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by Stockwatch Business Reporter
West Texas Intermediate crude for May delivery fell 30 cents to $65.25 on the New York Merc, while Brent for May lost one cent to $70.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.40 to WTI ($41.85), narrowing from a discount of $24. Natural gas for April gained seven cents to $2.69. The TSX energy index lost a fraction to 175.86.
Falcon Oil & Gas Ltd. (FO) gained 0.5 cent to 34.5 cents on 1.86 million shares after receiving an update from Australia's Northern Territory, where the company's main property, Beetaloo, is located. The territory's independent scientific inquiry into fracking is finally finished, and a 506-page report concludes that the risks associated with fracking can be reduced to an acceptable level or, in some cases, eliminated altogether. This was good news to Falcon's president and chief executive officer, Philip O'Quigley, who described himself as "very pleased" with the result of the inquiry. The Northern Territory imposed a fracking ban in September, 2016, pending completion of this inquiry. Now, it will make a decision regarding the ban. It is widely expected to lift the ban.
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