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Energy Summary for April 19, 2016

2016-04-19 18:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $1.30 to $41.08 on the New York Merc, while Brent for June added $1.12 to $44.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.75 to WTI ($27.33), unchanged. Natural gas for May soared 14.8 cents to $2.088. The TSX energy index added 5.79 points to close at 183.49.

Oil prices rose as traders, brushing off disappointment about the weekend's failed production-freezing talks in the Qatari capital of Doha, took solace in the lengthening list of countries with declining production. It has been widely reported for days that Kuwait is facing an oil worker strike that has roughly halved the country's output. This morning, a Reuters report added fuel to the fire by speculating that Latin American producers "may help provide rebalancing that Doha could not," based on declines in Mexico, Venezuela and Colombia (and Nigeria, thrown in for good measure). This spurred hopes that a market rebalancing is well under way. Canadian oil producers seemed happy to enjoy the ride. Stocks with noteworthy gains included Paramount Resources Ltd. (POU), up 85 cents to $7.57, MEG Energy Corp. (MEG), up 81 cents to $7.38, and Crescent Point Energy Corp. (CPG), up $1.89 to $21.08.

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