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Energy Summary for Nov. 6, 2019

2019-11-06 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 88 cents to $56.35 on the New York Merc, while Brent for January lost $1.22 to $61.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.88 to WTI, unchanged. Natural gas for December lost three cents to $2.83. The TSX energy index lost 2.25 points to close at 130.52.

Gary Guidry's Colombian oil producer, Gran Tierra Energy Inc. (GTE), reached an intraday low of $1.27 before recovering slightly and closing at $1.40, down 13 cents, on 4.62 million shares. Investors found little to like in its third quarter financials. There were plenty of signs that the quarter would be a rough one. Notably, late in the second quarter, Gran Tierra announced that it was experiencing some "temporary operational issues" and would soon be "revisiting" its production guidance. The cut (a revisit almost always means a cut) came in August, when Gran Tierra lowered its full-year guidance to a range of 36,500 to 37,500 barrels of oil equivalent a day from a range of 41,000 to 43,000. The stock has fallen from about $2.60 since the "issues" were first announced in June. At $1.40, it is now trading near all-time lows.

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