Suncor Energy Feels Slight Heat, Down 20 Cents
Suncor Energy (SU.TO) is trading at $28.56 today, with more than 2.2 million shares changing hands. The current price represents a 19 cents dip from yesterday's close of $28.75.
Earlier this month Suncor Energy outlined plans to increase oil sands production 12% by next year, while boosting capital expenditures by about C$800 million. Approximately $3.6 billion - or nearly half - of the 2012 capital spend is expected to go toward growth projects.
Meanwhile, the US Energy Information Administration ( EIA ) has observed higher levels of volatility in the pricing of WTI crude since early August. This coincides with similar volatility in global stock markets in the wake of the US and European debt crises, and highlights the extent of the correlation that has developed between financial and oil markets. The price of oil ended last week lower than it began, despite a surge of trading that temporarily pushed crude above $100 at midweek for the first time since July.
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