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Energy Summary for Jan. 10, 2018

2018-01-10 21:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery gained 61 cents to $63.57 on the New York Merc, while Brent for March gained 38 cents to $69.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.05 to WTI ($38.52), unchanged. Natural gas for February lost two cents to $2.91. The TSX energy index fell a fraction to 197.02.

Saskatchewan- and Utah-focused Crescent Point Energy Corp. (CPG) gained 47 cents to $10.94 on 11.36 million shares, after releasing its production target and capital expenditure budget for 2018. It aims to produce 183,500 barrels of oil equivalent a day in 2018, up from a targeted 175,500 barrels a day in 2017. (The year-end results for 2017 will be released on March 1.) To support the planned production boost, Crescent Point confirmed a capital budget increase to $1.8-billion in 2018 from $1.55-billion in 2017. President and chief executive officer Scott Saxberg already mentioned the $1.8-billion figure back in October. Crescent Point plans to spend 75 per cent of its 2018 budget in Saskatchewan, where it expects to produce 79 per cent of its total output for the year.

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