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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery added 53 cents to $43.72 on the New York Merc, while Brent for January added six cents to $44.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.25 to WTI ($28.47), up from a discount of $15.30. Natural gas for December added 11 cents to $2.75. The TSX energy index added 2.44 points to close at 203.28.
Six weeks after Colombian voters unexpectedly rejected a landmark peace agreement that sought to end five decades of deadly conflict between the government and the FARC rebel group, a revised agreement has been signed. "Peace cannot wait anymore," said representatives on both sides on Saturday. The new agreement incorporates several proposals from Colombians who voted "no" in the Oct. 2 referendum, many of whom had criticized the original agreement as too lenient on the rebels. The revisions, as translated and summarized by local and international media outlets, include: (i) clarifications of punishments for rebels accused of war crimes (but still no jail time); (ii) a requirement for FARC to declare and hand over assets to compensate victims; and (iii) no more full integration of the agreement into Colombia's constitution (parts will be integrated and other parts will simply be laws). The revisions do not modify a controversial part of the agreement that will allow FARC leaders to run for office. This will not please the "no" voters, although they may not get another say; the Colombian government is not legally required to hold a second referendum. Despite these and other uncertainties, the news is encouraging for those who want peace in Colombia. Canadian companies that would benefit from a safer and more investment-friendly environment include Gran Tierra Energy Inc. (GTE: $3.86), Canacol Energy Ltd. (CNE: $4.42), Parex Resources Inc. (PXT: $15.90) and Pacific Exploration & Production Corp. (PEN: $53.93).
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