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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 14 cents to $63.37 on the New York Merc, while Brent for June lost 10 cents to $68.02 (all figures in this para U.S.). Western Canadian Select last traded at a discount of $23.40 to WTI; there are currently no open contracts to settle. Natural gas for May gained two cents to $2.72. The TSX energy index added a fraction to close at 177.57.

Saskatchewan- and Utah-focused Crescent Point Energy Corp. (CPG) gained 11 cents to $8.65 on 7.67 million shares, after revealing its "very exciting" plans to drill in a new area, the East basin Duvernay in Alberta. This area is less developed but cheaper to drill than the more active Kaybob Duvernay to its northwest. Also, East basin wells produce mainly light oil, as opposed to liquids-rich gas in other parts of the Duvernay (including the Kaybob). Crescent Point plans to drill four wells in the East basin in the first half of 2018. This early-stage drilling plan changes neither the company's full-year capital budget of $1.8-billion nor its total production target of 183,500 barrels of oil equivalent a day.

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