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Energy Summary for Oct. 14, 2020

2020-10-14 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 84 cents to $41.04 on the New York Merc, while Brent for December added 87 cents to $43.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.00 to WTI, down from a discount of $9.47. Natural gas for November plunged 22 cents to $2.64. The TSX energy index lost a fraction to close at 67.79.

In sunny Trinidad, Paul Baay's Touchstone Exploration Inc. (TXP) had a sunny day, adding 42 cents to $1.97 on 3.19 million shares. It has made another gas discovery at its Ortoire exploration block. The Chinook-1 well, Touchstone's third exploration well at this block, has hit about 600 net feet of gas pay. This follows Touchstone's first two successes at the Coho-1 and Cascadura-1ST1 wells. The Coho well hit over 100 feet of pay and tested at around 3,300 barrels of oil equivalent a day in late 2019. The Cascadura hit over 1,000 feet of pay and tested at over 5,400 barrels of oil equivalent a day. Although net pay is not a definitive indicator of test performance, the Chinook well certainly looks promising.

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