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Energy Summary for Oct. 22, 2024

2024-10-22 18:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.53 to $72.09 on the New York Merc, while Brent for December added $1.75 to $76.04 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.80 to WTI, down from a discount of $13.30. Natural gas for November stayed unchanged at $2.31. The TSX energy index added a fraction of a point to close at 278.72.

Canada's largest gas producer, Mike Rose's Tourmaline Oil Corp. (TOU), added 85 cents to $63.28 on 1.78 million shares. It spent the day promoting the opening of two new CNG (compressed natural gas) fuelling stations in Alberta, or in PR terms, "expanding our multiyear diesel replacement initiative ... to help facilitate a transformative shift in the transportation sector." The new stations are the second and third to be opened under the joint venture that Tourmaline announced last year with the Nasdaq-listed Clean Energy Fuels Corp. (U.CLNE: $2.84). The two of them vowed in April, 2023, to build up to 20 CNG stations over the next five years, and so far have opened one in each of Edmonton, Calgary and Grande Prairie.

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