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Oil Summary
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Energy Summary for Dec. 31, 2018

2018-12-31 20:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added eight cents to $45.41 on the New York Merc, while Brent for March added 59 cents to $53.80 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.65 to WTI, up from a discount of $15.75. Natural gas for February lost 36 cents to $2.94. The TSX energy index added 1.40 points to close at 137.88.

It is the last day of 2018, and for many in the oil patch, the reaction is unequivocal: Good riddance. The turbulent year brought WTI prices as high as $76 (U.S.) and as low as $42 (U.S.). WCS differentials were as narrow as $15 (U.S.) and as wide as $45 (U.S.). From February to August, oil price optimism drove energy stocks higher and higher, only for all of those gains and more to be erased from September onward, with much of the sector now ending 2018 at its lowest level in years. The TSX energy index, for example, closed at 127.36 on Christmas Eve, its first time below 130 since 2003 (though it has since risen by a hair to today's close of 137.88). There are 33 companies that make up this index. Twenty-two of them are producers (with most of the rest being service providers). Of those 22, just one, a single one, was higher at the end of 2018 than at the beginning.

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