15:17:49 EST Wed 22 Nov 2017
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Oil Summary
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Energy Summary for Nov. 13, 2017

2017-11-13 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added two cents to $56.76 on the New York Merc, while Brent for January lost 36 cents to $63.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.40 to WTI ($42.36), down from a discount of $14.25. Natural gas for December lost four cents to $3.17. The TSX energy index lost 2.55 points to close at 199.80.

Alberta producer Obsidian Energy Ltd. (OBE) gained one cent to $1.54 on 3.5 million shares, adding to the two cents that it gained on Friday after releasing its third quarter financials. Investors had been awaiting the results of what president and chief executive officer Dave French previously touted as the company's "most active development program in three years," and the results did not disappoint them. In a research note this morning, Scotia Capital analyst Patrick Bryden highlighted "very strong" initial production rates in the Alberta Viking, and he added that in the Cardium, "base decline rates have stalled impressively to 5 per cent, down from 20 per cent in 2016." Also, at a new area for the company, the Deep basin, three wells are producing a total of 2,000 barrels of oil equivalent a day, which is "substantially above management's expectations," said Mr. Bryden. All in all, Obsidian produced 30,166 barrels a day in the third quarter. Mr. Bryden raised his price target to $2 from $1.75, while maintaining his rating of "sector perform."

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