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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery edged up three cents to $37.33 on the New York Merc, while Brent for November lost 23 cents to $39.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.66 to WTI, up from a discount of $8.82. Natural gas for October lost five cents to $2.27. The TSX energy index lost a fraction to close at 70.93.
One of Canada's largest gas producers, Mike Rose's Tourmaline Oil Corp. (TOU), lost 21 cents to $15.65 on 1.31 million shares. Yesterday it lost one cent, but on Wednesday it added 37 cents, basking in the warm glow of a sparkling new investment-grade credit rating. DBRS bestowed a BBB rating on Tourmaline with a "stable" trend. The ratings agency also lavished compliments on Tourmaline, praising its "highly integrated and efficient operations" and "successful track record of low-cost reserve additions." The attention thrilled Tourmaline, which put out an entire press release about the new rating. It boasted that an investment-grade rating serves to "validate [its] overall financial health" and "provide confidence to the market."
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