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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery gained 24 cents to $63.97 on the New York Merc, while Brent for March gained 23 cents to $69.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.75 to WTI ($39.22), up from a discount of $22. Natural gas for February gained 10 cents to $3.23. The TSX energy index closed up 1.27 points to 198.62.

Alberta Montney producer NuVista Energy Ltd. (NVA) gained 24 cents to $8.70 on 1.59 million shares, after releasing production estimates for the fourth quarter of 2017 as well as the full year. According to its field estimates, NuVista produced 37,400 barrels of oil equivalent a day in the fourth quarter, placing near the top of its target range of 35,000 to 38,000 barrels a day. For the full year, the company produced 29,700 barrels a day. The results are in line with analysts' predictions.

Scotia Capital analyst Cameron Bean continues to be a cheerleader for NuVista. He has high hopes for the Bilbo block, where the company is producing 18,000 barrels a day, of which one-third is condensate. All four of the company's core blocks are in the condensate-rich Wapiti Montney natural gas play, south of Grand Prairie. Scotia's Mr. Bean believes that NuVista is capable of reaching its five-year production target of 60,000 barrels a day. Most of the additional output is expected to come from the early-stage Gold Creek and Pipestone blocks, which are currently producing a combined 4,000 barrels a day but are expected to eventually contribute a total of 28,000 barrels a day. To support the company's planned five-year production boost, NuVista will start up a new gas plant next year. Scotia's Mr. Bean maintains his price target of $12 and his rating of sector outperform.

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