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Energy Summary for Oct. 25, 2021

2021-10-25 19:59 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery stayed unchanged at $83.76 on the New York Merc, while Brent for December added 46 cents to $85.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.70 to WTI, unchanged. Natural gas for November added 62 cents to $5.90. The TSX energy index added 3.05 points to close at 160.25.

Earnings season kicked off in the oil patch with the third quarter results of PrairieSky Royalty Ltd. (PSK), up 23 cents to $16.05 on 6705,00 shares. While not a direct oil and gas producer, PrairieSky collects royalties from producers across Western Canada, thereby providing a useful barometer of industry activity. This morning, PrairieSky reported royalty revenue of $76-million in the third quarter. "[This is] our second-highest quarter since inception in 2014," boasted president and chief executive officer Andrew Phillips. He credited "strong commodity prices for all products." Emphasizing his continued high hopes, Mr. Phillips added that PrairieSky spent over $190-million on acquisitions during the third quarter. This is up from $6-million in the second quarter and nothing at all in the third quarter of last year.

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