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Energy Summary for March 10, 2015

2015-03-10 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.71 to $48.29 on the New York Merc, while Brent for April lost $2.14 to $56.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI ($33.49), down from a discount of $14.65. Natural gas for April added 5.4 cents to $2.73. The TSX energy index lost 2.89 points to close at 210.42.

The U.S. Energy Information Administration (EIA) has lowered its 2015 forecast for WTI but raised it for Brent. In the March version of its Short-Term Energy Outlook, published monthly, the EIA predicts that WTI will average $52.15 this year, down from $55.02 in the February report. The forecast for Brent has increased to $59.50 from $57.56. The EIA says its new forecast for the Brent-WTI spread, which has doubled since last month's report, reflects large increases in U.S. crude oil inventories.

Neil Roszell's Raging River Exploration Inc. (RRX) added 36 cents to $8.26 on 5.04 million shares, after releasing its year-end financials. It earned $110.1-million in 2014, up sharply from $43.4-million a year earlier, as production jumped to 10,755 barrels of oil equivalent a day from 5,665. In the fourth quarter, production was 12,548 barrels a day, well above the company's guidance of 12,000. Given the higher-than-expected fourth quarter output, and the fact that Raging River previously raised its full-year 2014 guidance in each of the first, second and third quarters, investors might have had their fingers crossed that this news release would contain a guidance bump for 2015. There was no such bump. Raging River continues to expect full-year 2015 production of 13,500 barrels a day and year-end production of 15,000. To be fair, that guidance has already been boosted twice this year, most recently in February thanks to an acquisition from Surge Energy Inc. (SGY: $2.92). The acquisition expanded Raging River's core Dodsland Viking position in Saskatchewan. It likes this area because the wells are profitable (the company says its revenue at $47.50 (U.S.) WTI exceeds its supply costs) and the wells are consistent (generally flowing 55 barrels a day over their first month, based on 560 wells drilled over the last three years).

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