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Energy Summary for Nov. 3, 2017

2017-11-03 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.10 to $55.64 on the New York Merc, its first time above $55 since July, 2015, while Brent for January added $1.45 to $62.07 (all figures in this para U.S.). Nigerian militants, Venezuelan debt and rising hopes for an extension to OPEC's production-cutting agreement all made for a happy Friday for oil bulls. Western Canadian Select traded at a discount of $12.90 to WTI ($42.74), unchanged. Natural gas for December added four cents to $2.98. The TSX energy index added 2.45 points to close at 198.31.

Colombia-focused Gran Tierra Energy Inc. (GTE) lost six cents to $2.81 on 2.05 million shares, despite touting "record-high" production of 32,570 barrels of oil equivalent a day in the third quarter. President and chief executive officer Gary Guidry acknowledged the likely reason for the lack of investor enthusiasm: "The activity we had forecasted has materialized more slowly than anticipated." Since Mr. Guidry joined the company in mid-2015, it has increased its total production to the recent quarter's 32,570 barrels a day from 23,368 barrels a day in Q3 2015. Nevertheless, production in the first nine months of this year, at 31,305 barrels a day, remains below the full-year guidance of 33,300 to 34,300 barrels a day. Gran Tierra did not change this guidance, most likely because it hopes to catch up in the fourth quarter as it continues to develop its Acordionero field. (It had already lowered the guidance once, from the original range of 34,000 to 38,000 barrels a day, partly because of an asset sale it completed in June.) The company has also maintained its full-year capital budget of $200-million (U.S.) to $225-million (U.S.).

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