01:25:41 EST Wed 12 Dec 2018
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Oil Summary
Symbol C : *MKTOIL
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Energy Summary for Dec. 3, 2018

2018-12-03 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added $2.02 to $52.95 on the New York Merc, while Brent for February added $2.23 to $61.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $40.25 to WTI, unchanged. Natural gas for January lost 27 cents to $4.34. The TSX energy index added 5.87 points to close at 154.58.

The Alberta government has imposed a year-long production cut on the province's oil sector starting Jan. 1. In an effort to reduce the supply glut that has sent Canadian oil prices plunging and is costing the national economy an estimated $80-million a day, Alberta Premier Rachel Notley declared that the oil patch must reduce its production by 325,000 barrels a day, or about 8.7 per cent, starting in the new year. This cut will stay in effect until the excess of oil currently held in storage is drawn down. (There are about 35 million barrels now in storage, twice the normal level.) The cut will then drop to 95,000 barrels a day until Dec. 31, 2019, by which point additional rail and pipeline capacity (from Enbridge's Line 3) is expected to be available. Ms. Notley estimated that this action will shrink the Canadian oil price differential by at least $4 (U.S.) per barrel relative to where it otherwise would have been, and will add $1.1-billion to her government's revenue in 2019/2020. The cut will apply to both oil sands and conventional production. Companies with production under 10,000 barrels a day will be exempt.

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