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Energy Summary for Jan. 30, 2025

2025-01-30 18:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 11 cents to $72.73 on the New York Merc, while Brent for March added 29 cents to $76.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.50 to WTI, down from a discount of $11.20. Natural gas for March lost 12 cents to $3.04. The TSX energy index added 1.43 points to close at 274.28.

Another foreign major is exiting the Alberta oil sands, leaving more of this resource in capable Canadian hands. Canadian Natural Resources Ltd. (CNQ) added 54 cents to $44.80 on 15 million shares, after arranging -- for the second time in three months -- a deal to scoop up more of the AOSP (Athabasca oil sands project) mines from a foreign co-owner. The company previously increased its interest in the AOSP mines to 90 per cent by buying Chevron's 20-per-cent share (and numerous other assets) for $6.5-billion (U.S.). Now it will snag the final 10-per-cent interest from Shell (adding a net 31,000 barrels a day) by swapping a 10-per-cent interest in an upgrader and a carbon capture facility.

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