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Energy Summary for March 1, 2021

2021-03-01 20:10 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 86 cents to $60.64 on the New York Merc, while Brent for May lost 73 cents to $63.69 (all figures in this para U.S.). Over the weekend, the U.S. House of Representatives passed a $1.9-trillion (U.S.) stimulus package, which will now head to the Senate. Oil prices initially headed higher on the news, but retreated in the wake of bearish Chinese manufacturing data and concerns about Thursday's OPEC+ meeting. Western Canadian Select traded at a discount of $11.05 to WTI, unchanged. Natural gas for April added one cent to $2.78. The TSX energy index added 1.24 points to close at 111.62.

In Alberta, ARC Resources Ltd. (ARX) lost 13 cents to $7.49 on 8.35 million shares, while Seven Generations Energy Ltd. (VII) lost 24 cents to $8.16 on 9.2 million shares, after the companies jointly filed an information circular about their proposed Montney megamerger. They will ask their shareholders to approve the merger at special meetings on March 31. Assuming the meetings go well, the companies have already said they expect to close the deal in the second quarter, a timeline that the circular pinned down to April 6.

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