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Energy Summary for March 28, 2017

2017-03-28 20:25 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 64 cents to $48.37 on the New York Merc, while Brent for May added 58 cents to $51.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.45 to WTI ($35.92), unchanged. Natural gas for April added five cents to $3.10. The TSX energy index added 4.10 points to close at 200.63.

One of the largest LNG (liquefied natural gas) proposals in British Columbia has taken another step toward reality, although that final destination remains years away. The Vancouver-based Steelhead LNG, which is behind the proposed Sarita and Malahat LNG projects on Vancouver Island, has received support for Sarita from the local Huu-ay-aht ("who-way-ut") First Nation, which owns the land on which Sarita would be built. A joint press release from Steelhead and the Huu-ay-aht announces that members of the 750-strong community have voted 70 per cent to approve the project. Steelhead and the Huu-ay-aht will now move forward with a co-management arrangement to develop Sarita, which is hoped to be an "economic game-changer," according to the press release. Sarita has already received National Energy Board approval to export up to 24 million tonnes of LNG a year. (By comparison, the better-known Pacific NorthWest LNG project, backed by Malaysia's Petronas and expected to be built near Prince Rupert, would export about 19 million tonnes a year.)

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