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Energy Summary for Jan. 17, 2022

2022-01-17 20:02 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Martin Luther King Jr. Day. West Texas Intermediate crude for February delivery added 34 cents to $84.16 in electronic trading on the New York Merc, while Brent for March added 42 cents to $86.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.53 to WTI, unchanged. Natural gas for February was unchanged at $4.26. The TSX energy index added 3.27 points to close at 193.58.

After two months of disruption, the Trans Mountain pipeline has returned to normal operating pressure, according to a weekend update from the pipeline's operator. The operator previously shut the pipeline down on Nov. 14 because of heavy rainfall and flooding in British Columbia. The shutdown lasted 21 days, after which the line reopened at a reduced capacity on Dec. 5. This past Saturday, following a "comprehensive engineering assessment," the operator cheered the resumption of normal pressure. (This does not necessarily mean normal capacity -- particularly because Trans Mountain already told shippers that it was reducing capacity for all of January -- but it sets the stage for normal operations shortly.)

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