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Energy Summary for Feb. 12, 2024

2024-02-12 19:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery edged up eight cents to $76.92 on the New York Merc, while Brent for April went the other direction and lost 19 cents to $82.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.40 to WTI, down from a discount of $19.25. Natural gas for March lost eight cents to $1.77. The TSX energy index added 2.78 points to close at 240.98.

The North American oil patch started the week of Valentine's Day with a major engagement. The Nasdaq-listed Diamondback Energy soared today after entering a $26-billion (U.S.) definitive merger agreement with Endeavor Energy Resources, the largest private producer in the Permian shale basin of Texas and New Mexico. This "transformational" deal will create a "must-own" Permian-focused operator with combined production of around 475,000 barrels of oil equivalent a day, cheered the companies. They are aiming to close the deal by year-end.

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