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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery lost $1.60 to $39.77 on the New York Merc, ending its worst week since June, while Brent for November lost $1.41 to $42.66 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.20 to WTI, up from a discount of $9.39. Natural gas for October added 10 cents to $2.59. The TSX energy index lost a fraction to close at 77.60.
News was quiet heading into the long weekend. Stephen Loukas's Alberta Cardium-focused Obsidian Energy Ltd. (OBE) lost four cents to 57 cents on 111,000 shares, after its bankers made another tweak to its credit facility. The facility, which technically has a borrowing limit of $550-million but in reality is limited to $450-million, was $420-million drawn as of June 30. The next borrowing limit review is scheduled for Nov. 30. Prior to that, however, the facility is due for a reconfirmation review -- the kind of review where, if a company fails, it may no longer be allowed to draw any further amounts on the facility. Obsidian was supposed to have this review in June, but it was pushed out to Sept. 4, or today. Now the bankers have postponed it again to Oct. 31. As part of the extension, they will have the option to accelerate the borrowing limit review to Oct. 31 as well.
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