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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost 34 cents to $42.55 on the New York Merc, while Brent for October added nine cents to $45.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.75 to WTI, up from a discount of $12.25. Natural gas for September added eight cents to $2.42. The TSX energy index lost 1.35 points to close at 83.86.
Mike Rose's Tourmaline Oil Corp. (TOU) reached an intraday high of $17.69, its highest level since mid-2019, before reversing course and closing at $17.27, down three cents, on 2.34 million shares. It has had no news, but has still managed to notch new one-year highs nearly every day this month. This partly reflects strengthening gas markets: In spite of its "Oil"-y name, Tourmaline is Canada's largest gas producer -- for now, anyway. It will soon lose that title to Canadian Natural Resources Ltd. (CNQ) once that company closes its proposed takeover of Painted Pony Energy Ltd. (PONY). Tourmaline seemingly has every intention of snagging the crown back, given that it is eyeing acquisitions of its own, according to a recent Canadian Press interview with its president and chief executive officer, Mr. Rose. "Oh yeah. Potentially," said Mr. Rose when asked if Tourmaline is still pursuing its shopping spree. The company noted in late 2019 that it had "access to over $800-million for select acquisition activity." So far in 2020 (up to June 30), it has spent about $62-million.
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