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Energy Summary for Dec. 21, 2018

2018-12-21 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 29 cents to $45.59 on the New York Merc, while Brent for February lost 53 cents to $53.82 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.95 to WTI, up from a discount of $16. Natural gas for January added 23 cents to $3.82. The TSX energy index lost 2.49 points to close at 131.60.

Egypt- and Alberta-focused TransGlobe Energy Corp. (TGL) lost five cents to $2.14 on 150,800 shares. It has spent this week falling from $2.38, after providing an operational update on Monday. Investors were unimpressed that TransGlobe's production has been rising throughout the fourth quarter, averaging 14,600 barrels of oil equivalent a day in October, 14,800 in November and 16,300 so far in December. The increases are coming primarily from Egypt, where production was 12,300 barrels a day in October and is now about 13,900. (The rest of TransGlobe's production comes from Alberta.) Some of the Egyptian output is from wells that TransGlobe did not even expect to become producers. For example, the NWG-38A-7 well at the Northwest Gharib block was expected to be a water injection well to provide reservoir pressure support, but the well instead found oil and is now producing about 360 barrels a day. A similar thing had happened with the NWG-38A-Inj well during the summer. TransGlobe is now planning to drill a nearby well, NWG-38A-8, as a potential water injector or oil well, depending on what it finds. Meanwhile, in Alberta, TransGlobe has six new Cardium wells that it plans to put on production by year-end.

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