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Energy Summary for Aug. 5, 2020

2020-08-05 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 49 cents to $42.19 on the New York Merc, while Brent for October added 74 cents to $45.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.83 to WTI, down from a discount of $10.15. Natural gas for September was unchanged at $2.19. The TSX energy index added 2.55 points to close at 80.18.

Quarterly reporting season rolled along. Keith MacPhail and Ronald Poelzer's Alberta Montney-focused NuVista Energy Ltd. (NVA) stayed unchanged at 66 cents on 3.5 million shares, after trumpeting "decisive action in the face of a challenging quarter." In this case, decisive action meant slashing the budget and curtailing production. NuVista noted that its productive capacity exceeded 60,000 barrels of oil equivalent a day in the second quarter, but it held its actual production flat at around 50,000 barrels a day, to limit its exposure to "excessively low pricing." It expects to keep production around this level throughout the rest of 2020.

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