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by Stockwatch Business Reporter
West Texas Intermediate crude for May delivery lost $1.03 to $63.58 on the New York Merc, while Brent for June lost 90 cents to $70.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.41 to WTI, down from a discount of $8.22. Natural gas for May lost four cents to $2.66. The TSX energy index lost a fraction to close at 162.40.
South American oil producer Frontera Energy Corp. (FEC) lost one cent to $11.53 on 245,600 shares, after providing an operational update for the first quarter. Production for the quarter averaged just under 68,000 barrels of oil equivalent a day. This was slightly better than analysts had expected, thanks to rising output in Colombia, where Frontera enjoyed its most productive quarter since late 2017. Over 65,500 barrels a day of the first quarter production came from Colombia. This helped offset a poor showing in Peru, where Frontera produced under 2,400 barrels a day in the first quarter, down from 9,000 in the fourth quarter of 2018. The drop reflected a pipeline shutdown in December caused by local vandals. The line was repaired in March, and Frontera says it has since boosted its Peruvian output past 10,000 barrels a day. President and chief executive officer Richard Herbert patted Frontera on the back for getting 2019 "off to a strong start."
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