09:20:24 EDT Sun 24 Mar 2019
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Oil Summary
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Energy Summary for March 6, 2019

2019-03-06 20:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 34 cents to $56.22 on the New York Merc, while Brent for May added 13 cents to $65.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.84 to WTI, down from a discount of $10.69. Natural gas for April lost four cents to $2.84. The TSX energy index lost 2.04 points to close at 154.51.

Canada's crude oil production will drop this year for the first time in a decade, according to new research from the National Energy Board (NEB). The energy regulator has published fresh figures in in its "Estimated Production of Canadian Crude Oil and Equivalent" on-line dataset. According to the NEB's forecasts, Canadian oil production is expected to average 4.51 million barrels a day in 2019, down from 4.58 million barrels a day in 2018. Output had previously been rising every year since 2010, when it averaged 2.83 million barrels a day. The NEB does not include reasons for its forecasts in the dataset. Presumably, the expected year-over-year drop in 2019 reflects the Alberta government's recently mandated production cuts, as well as the continuing investment uncertainty that has prompted many energy producers to cancel or defer planned projects, particularly in the oil sands.

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