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Energy Summary for Feb. 7, 2018

2018-02-07 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.60 to $61.79 on the New York Merc, while Brent for April lost $1.35 to $65.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $30.70 to WTI ($31.09), unchanged. Natural gas for March lost six cents to $2.70. The TSX energy index lost 3.92 points to 172.74.

Turkey-focused Valeura Energy Inc. (VLE) gained 22 cents to $6.27 on 5.18 million shares, after releasing a deep gas resource estimate for its projects in Turkey's Thrace basin. According to an independent evaluation, Valeura has an unrisked resource of 10.14 trillion cubic feet of gas (or nearly 1.69 billion barrels of oil equivalent) below 2,500 metres at its Banarli and TBNG projects in the basin. "Unrisked" means that the resource might not actually be there; the company still needs to confirm its existence. Assuming a 51-per-cent chance of confirming and then commercially developing the resource, the estimate for Valeura's "risked" resource is 5.18 trillion cubic feet of gas (or 863.7 million barrels of oil equivalent).

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