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Energy Summary for July 23, 2020

2020-07-23 20:35 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 83 cents to $41.07 on the New York Merc, while Brent for September lost 98 cents to $43.31 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.40 to WTI, unchanged. Natural gas for August added 10 cents to $1.79. The TSX energy index lost 1.83 points to close at 79.01.

Oil sands giant Suncor Energy Inc. (SU) lost 93 cents to $23.04 on 13.2 million shares, impressing analysts but not investors with its second quarter financials. Production in the quarter averaged 655,500 barrels of oil equivalent a day, a nearly 20-per-cent drop from 803,900 barrels a day in the same period last year. This reflected Suncor's response to the COVID-19 pandemic and the associated drop in oil prices, including scaling down operations at its 54-per-cent-held Fort Hills oil sands mine. Fort Hills is designed to produce 194,000 barrels a day. In March, announcing the partial shut-in of operations, Suncor and a joint venturer at Fort Hills reckoned that the mine's 2020 production would be just 100,000 to 120,000 barrels a day. (That joint venturer is miner Teck Resources, which released its second quarter financials and, rather tellingly, did not mention Fort Hills once in the entire press release.)

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