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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery added $1.09 to $110.65 on the New York Merc, while Brent for August added 52 cents to $114.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.35 to WTI, up from a discount of $18.50. Natural gas for July lost 13 cents to $6.81. The TSX energy index lost 5.54 points to close at 243.73.
After last week's steep weekly decline for the first time in eight weeks, and with U.S. markets closed yesterday for a new federal holiday -- Juneteenth National Independence Day, also called Emancipation Day, Freedom Day or just Juneteenth -- U.S. oil prices staged a mild rally today. Traders weighed concerns of a global economic recession against concerns of ever-tightening oil markets. Speaking today at the Bloomberg Qatar Economic Forum in Doha, ExxonMobil's chief executive officer, Darren Woods, said he expects tight oil markets to last three to five more years.
Here in Canada, several energy executives have been taking the recent dip as a buying opportunity. New filings on SEDAR show a flurry of insider purchases. David Wilson, president and CEO of Kelt Exploration Ltd. (KEL: $6.49), has spent a total of $2.3-million since Friday to buy 365,600 shares. Director Keith MacPhail of Cenovus Energy Inc. (CVE: $25.95) dropped $873,250 yesterday on 35,000 shares. Other companies with insider activity since Friday include Tourmaline Oil Corp. (TOU: $69.51), Peyto Exploration & Development Corp. (PEY: $13.44), the newly listed Coelacanth Energy Inc. (CEI: $0.62) (which made its TSX-V debut yesterday) and Cardinal Energy Ltd. (CJ: $8.21). Cardinal separately saw one of its largest shareholders, the oil sands billionaire N. Murray Edwards, exercise 8.2 million warrants on June 13 for a total of $12.4-million.
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