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Energy Summary for Feb. 16, 2024

2024-02-16 19:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.16 to $79.19 on the New York Merc, while Brent for April added 61 cents to $83.47 (all figures in this para U.S.), with both benchmarks ending the week higher for the second week in a row. Western Canadian Select traded at a discount of $19.25 to WTI, up from a discount of $19.55. Natural gas for March added -- yes, added, a rare achievement these days -- three cents to $1.61. The TSX energy index added 1.13 points to close at 248.33.

Don Gray and Darren Gee's Alberta gas producer, Peyto Exploration & Development Corp. (PEY), added 39 cents to $13.47 on 1.61 million shares, pleasing investors with its year-end reserve report. It trumpeted "strong reserves growth across all categories." Pleasingly, after falling slightly short of the one-billion-barrel milestone in last year's report -- which showed 2P (proved and probable ) reserves of 929 million barrels -- the 2P figure this year sailed over the mark and landed at 1.3 billion barrels.

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