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Energy Summary for Sept. 18, 2020

2020-09-18 20:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery edged up 14 cents to $41.11 on the New York Merc, while Brent for November lost 15 cents to $43.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.80 to WTI, down from a discount of $10.75. Natural gas for October added one cent to $2.05. The TSX energy index lost a fraction to close at 70.93.

Oil sands giant Suncor Energy Inc. (SU) lost 21 cents to $17.64 on 23.5 million shares, despite touting its "gold" certification in the Progressive Aboriginal Relations (PAR) program from the Canadian Council for Aboriginal Business (CCAB). According to the CCAB's website, the PAR program measures "leadership in aboriginal relations," based on jobs and other criteria. Companies that pass muster can be certified as gold, silver or bronze. Then they can adorn themselves with a PAR logo that "signal[s] to communities that they are good business partners, great places to work and committed to prosperity in aboriginal communities." The PAR application fee is a cool $1,000, on top of the cost of CCAB membership, which runs anywhere from $2,500 to $25,000 depending on a company's size. For companies keen to boost their reputation for CSR (corporate social responsibility), this is apparently a worthwhile investment.

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