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Energy Summary for Sept. 3, 2020

2020-09-03 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 14 cents to $41.37 on the New York Merc, while Brent for November lost 36 cents to $44.07 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.39 to WTI, up from a discount of $9.78. Natural gas for October was unchanged at $2.49. The TSX energy index lost a fraction to close at 78.34.

After a dismal spring and a shaky summer, the oil patch looks to be heading into a busy fall, according to Raymond James analyst Jeremy McCrea. In a new research note this morning, Mr. McCrea offered his thoughts on energy royalty company PrairieSky Royalty Ltd. (PSK: $9.10) as well as the "broader trend playing out" in the energy sector. He acknowledged that neither PrairieSky nor many of the companies working on its royalty lands have provided guidance. Even so, based on drilling and licensing data, as well as a general sense of "better sentiment and commodity prices," Mr. McCrea is seeing a clear increase in activity levels. "Activity has started to pick up, especially with well licensing ... likely setting up for a strong September," he wrote. He would not be surprised to see companies reinstate and potentially even increase their guidance when they release their third quarter financials. As for PrairieSky, Mr. McCrea said its limited spending requirements, minimal debt and high exposure to other companies' drilling success all offer "considerable long-term for investors." He hiked his price target to $13 from $12.50. PrairieSky closed today at $9.10.

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