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Energy Summary for Feb. 5, 2016

2016-02-05 19:49 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 83 cents to $30.89 on the New York Merc, while Brent for April lost 40 cents to $34.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($16.64), up from a discount of $14.65. Natural gas for March added 9.1 cents to $2.063. The TSX energy index added a fraction to close at 155.35.

Those hoping for more progress by the nascent B.C. LNG (liquefied natural gas) industry have received yet another dose of disappointment: The Shell-backed LNG Canada joint venture, seen as one of the closest to achieving its LNG export dreams, has postponed its final investment decision on its Kitimat export plant to the end of the year. LNG Canada had said in April, 2014, that it expected to reach a final decision in 18 to 24 months, giving itself to April, 2016. It later switched its timeline to "in 2016," but Shell continued to maintain that early 2016 was likelier than not. Now Shell says year-end. LNG Canada tried to contain any damage from the delay by denying that there was really any delay at all. In a separate announcement from Shell's, it said: "This is not inconsistent with information LNG Canada has shared with the community. We have always stated that our joint venture participants plan to make a final investment decision in 2016." Still, observers remained disappointed. Meanwhile, the Petronas-backed Pacific NorthWest LNG (the other consortium that is seen as closest to winning the LNG export race), is still waiting for federal environmental approval for its proposed plant near Prince Rupert. The government has been conducting the approval process in fits and starts since April, 2013, but has said a decision will finally arrive this spring. Even so, analysts quoted in The Globe and Mail today said this plant is also at risk of delay.

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