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Energy Summary for Jan. 4, 2023

2023-01-04 20:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery plunged $4.09 to $72.84 on the New York Merc, while Brent for March lost $4.26 to $77.84, both benchmarks taking another tumble on global recession fears (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.40 to WTI, unchanged. Natural gas for February added 18 cents to $4.17. The TSX energy index lost 3.81 points to close at 225.06.

Canada's largest oil sands producers are launching an evaluation of a proposed large-scale carbon storage hub. The Pathways Alliance, an 18-month-old collaboration among Canadian Natural Resources Ltd. (CNQ: $70.47), Cenovus Energy Inc. (CVE: $24.43), ConocoPhillips Canada, Imperial Oil Ltd. (IMO: $62.11), MEG Energy Corp. (MEG: $17.29) and Suncor Energy Inc. (SU: $40.18) -- which together account for 95 per cent of oil sands production -- announced this morning that they have signed a "carbon sequestration evaluation agreement" with the Alberta government. Fieldwork to test the proposed site for carbon storage suitability will begin this winter.

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