Energy Summary for Jan. 30, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.06 to $64.50 on the New York Merc, while Brent for March lost 44 cents to $69.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.70 to WTI ($36.80), unchanged. Natural gas for March lost 44 cents to $3.20. The TSX energy index lost 5.51 points to 186.37.

Oil and gas producers had another down day. Typically active traders Cenovus Energy Inc. (CVE: $11.93), Baytex Energy Corp. (BTE: $3.77) and Crescent Point Energy Corp. (CPG: $9.88) each lost between 4 and 6 per cent of its share price on trading volume between 8.07 million and 11.43 million shares.

Stu Clark and Brian Lavergne's B.C. Montney producer, Storm Resources Ltd. (SRX), fell 10 cents to $2.22 on an unusually high 5.93 million shares. This volume included a 5.82-million-share cross at $2.22 by RBC Capital Markets. Storm produced 15,193 barrels of oil equivalent a day in the third quarter of 2017. This is up from 13,285 barrels a day in the third quarter of 2016, butit fell short of the company's target of 15,500 barrels a day. Storm was forced to shut in about 1,100 barrels a day in September because of low gas prices. This year, it aims to boost production to 20,000 barrels a day. Despite its continuing efforts in the Montney, Storm has fallen to today's $2.22 from about $4.40 in the past year, mainly because of low gas prices, which remain unattractive to investors.

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