14:33:55 EDT Tue 23 Apr 2019
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Energy Summary for Feb. 27, 2019

2019-02-27 20:33 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.44 to $56.94 on the New York Merc, while Brent for April added $1.18 to $66.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.95 to WTI, up from a discount of $12.85. Natural gas for April lost six cents to $2.80. The TSX energy index added a fraction to close at 158.28.

Gary Guidry's Colombian oil producer, Gran Tierra Energy Inc. (GTE), edged up six cents to $3.06 on 1.66 million shares, after releasing its 2018 financials and boosting its 2019 guidance. The financials held few surprises, given that Gran Tierra already announced last month that its full-year production for 2018 averaged about 36,200 barrels a day. This was just shy of the company's 2018 guidance of 36,500 to 38,500 barrels a day. As for 2019, Gran Tierra previously announced in December that it would aim to produce 40,000 to 42,000 barrels a day on a budget of about $360-million (U.S.). Last week, however, the company arranged a 2,200-barrel-a-day asset acquisition, as discussed in more detail in the Energy Summary for Feb. 21. Gran Tierra did not update its 2019 guidance at the time of that announcement, but has done so now. It has bumped up its production target by 1,000 barrels a day while lowering its budget by $30-million (U.S.) (excluding the acquisition).

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