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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $2.40 to $90.52, while Brent for January added $3.67 to $98.29, clawing back some ground after nearly 10-per-cent slide in the past two days (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.30 to WTI, up from a discount of $32.00. Natural gas for December lost one cent to $2.94. The TSX energy index lost 10.81 points to close at 430.08.

The oil patch's third quarter earnings parade is in full swing. Canada's largest oil producer, Canadian Natural Resources Ltd. (CNQ), lost 72 cents to $68.48 on 17.8 million shares, falling with oil prices but skirting the worst of today's bloodbath. Third quarter production of 1.65 million barrels of oil equivalent a day, along with cash flow of $2.67 a share, both exceeded analysts' predictions of 1.63 million barrels a day and $2.49 a share.

Canadian Natural also hit its long-time net debt target of $13-billion during the quarter, clearing the way to start shovelling 100 per cent of its free cash flow toward shareholders, rather than 75 per cent. It said it will immediately pick up the pace of share buybacks. Over the first 10 months of 2026, Canadian Natural spent $3.8-billion on buybacks, or $380-million a month (though some months had more than others; October saw $728-million). This figure is to jump to $800-million in both November and December -- on top of the 62.5-cent quarterly dividend, which, as Canadian Natural just so happened to remind investors, has risen every year for 26 years, most recently last March.

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