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Energy Summary for July 15, 2015

2015-07-15 19:46 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.63 to $51.41 on the New York Merc, while Brent for September lost $1.39 to $57.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.85 to WTI ($36.56), down from a discount of $13.75. Natural gas for August added 7.8 cents to $2.918. The TSX energy index lost 2.49 points to close at 196.24.

Pacific Rubiales Energy Corp. (PRE) added 23 cents to $3.56 on 7.2 million shares, despite releasing an operational update indicating that it struggled during the second quarter -- even beyond its takeover drama with Alfa SAB and Harbour Energy, which dropped their bid last Thursday and sent the stock plunging to $2.85 from $5.25. Pacific Rubiales has rallied steadily since. It climbed over the $3.50 mark today, despite estimating second quarter production of just 151,000 to 153,000 barrels of oil equivalent a day, well below analysts' average prediction of 159,500 barrels a day. Part of the problem was pipeline disruptions. Pacific Rubiales did not say what kind of disruptions, but seeing as it operates mainly in Colombia, rebel bombs are the most likely candidate. The FARC rebel group regularly attacks pipelines and other infrastructure and military targets. This was not a big problem in the first quarter because of a ceasefire. That ground to a halt in April, however, when FARC killed nearly a dozen Colombian soldiers, leading the military to respond in kind in May. June was even worse, according to the Conflict Analysis Resource Center, a Bogota-based think tank that says June was the most violent month since peace talks between the rebels and the government began in November, 2012. Earlier this week, the two sides announced a new, month-long ceasefire that will begin on July 20 -- Colombia's Independence Day -- so the third quarter could show an improvement.

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