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Energy Summary for March 2, 2021

2021-03-02 20:05 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 33 cents to $59.42 on the New York Merc, while Brent for May lost 99 cents to $62.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.08 to WTI, down from a discount of $11.05. Natural gas for April added seven cents to $2.85. The TSX energy index added a fraction to close at 112.54.

Oil sands giant Suncor Energy Inc. (SU) added 52 cents to $26.11 on 32.6 million shares. It did not release news until after the close, but earlier in the day, it had a flurry of filings on EDGAR. These included a term sheet for a $750-million (U.S.) offering of 30-year notes bearing interest at 3.777 per cent.

This is Suncor's fourth note offering in less than a year, and its longest-dated. Last April, seeking to shore up its finances amid the COVID-19 downturn, Suncor sold a batch of 10-year notes for $1.25-billion. It had to stick a hefty 5-per-cent coupon on them. Borrowing costs were spiking at the time, particularly for energy companies. A month later, debt markets were a little more open, and Suncor did two more note issuances for a total of $1-billion (U.S.) -- three years at 2.8 per cent and five years at 3.1 per cent. Had it waited a bit longer, it could have had the debt for cheaper still. Canadian Natural Resources Ltd. (CNQ: $36.20) sold three-year notes at just 1.45 per cent in November and Tourmaline Oil Corp. (TOU: $23.10) sold seven-year notes at 2.077 per cent in January.

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