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Energy Summary for Dec. 23, 2016

2016-12-23 20:01 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added seven cents to $53.92 on the New York Merc, while Brent for February added 11 cents to $55.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.95 to WTI ($37.97), unchanged. Natural gas for January added 12 cents to $3.66. The TSX energy index lost 1.55 points to close at 222.37.

Gear Energy Ltd. (GXE) lost one cent to $1.02 on 357,900 shares, after climbing above the $1 mark yesterday for the first time since October, 2015. In January, 2016, it traded at a low of just 25 cents. "What a year it has been," marvelled president and chief executive officer Ingram Gillmore in his latest monthly update, posted Wednesday evening. He patted Gear on the back for avoiding the grim fate of some of the companies he had compared it with at the start of the year, when the question on everyone's lips was whether companies with debt could endure low oil prices. "Unfortunately, those were not just words; in fact, almost 40 per cent of the companies we benchmarked our debt against have not survived the year," said Mr. Gillmore.

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