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Energy Summary for Jan. 20, 2015

2015-01-20 19:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.12 to $46.39 on the New York Merc, while Brent for March lost 80 cents to $47.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.35 to WTI ($33.16), unchanged. Natural gas for February lost 16.4 cents to $2.83. The TSX energy index lost 5.06 points to close at 205.39.

Gran Tierra Energy Inc. (GTE) had an unhappy day. In the first three hours of trading, it reached a low of $2.58 (down $1.60 from yesterday's close) on 5.84 million shares, before being halted by the single-stock circuit breaker for four minutes. It ended the day at $2.84 on 15 million shares. Gran Tierra had bad news in its core producing area, Colombia, and in its core growth area, Peru. In Colombia, the Eslabon Sur exploration well found only non-commercial hydrocarbons in its main target reservoir. Although it found net pay in secondary reservoirs, the result is still disappointing because the Eslabon structure is 10 kilometres from, and was thought to be analogous to, the productive Moqueta discovery at the Chaza block. (Moqueta and another Chaza discovery, Costayaco, provide most of Gran Tierra's production.) The well has been suspended.

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