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Energy Summary for March 29, 2022

2022-03-29 21:07 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.72 to $104.24 on the New York Merc, while Brent for May lost $2.25 to $110.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.80 to WTI, up from a discount of $11.00. Natural gas for April lost 17 cents to $5.34. The TSX energy index lost a fraction to close at 223.67.

WTI oil prices fell briefly below $100 (U.S.) this morning, on signs of potential progress in peace talks between Russia and Ukraine, but then climbed back into the triple digits, as traders turned their attention to renewed COVID lockdowns in China. Russian and Ukrainian negotiators met today in Turkey for the first face-to-face discussions in nearly three weeks. "We still have a long way to go," warned Russia's chief negotiator in a subsequent interview with the TASS news agency. That and the Chinese jitters helped prices claw back some earlier losses.

Here in Canada, the spotlight was on the new climate change plan unveiled today by the federal government. The plan relies heavily on emission cuts from the oil and gas industry to ensure that the country can hit its overall targets for greenhouse gas emissions. Among other things, Ottawa wants to see the industry cut emissions by two-fifths by 2030. Prime Minister Justin Trudeau, speaking at a conference in Vancouver, said the government is "laying down a clear, reasonable contribution for the sector to make, so we can drive work forward on our commitment to cap and cut emissions."

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