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Energy Summary for April 1, 2022

2022-04-01 19:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.01 to $99.27 on the New York Merc, while Brent for June lost 32 cents to $104.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI, up from a discount of $11.90. Natural gas for May added eight cents to $5.72. The TSX energy index added 3.83 points to close at 226.87.

Oil prices ended the week with their largest weekly loss in about two years. On the back of U.S. President Joe Biden's announcement yesterday about the planned release of 180 million barrels from the U.S. strategic petroleum reserve, the International Energy Agency (IEA) announced today that its member countries will also conduct a co-ordinated release of emergency reserves. The move comes "in response to the market turmoil caused by Russia's invasion of Ukraine," said the IEA in a press release after today's special meeting. It expects to publish the specifics "early next week."

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