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Energy Summary for Sept. 10, 2025

2025-09-10 18:34 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.04 to $63.67 on the New York Merc, while Brent for November added $1.10 to $67.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.70 to WTI, up from a discount of $13.30. Natural gas for October lost nine cents to $3.02. The TSX energy index added 5.34 points to close at 283.11.

Canada's energy sector is officially on notice: Prime Minister Mark Carney will unveil his first set of "nation-building" projects tomorrow in Edmonton. He made the promise at a Liberal caucus retreat today in Edmonton, shortly before a separate meeting with Alberta Premier Danielle Smith. No clues were dropped as to what the projects might be or if any of them are related to energy, but the location and timing have set plenty of tongues wagging. Mr. Carney added that a second shortlist of projects will arrive "by Grey Cup," which this year is taking place Nov. 16.

Meanwhile, the posturing persisted in a PR duel between Strathcona Resources Inc. (SCR), down 50 cents to $37.85 on 127,700 shares, and Cenovus Energy Inc. (CVE), up $1.11 to $23.68 on 24.3 million shares. The companies are playing tug-of-war over oil sands producer MEG Energy Corp. (MEG), down 29 cents to $28.83 on 4.57 million shares. Two days ago, Strathcona sweetened its equity-based hostile bid for MEG and extended the expiry to Oct. 20. Yesterday, Cenovus struck a deal to sell $1.4-billion (U.S.) of refinery interests, stirring speculation that it would use some of the money to sweeten its cash-heavy friendly bid for MEG ahead of a scheduled vote of MEG's shareholders on Oct. 9. Today was a day where nobody blinked, but everybody yapped to a reporter.

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