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Energy Summary for Aug. 10, 2020

2020-08-10 20:44 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 72 cents to $41.94 on the New York Merc, while Brent for October added 59 cents to $44.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.79 to WTI, up from a discount of $11.80. Natural gas for September lost nine cents to $2.15. The TSX energy index added 2.35 points to close at 84.58.

Rumours of a near-term tidal wave of Canadian consolidations rumbled afresh as the B.C. Montney saw its second noteworthy acquisition in less than three weeks. This morning, Canadian Natural Resources Ltd. (CNQ), up 38 cents to $27.11 on 8.87 million shares, agreed to buy Painted Pony Energy Ltd. (PONY), up nine cents to 68 cents on 27.3 million shares. It will pay 69 cents for each of Painted Pony's shares. As well, it will also assume Painted Pony's debt of approximately $350-million, for a total transaction value of about $460-million.

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