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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost 56 cents to $41.04 on the New York Merc, while Brent for September lost 19 cents to $43.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.00 to WTI, down from a discount of $9.35. Natural gas for August added seven cents to $1.80. The TSX energy index lost 2.85 points to close at 76.63.
Oil sands producer Cenovus Energy Inc. (CVE) lost 40 cents to $6.35 on 11.3 million shares, after moving to shore up its balance sheet with a $750-million (U.S.) note offering. The company already provided an update on its finances last Thursday with its quarterly filings for June 30, though at the time, it kept its gaze largely focused on the future as it talked of strengthening oil markets and how Cenovus can help "lead Canada's economic recovery." It was particularly pleased to announce record monthly production in June from its core Christina Lake project. In fact, said management, Cenovus has been producing so much that it is exceeding its quota under Alberta's crude curtailment program. (This is permissible because Cenovus has been buying production credits from companies that are below their quotas. Such credits have plunged in value since the start of the downturn. Although prices are not public, sources recently told Bloomberg that the credits are currently selling at around $1.25 (U.S.) a barrel, compared with $7 (U.S.) a barrel or higher a few months ago.)
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