16:43:00 EST Sun 17 Dec 2017
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Oil Summary
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Energy Summary for Dec. 5, 2017

2017-12-05 20:52 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery gained 15 cents to $57.62 on the New York Merc, while Brent for February gained 41 cents to $62.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.30 to WTI ($40.32), unchanged. Natural gas for January lost seven cents to $2.91. The TSX energy index gained a fraction to close at 189.16.

Colombia-focused Canacol Energy Ltd. (CNE) gained two cents to $4.25 on 473,300 shares, adding to the eight cents it gained yesterday after confirming the start-up of its Sabanas gas pipeline. In August, the company expected this 82-kilometre-long pipeline to begin transporting 40 million cubic feet of gas per day on Dec. 1. Three weeks ago, Canacol tweaked its timeline. Although Sabanas would still come on-line on Dec. 1, it would operate at only half of its capacity; the pipeline would reach full capacity in mid-January. Yesterday morning, Canacol announced another tweak, but a tiny one. The start-up date has moved by four days to Dec. 5. The pipeline should now be transporting 20 million cubic feet a day from Canacol's Jobo gas processing facility to the city of Sincelejo.

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