08:08:29 EDT Fri 02 Jun 2023
Enter Symbol
or Name

Login ID:

Energy Summary for Aug. 24, 2022

2022-08-24 20:19 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.15 to $94.89 on the New York Merc, while Brent for October added $1.00 to $101.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.70 to WTI, unchanged. Natural gas for September added 14 cents to $9.33. The TSX energy index added 2.61 points to close at 247.18.

Canadian LNG (liquefied natural gas) continued to make headlines as German Chancellor Olaf Scholz wrapped up his three-day visit to Canada late yesterday. The visit concluded with a signed "declaration of intent" between Mr. Scholz and Prime Minister Justin Trudeau, but unfortunately for LNG advocates, their favourite abbreviation was nowhere to be found. The agreement instead laid out a vague plan to establish a "hydrogen alliance," which would see Canada attempt to start hydrogen energy exports to Germany as early as 2025.

In the days leading up to the visit, LNG advocates were hopeful that Mr. Scholz would push for rapid LNG exports from Canada, as a means of reducing Germany's reliance on Russian gas. This would likely require the building of an LNG export terminal on Canada's East Coast and enough infrastructure to supply the terminal with gas from Western Canada. Mr. Trudeau pooh-poohed this idea during the visit, claiming that there "has never been a strong business case because of the distance." He put the focus on hydrogen instead. Critics pointed out that Canada's export infrastructure is woefully inadequate for either LNG or hydrogen, requiring massive spending no matter what, but evidently Mr. Trudeau finds hydrogen the more palatable commodity.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.