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Energy Summary for Nov. 8, 2024

2024-11-08 18:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.98 to $70.38 on the New York Merc, while Brent for January lost $1.76 to $73.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI, up from a discount of $13.10. Natural gas for December lost three cents to $2.66. The TSX energy index lost 3.03 points to close at 277.43.

Oil prices tumbled today, but rose by enough earlier in the week to eke out a weekly gain, propped up by the U.S. election and the OPEC+ decision to delay a production increase. Traders today were disappointed by another batch of lacklustre data from China, where crude imports declined in October (on a year-over-year basis) for the sixth month in a row.

Canadian energy stocks fell with prices, though a few exceptions fought their way out of the gloom. Ronald Poelzer's Alberta Montney-focused NuVista Energy Ltd. (NVA) added 87 cents to $12.57 on 2.28 million shares, pleasing investors with its third quarter financials and 2025 guidance. Production of 83,500 barrels of oil equivalent a day and cash flow of 67 cents a share surpassed analysts' predictions of 82,000 barrels a day and 56 cents a share. For 2025, NuVista is aiming for 90,000 barrels a day on a budget of $450-million. These numbers are down from the preliminary ones unveiled at an investor day in June, when the unofficial goal was 90,000 to 95,000 barrels a day on a budget of $575-million, but NuVista packaged the cuts well, lauding its ability to "reduce capital substantially with only a modest growth impact."

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