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Energy Summary for Jan. 11, 2019

2019-01-11 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.00 to $51.59 on the New York Merc, while Brent for March lost $1.20 to $60.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.16 to WTI, up from a discount of $10.88. Natural gas for February added 13 cents to $3.10. The TSX energy index added a fraction to close at 149.38.

Colombian oil producer Parex Resources Ltd. (PXT) added 70 cents to $18.75 on 2.05 million shares, after announcing an encouraging start to 2019. The company has achieved a goal that it laid out roughly five years ago. In early 2014, its president and chief executive officer at the same, Wayne Foo, told Bloomberg that he wanted to increase Parex's production -- then about 18,000 barrels of oil equivalent a day -- to 50,000 barrels a day within five years. Mr. Foo retired in 2017 (though he remains Parex's chairman). He was replaced by Dave Taylor, who if anything was even more committed to the 50,000-barrel-a-day milestone, saying it would definitely happen at some point in 2019. Now, with less than two weeks having passed since the start of 2019, Parex has achieved its goal, with current production of 50,500 barrels a day.

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