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Energy Summary for March 3, 2020

2020-03-03 19:38 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 43 cents to $47.18 on the New York Merc, while Brent for May lost four cents to $51.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.57 to WTI, down from a discount of $13.55. Natural gas for April added four cents to $1.80. The TSX energy index lost 3.99 points to close at 111.35.

Oil sands producer MEG Energy Corp. (MEG) lost 21 cents to $5.85 on a heavier-than-usual 16 million shares. It did not make any announcements that might explain the excitement, although it is scheduled to release its year-end 2019 financials tomorrow. As well, MEG has been in the news this week over an oil sands project that it recently put on hold. "MEG Energy shelves oil sands project as economic conditions put proposed projects in doubt," read a headline in The Globe and Mail on Sunday. In reality, as the article went on to clarify -- though not until five paragraphs into the story -- MEG Energy shelved the project months ago, writing a letter to the Alberta Energy Regulator (AER) in the fall of 2019 to request a roughly three-year delay in the approval process for its May River project.

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