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Energy Summary for Dec. 13, 2017

2017-12-13 20:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 54 cents to $56.60 on the New York Merc, while Brent for February lost 90 cents to $62.44 (all figures in this para U.S.). Western Canadian Select (WCS) traded at a discount of $21.45 to WTI ($35.15), unchanged. Natural gas for January gained four cents to $2.72. The TSX energy index fell 2.83 points to 184.16.

Western Canadian heavy crude prices are at a three-year low this week because of continuing oil transport bottlenecks. Enbridge Inc. (ENB: $49.56), which delivers oil from Edmonton to Eastern Canada and the U.S. Midwest, has announced that it is rationing some space in its pipelines this month, because it is operating near maximum capacity. TransCanada Corp. (TRP: $62.49), which shut in a part of its Keystone pipeline on Nov. 20 following a 5,000-barrel spill, has since resumed deliveries but is not yet back to full capacity. The Keystone pipeline transports oil from Edmonton to Illinois and Texas. These sorts of export restrictions, through pipelines as well as rail, contribute to the differential between WCS, which is the benchmark for Western Canadian heavy blended crude, and WTI, which is the benchmark for Texas light sweet crude. WCS now trades at a discount of $21.45 (U.S.) to WTI, up from a discount of $17.30 (U.S.) last week. Back in August, the discount was less than $10 (U.S.). The last time that the discount was above $20 (U.S.) was in 2014.

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