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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery gained 63 cents to $66.14 on the New York Merc, while Brent for March gained 10 cents to $70.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.75 to WTI ($39.39), unchanged. Natural gas for February gained six cents to $3.51. The TSX energy index closed up a fraction to 195.40.
More oil and gas producers rose than fell. Turkey-focused Valeura Energy Inc. (VLE) gained 18 cents to $4.98 on 1.07 million shares, B.C. Montney producer Painted Pony Energy Ltd. (PONY) gained 14 cents to $2.49 on 2.82 million shares and East Indian gas producer Niko Resources Ltd. (NKO) lost one cent to 11 cents on 1.44 million shares.
Li Ka-shing's Husky Energy Inc. (HSE) rose five cents to $18.35 on 813,500 shares, then it requested a trading halt. After markets closed, it announced that the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has lifted the suspension order against its SeaRose floating production, storage and off-loading (FPSO) vessel offshore Newfoundland. In March, 2017, an iceberg came within one-quarter mile of the vessel. SeaRose should then have disconnected from Husky's White Rose offshore oil field operations and sailed away from the iceberg, but it did not do this. Nothing untoward happened, there was no collision, but the C-NLOPB nonetheless conducted an investigation. It suspended SeaRose's operations last week, on Jan. 17. Husky expects to get SeaRose back on-line in three days. The vessel contributes 27,000 barrels of oil a day to Husky's total production of about 320,000 to 335,000 barrels of oil equivalent a day. News of the resumption of SeaRose's operations should please shareholders and the worried analysts who were expecting three months of vessel downtime.
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