Energy Summary for Jan. 24, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery gained $1.14 to $65.61 on the New York Merc, while Brent for March gained 57 cents to $70.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.75 to WTI ($38.86), unchanged. Natural gas for February gained seven cents to $3.51. The TSX energy index closed down a fraction to 196.77.

Oil and gas producers had a mixed day. Cenovus Energy Inc. (CVE) inched up 15 cents to $13.22 on 9.2 million shares. Birchcliff Energy Ltd. (BIR) gained 10 cents to $3.75 on 8.28 million shares. Niko Resources Ltd. (NKO) lost one cent to 12.5 cents on 2.04 million shares, and Cequence Energy Ltd. (CQE) lost 0.5 cent to 7.5 cents on 2.01 million shares.

Turkey- and Kazakhstan-focused Condor Petroleum Inc. (CPI) gained six cents to 66 cents on 114,600 shares, having boosted its total production to a range of 1,600 to 1,700 barrels of oil equivalent a day from 400 barrels a day in 2017. It was only five weeks ago that Condor began production in Turkey. Specifically, it began producing gas at its Poyraz Ridge field. Before that, its total production comprised oil from its Shoba and Taskuduk fields in Kazakhstan. Condor, which continues to ramp up production at Poyraz Ridge, made sure to point out in its news release and on its website that gas prices in Turkey are "highly attractive" at $7.25 per thousand cubic feet. In comparison, here in North America, gas prices are about $2.12 per thousand cubic feet (AECO in Alberta) to about $4.16 per thousand cubic feet (Henry Hub in Louisiana).

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