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Energy Summary for Nov. 7, 2024

2024-11-07 18:31 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 67 cents to $72.36 on the New York Merc, while Brent for January added 71 cents to $75.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.10 to WTI, down from a discount of $12.20. Natural gas for December lost five cents to $2.69. The TSX energy index added 1.28 points to close at 279.46.

Canadian energy investors were dealt a Thursday thumping of financials, some more bruising than others. The country's largest gas producer, Mike Rose's Tourmaline Oil Corp. (TOU), lost $1.96 to $63.16 on 11.4 million shares, failing to impress investors even after throwing a 50-cent special dividend into its third quarter report. This is the 12th special dividend that it has declared in three years. Evidently it came as no surprise to investors, and neither did Tourmaline's production or cash flow, both of which were in line with analysts' predictions.

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