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Energy Summary for April 4, 2022

2022-04-04 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $4.01 to $103.28 on the New York Merc, while Brent for June added $3.14 to $107.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.69 to WTI, down from a discount of $11.40. Natural gas for May lost one cent to $5.71. The TSX energy index added 3.29 points to close at 230.16.

After ending last week with their largest weekly loss in about two years, oil prices rebounded today, with WTI getting back into the triple digits. Last week's drop partly reflected commitments from the U.S. government and the International Energy Agency to release large (and as yet not fully specified) amounts of oil from emergency reserves. Today, traders' attention swung back to China, where the most populous city, Shanghai, has extended COVID lockdowns. The Chinese transportation ministry is forecasting a 20-per-cent drop in road traffic and a 55-per-cent drop in flights during a three-day public holiday running from yesterday through tomorrow.

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