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Energy Summary for March 13, 2018

2018-03-13 20:54 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 65 cents to $60.71 on the New York Merc, while Brent for May lost 31 cents to $64.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.55 to WTI ($35.16), unchanged. Natural gas for April gained one cent to $2.79. The TSX energy index gained a fraction to 170.90.

Oil and gas producers had a mixed day. EnCana Corp. (ECA) gained 30 cents to $14.22 on 4.47 million shares, Cenovus Energy Inc. (CVE) closed unchanged at $10.48 on 4.81 million shares and Baytex Energy Corp. (BTE) lost six cents to $3.65 on 4.63 million shares.

Today's busiest oil and gas stock was an Alberta Montney producer, Cequence Energy Ltd. (CQE), which fell one cent to 4.5 cents on 5.57 million shares after releasing its full-year results. It produced 8,139 barrels of oil equivalent a day in 2017, missing its target of 8,250 barrels a day. Shareholders will recall that this target was already lowered twice, from 8,500 barrels a day in December and from 9,000 barrels a day in August. Cequence blamed the reductions on bad weather and low gas prices. (Its 2017 production comprised 83 per cent gas.) In its news release this morning, Cequence said nothing about a production target for 2018, but in its SEDAR filings, the company buried its expectations of an even lower production of 7,000 barrels a day for this first quarter.

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