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Energy Summary for Dec. 13, 2019

2019-12-13 17:33 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 89 cents to $60.07 on the New York Merc, topping $60 for the first time in three months, while Brent for February added $1.02 to $65.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.65 to WTI, down from a discount of $20.35. Natural gas for January lost three cents to $2.30. The TSX energy index lost a fraction to close at 138.84.

Turkish gas producer Valeura Energy Inc. (VLE) plunged 56 cents to 48 cents on 12.2 million shares, dismaying investors with the latest results from its BCGA (basin-centred gas accumulation) play in Turkey's Thrace basin. One hopes that only the bravest investors are still in this roller coaster of a stock, which in the last three months has taken jumps or dives of at least 10 per cent no fewer than 11 times. It is all thanks to Thrace. In the BCGA play, Valeura and its joint venturer, Norway's Equinor, have been testing deep gas wells. They started with their Inanli-1 well, which flowed gas but at underwhelming rates, and more recently they have been testing their Devepinar-1 well, which was responsible for one of the 10-per-cent jumps last month on encouraging preliminary rates.

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