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Energy Summary for March 12, 2018

2018-03-12 20:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 68 cents to $61.36 on the New York Merc, while Brent for May lost 54 cents to $64.95 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.55 to WTI ($35.81), widening from a discount of $24.30. Natural gas for April gained five cents to $2.78. The TSX energy index lost a fraction to 170.06.

Indonesian oil and gas explorer Sonoro Energy Ltd. (SNV) dropped eight cents to seven cents on 5.05 million shares, after the Indonesian energy regulator, SKK Migas, refused to renew the contract for its sole project called Budong Budong in West Sulawesi province. Sonoro was not expecting this at all. As of Thursday last week, it was looking forward to the "imminent receipt of a multiyear extension from SKK Migas." In a newsletter dated Thursday, March 8, the company warmly described how its "relationship with the people of Indonesia is based on trust, safety and respect. That's been the case throughout Sonoro's dealings with SKK Migas." Sonoro also shared in the newsletter that one of the five regents in West Sulawesi province visited its LG-1 well site in November along with a television news crew. The regent said on camera that he hopes for "investment here, so this area can grow and develop." The regent added, "Yes, we hope this activity will create benefits and a positive result" in the region. He praised Sonoro for its safe operations.

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