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Energy Summary for April 11, 2018

2018-04-11 20:31 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery gained $1.31 to $66.82 on the New York Merc, while Brent for June gained $1.02 to $72.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI ($50.02), unchanged. Natural gas for May gained two cents to $2.68. The TSX energy index gained 3.40 points to 188.85.

Colombian producer Canacol Energy Ltd. (CNE) gained 15 cents to $4.40 on 274,100 shares, thanks to a pleasing result from its Chirimia-1 appraisal well. Chirimia-1, which targeted the Cienaga de Oro (CDO) sandstone, encountered 90 feet of net gas pay. For context, Canacol's Pandereta-1 to Pandereta-3 appraisal wells, which also targeted the CDO sandstone, encountered between 64 and 130 feet of net gas pay. Canacol spudded the three Pandereta wells between October, 2017, and January, 2018, and now they are all in production. As for Chirimia-1, the company has tied the well into its Jobo gas-processing facility.

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