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Energy Summary for July 3, 2020

2020-07-03 20:26 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Independence Day. West Texas Intermediate crude for August delivery lost 33 cents to $40.32 in electronic trading on the New York Merc, while Brent for August lost 34 cents to $42.80 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.88 to WTI, up from a discount of $10.35. Natural gas for August added two cents to $1.75. The TSX energy index lost a fraction to close at 77.32.

Andy Mah's Alberta Montney-focused Advantage Oil & Gas Ltd. (AAV) added three cents to $1.71 on 509,000 shares, on top of the two cents it added yesterday after closing a $100-million infrastructure sale. The sale was announced in mid-April and covers a 12.5-per-cent interest in Advantage's 400-million-cubic-foot-a-day Glacier gas plant. Advantage had not mentioned the buyer at the time, but in yesterday's closing announcement, it identified the buyer as Topaz Energy.

The name Topaz likely rang a bell for energy investors. Topaz is a private -- for now -- subsidiary of Mike Rose's Tourmaline Oil Corp. (TOU), down eight cents to $12.37 on 699,600 shares. Tourmaline created Topaz to hold some of its royalty and non-operated infrastructure assets. In November, it spun out a 26-per-cent interest in Topaz by selling 20.85 million shares at $10. Now Topaz says that in connection with the acquisition from Advantage, it closed a private placement of 13.2 million shares at $11, meaning that investors who participated in the November financing are already enjoying 10-per-cent gains on paper.

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