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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 31 cents to $68.43 on the New York Merc, while Brent for January added 39 cents to $72.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $11.80. Natural gas for December added eight cents to $2.98. The TSX energy index added 2.15 points to close at 275.32.

In Canada's oil patch, the big newsmaker of the day was oil sands giant Suncor Energy Inc. (SU), up $2.24 to $55.40 on 14.9 million shares. It thrilled investors by hiking its quarterly dividend to 57 cents from 54.5 cents (for a new yield of 4.1 per cent) on the back of "exceptional" third quarter financials. Production of 826,800 barrels a day and cash flow of $2.98 a share were both markedly higher than analysts' predictions of 806,000 barrels a day and $2.38 a share. Suncor also achieved its $8-billion net debt target during the quarter, far earlier than the official mid-2025 deadline it announced during a spring investor day, and even earlier than the unofficial hint dropped by chief executive officer Rich Kruger during a conference call in August, when he mused, "Maybe a Christmas present." As far as shareholders were concerned today, Christmas has come early.

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