Energy Summary for March 23, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery gained $1.58 to $65.88 on the New York Merc, while Brent for May gained $1.54 to $70.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.60 to WTI ($41.28), unchanged. Natural gas for April lost three cents to $2.59. The TSX energy index lost 1.82 points to 174.12.

Many oil and gas producers closed down. EnCana Corp. (ECA) lost 28 cents to $15.04 on 6.51 million shares, Crescent Point Energy Corp. (CPG) lost 16 cents to $9.10 on 6.69 million shares and Baytex Energy Corp. (BTE) lost 12 cents to $3.63 on 7.36 million shares. Lundin company Africa Energy Corp. (AFE) gained 1.5 cents to 17 cents on 8.92 million shares, but this volume included a cross of 8.75 million shares at 15 cents by TD Securities, shortly after the market opened.

Scott Ratushny's Cardinal Energy Ltd. (CJ) lost five cents to $4.44 on 1.41 million shares. It has now lost 12 cents since Wednesday, following the release of its full-year results. The company produced 18,707 barrels of oil equivalent a day in 2017, missing its target of 19,200 barrels a day. (Its assets are in Alberta and Saskatchewan, producing mostly light and medium oil.) This year, Cardinal aims to boost production to a range of 21,000 to 21,500 barrels a day. It was already producing 21,000 barrels a day in January.

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