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Energy Summary for Aug. 31, 2020

2020-08-31 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 36 cents to $42.61 on the New York Merc, while Brent for November lost 53 cents to $45.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.60 to WTI, up from a discount of $11.65. Natural gas for October lost three cents to $2.63. The TSX energy index lost 2.49 points to close at 79.57.

This summer is proving to be the season to bulk up. In the last two months, the oil patch has seen at least six private companies enter merger agreements, while some of the larger public players have snapped up smaller competitors or their assets (such as ConocoPhillips's agreement to buy Montney assets from Kelt Exploration Ltd. (KEL: $1.66), or Canadian Natural Resources Ltd.'s (CNQ: $25.72) proposal to take over Painted Pony Energy Ltd. (PONY: $0.69)). Now some of the smaller public players are getting into the game too. This morning brought two separate merger proposals involving three different public companies.

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