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Energy Summary for Dec. 6, 2022

2022-12-06 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $2.68 to $74.25 on the New York Merc, while Brent for February lost $3.33 to $79.35, falling below $80 for the first time since January on concerns about global economic slowdowns (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.50 to WTI, unchanged. Natural gas for January lost 11 cents to $5.47. The TSX energy index lost 8.76 points to close at 240.77.

Canadian energy stocks fell with commodity prices. For stout-hearted bulls, however, this time of year marks the start of a parade of year-ahead stock picks from crystal-ball-gazing analysts. The ones at TD Securities got things started today by listing "top picks" for 2023. They singled out Canadian Natural Resources Ltd. (CNQ: $75.59), ARC Resources Ltd. (ARX: $17.88) and Crescent Point Energy Corp. (CPG: $9.39), on which they have price targets of $97, $26 and $18.50, respectively. (Another list that investors may wish to be aware of is the list of disclosures from the analysts' employer, TD, which is a "market maker" in all three companies' securities, among other ties.)

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