Energy Sub Indices Underperform

Weekly Energy Outlook (04/01/2009)
"Near-month crude oil closed out the week at US$52.38/bbl, up 2.6% on the week and down 51.3% from this time last year. For the week ended March 24, 2009, the number of noncommercial net contracts increased by 4,130 to a net long number of 17,637 contracts. The number of commercial net contracts decreased by 6,331 resulting in a net short number of 22,721 contracts during the latest period.

Near-month natural gas closed out the week at US$3.63/mmbtu, down 14.1% on the week and down 62.1% from this time last year. for the week ended March 24, 2009, the number of noncommercial net contracts increased by 5,831 to a net short number of 121,018 contracts. The number of commercial net contracts decreased by 5,703 resulting in a net long number of 71,144 contracts during the latest period.

There were 233 completed wells for the week ended March 27, 2009. This is less than the 286 wells completed in the prior week, and less than the 771 wells completed during the same week in 2008.

All of the energy sub indices, except TSX Energy E&S, underperformed the S&P/TSX Composite Index last week. The biggest mover was the TSX Energy E&S Index, which was up 4.9%.

As of March 27, 2009, year-to-date the oil sands index and international E&P index have outperformed oil and gas futures and the other TSX Composite indices. Gas futures are down 35.4% year-to-date versus oil futures, which are up 17.4% year-to-date. The S&P/TSX Composite is down 1.9% year-to-date and the E&P subindex is down 5.9% year-to-date. Our junior E&P subindex is up 7.5% year-to-date. Our international E&P subindex is up 31.9% year-to-date and our oil sands index is up 31.9% year-to-date."

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