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Energy Summary for Jan. 29, 2020

2020-01-29 19:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 15 cents to $53.33 on the New York Merc, while Brent for March added 30 cents to $59.81 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.75 to WTI, up from a discount of $21.90. Natural gas for February lost five cents to $1.88. The TSX energy index added a fraction to close at 133.86.

Gary Guidry's Colombian oil producer, Gran Tierra Energy Inc. (GTE), added 10 cents to $1.44 on 1.76 million shares, making some headway during a determined promotional push. The company held a "capital markets day" today in Colombia, complete with a site visit to its flagship Acordionero oil field. It also released a year-end operational update and reserve report. The highlight of the reserve report was a nearly 20-per-cent increase in year-over-year 1P (proved) reserves, which were 78.6 million barrels as of year-end 2019, up from 66 million a year earlier. The completion of a sizable waterflood program at Acordionero was responsible for much of this increase. Gran Tierra's president and chief executive officer, Mr. Guidry, dubbed the waterflood "our most exciting accomplishment in 2019."

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