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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery gained $1.29 to $69.72 on the New York Merc, while Brent for June gained $1.25 to $74.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.55 to WTI ($52.17), unchanged. Natural gas for June lost two cents to $2.71. The TSX energy index gained 1.32 points to 198.93.
Oil and gas producers continued to release their first quarter results. Baytex Energy Corp. (BTE), which had results that mostly met or exceeded analysts' predictions, today lost 19 cents to $5.55 on 20.3 million shares. Note that Baytex had a marvellous April, when its stock soared to about $5.80 from about $3.40 on no news. (For context, the stock traded between $2.90 and $4.65 in the previous 11 months.) Today's pullback is therefore understandable. Baytex produced 69,522 barrels of oil equivalent a day in the first quarter. About half of this came from the Texas Eagle Ford, while the other half came from Alberta's Peace River and Lloydminster areas. Baytex talked up the Eagle Ford, where its recent wells each produced an average of 1,750 barrels a day in their first 30 days. A year ago, Baytex's 30-day initial production rates in the Eagle Ford were about 1,250 barrels a day on average.
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