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Energy Summary for Sept. 8, 2020

2020-09-08 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery plunged $3.01 to $36.76 on the New York Merc, while Brent for November lost $2.88 to $39.78, its first time below $40 since June (all figures in this para U.S.). Demand concerns remained top of mind for oil traders as COVID-19 case counts continued to rise, particularly in the United States. Western Canadian Select traded at a discount of $9.20 to WTI, unchanged. Natural gas for October lost 19 cents to $2.40. The TSX energy index lost 5.89 points to close at 71.71.

Oil sands giant Suncor Energy Inc. (SU) lost $1.72 to $18.52 on 41.9 million shares, after releasing a fresh batch of 2020 guidance -- something investors have heard quite a few times lately. This marks revision No. 4 since the original guidance came out last December. The global oil price downturn, the COVID-19 pandemic, and the reactions that Suncor and its joint venturers have taken in response to those events -- such as the decision to roughly halve production at the Fort Hills project, co-owned with Teck Resources Ltd. (TECK.B: $15.00) -- have all taken their bite out of Suncor's numbers. More recently, in mid-August, a short-lived fire broke out at Suncor's base plant.

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