Energy Summary for Jan. 29, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 58 cents to $65.56 on the New York Merc, while Brent for March lost $1.06 to $69.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.70 to WTI ($37.86), up from a discount of $26.75. Natural gas for February gained 13 cents to $3.63. The TSX energy index lost 3.52 points to 191.88.

Most oil and gas producers were down today. Baytex Energy Corp. (BTE) fell 17 cents to $3.97 on 5.53 million shares, Birchcliff Energy Ltd. (BIR) fell 22 cents to $3.59 on 2.94 million shares and Painted Pony Energy Ltd. (PONY) fell 17 cents to $2.32 on 2.2 million shares.

Ian Telfer and Craig Steinke's Mexican producer,Renaissance Oil Corp. (ROE), closed unchanged at 29.5 cents on 1.13 million shares. It is drilling the third well in a 10-well shallow drilling program at its Amatitlan block in Veracruz state. The shallow program is targeting the Chicontepec formation, beneath which lies the undeveloped Upper Jurassic shale. Renaissance calculates that the Upper Jurassic is 3.3 times thicker than the Eagle Ford in Texas. The company plans to drill its first horizontal well targeting the Upper Jurassic in the first half of this year. Meanwhile, it is producing oil and gas from three blocks in another state, Chiapas. Renaissance, which boasts of being the second-largest oil and gas producer in Mexico, produced 1,650 barrels of oil equivalent a day in Chiapas in December. The largest Mexican producer by far, state-owned Pemex, produced 2.91 million barrels a day in the same month.

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