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Energy Summary for Jan. 19, 2022

2022-01-19 21:12 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.53 to $86.96 on the New York Merc, while Brent for March added 93 cents to $88.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.53 to WTI, unchanged. Natural gas for February lost 25 cents to $4.03. The TSX energy index lost a fraction to close at 191.62.

Oil sands giant Imperial Oil Corp. (IMO) added 49 cents to $51.52 on 1.62 million shares, after trumpeting its latest planned reductions in greenhouse gas emissions. "We are making significant step changes ... [to] help support Canada's ambition for net zero emissions by 2050," declared chairman and chief executive officer Brad Corson. Imperial already committed to the net-zero-by-2050 cause by co-founding the Oil Sands Pathways to Net Zero Alliance last year. Now it has made a stand-alone vow to cut its emissions intensity by 30 per cent by 2030 (relative to 2016).

The vow comes as producers and infrastructure companies alike jockey for position in the burgeoning industry for carbon capture (viewed as the only practical way to achieve deep emission cuts in industrial sectors). Just last week, Alberta Energy Minister Sonya Savage told Reuters that "CCUS [carbon capture, utilization and storage] is probably my No. 1 priority file at the moment." Federal Natural Resources Jonathan Wilkinson hinted this week that Ottawa will roll out tax credits to support CCUS investments. Internationally, Fatih Birol, the head of the International Energy Agency (IEA), has said he sees CCUS as one of the most critical "decarbonization" technologies in the world, out of around 800 examined by the IEA.

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