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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery gained 50 cents to $68.43 on the New York Merc, while Brent for June gained 26 cents to $73.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.55 to WTI ($50.88), unchanged. Natural gas for June lost three cents to $2.73. The TSX energy index lost 2.98 points to 197.61.
Following a pleasing climb for much of April, during which month the TSX energy index rose to 199.22 from 177.38, many oil and gas producers closed down today. Western Canadian producers, in particular, released their first quarter results and doubtless brought backto investors' minds unpleasant memories of the wide oil price differentials during the first quarter.
Alberta Montney producer Seven Generations Energy Ltd. (VII) lost $1.04 to $18.29 on 3.61 million shares, despite all efforts to highlight its condensate production and sales. The company produced 67,300 barrels of condensate a day in the first quarter, up from 63,700 barrels a day in the fourth quarter of 2017. Although condensate represented about one-third of its total production in the first quarter, condensate sales contributed two-thirds to its total revenue. Seven Generations managed to sell its condensate for an average price of $73.40 a barrel in the first quarter or higher than Brent oil prices at the time.
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