05:12:48 EDT Tue 21 May 2019
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Energy Summary for May 13, 2019

2019-05-13 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 62 cents to $61.04 on the New York Merc, while Brent for July lost 39 cents to $70.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.65 to WTI, unchanged. Natural gas for June was unchanged at $2.62. The TSX energy index lost 3.51 points to close at 150.22.

Enerplus Corp. (ERF) lost 39 cents to $11.48 on 2.35 million shares, giving back the 34 cents it added on Friday after releasing its first quarter financials and tightening its full-year guidance. Production in the first quarter averaged 88,583 barrels of oil equivalent a day. This was down noticeably from 97,860 barrels a day in the fourth quarter of 2018, a decrease that Enerplus blamed on "modest" activity. Just 6.8 net wells were brought on production during the first quarter. These included a three-well pad at the core Fort Berthold asset in the North Dakota Bakken and 1.9 net wells in the Pennsylvania Marcellus gas play. (Fort Berthold and the Marcellus made up the bulk of Enerplus's first quarter production, together contributing nearly 71,000 barrels a day.) Enerplus has no concerns about its ability to boost production over the rest of the year. It has even hiked its full-year production target to a range of 97,000 to 101,000 barrels a day, compared with the previous target of 94,000 to 100,000. The budget has been tightened to a range of $590-million to $630-million from a range of $565-million to $635-million.

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