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Energy Summary for Sept. 9, 2020

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

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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."

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