This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery added $1.34 to $50.92 on the New York Merc, while Brent for December added 82 cents to $56.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.15 to WTI ($39.77), unchanged. Natural gas for November lost six cents to $2.89. The TSX energy index lost a fraction to close at 186.17.
Montney producer Kelt Exploration Ltd. (KEL) reached an intraday high of $7.02 before edging back to close at $6.88, up two cents, on 1.37 million shares. On Friday after the close, just ahead of the long weekend, it released a flurry of updates on its efforts to cope with persistently weak AECO gas prices (the benchmark in Alberta). These have prompted Kelt to shut in 3,770 barrels of oil equivalent a day worth of AECO-exposed production. As well, the company has another 1,000 barrels a day behind pipe that it was planning to bring on production, but that production will be delayed until Nov. 1. That is the day on which various non-AECO-priced marketing contracts come into effect for Kelt. In particular, Kelt has signed up for service to the Dawn (Eastern Ontario) and Malin (western United States) markets. Although it expects better prices for its gas as a result of the contracts, the shut-ins will take a toll on its 2017 production guidance, which is currently 22,500 barrels a day. This guidance was already lowered last month from 23,500 barrels a day, although Kelt chose not to remind investors of that. It merely said that it expects the guidance to drop by 310 barrels a day as a result of the shut-ins.
The remainder is available to Stockwatch subscribers.
© 2018 Canjex Publishing Ltd. All rights reserved.