21:29:44 EDT Wed 30 Sep 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for Sept. 9, 2020

2020-09-09 20:54 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.29 to $38.05 on the New York Merc, while Brent for November added $1.01 to $40.79 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.96 to WTI, up from a discount of $9.20. Natural gas for October added one cent to $2.41. The TSX energy index added a fraction to close at 72.70.

The oil price downturn associated with the COVID-19 pandemic is putting yet another project in jeopardy, with potentially even larger implications. This morning, Li Ka-shing's Husky Energy Inc. (HSE), down five cents to $3.86 on 4.6 million shares, announced that it is undertaking a full review of the scope, timing and cost of the West White Rose project off the coast of Newfoundland. West White Rose is a Husky-operated joint venture with Suncor Energy Inc. (SU: $18.50) and the province's Nalcor Energy. The joint venturers have faced several setbacks over the years -- the field was originally supposed to start production way back in 2016 -- but more recently they were sticking to a construction schedule that would have enabled first oil in 2022. In March, 2020, however, construction was suspended amid COVID-19. Husky's chief executive officer, Rob Peabody, said today that this will cause a minimum one-year delay, given the tight offshore weather window for construction -- but the real question is whether Husky will resume construction at all. "[We have] no choice but to undertake a full review of the project," said Mr. Peabody. More worrisomely, he added that "by extension, [we will also review] our future operations in Atlantic Canada."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.