Energy Summary for Feb. 27, 2020

2020-02-27 18:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.64 to $47.09 on the New York Merc, while Brent for April lost $1.25 to $52.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.35 to WTI, up from a discount of $15.00. Natural gas for April lost seven cents to $1.75. The TSX energy index lost 3.22 points to close at 115.87.

Li Ka-shing's Husky Energy Inc. (HSE) lost 47 cents to $6.68 on 5.04 million shares, after releasing its year-end 2019 financials. Judging by the stock's rapid fall from nearly $9 since the start of the month, investors were expecting a painful fourth quarter, and they got it. Husky pegged its cash flow for the fourth quarter at just 47 cents a share. For context, analysts were originally predicting 77 cents a share, up until the first batch of industry financials rolled in -- especially from Imperial Oil Ltd. (IMO: $29.39) and Cenovus Energy Inc. (CVE: $10.02) -- and flagged weak refining margins as a problem during the fourth quarter. Then analysts lowered their predictions for Husky's cash flow to about 71 cents a share instead. Husky came in well below that mark, as its refining margins were especially poor. One refinery, Lima in Ohio, underwent extended downtime during the quarter and ended up with an operating margin of negative $129-million.

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