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Energy Summary for Feb. 21, 2024

2024-02-21 19:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 87 cents to $77.91 on the New York Merc, while Brent for April added 69 cents to $83.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.60 to WTI, down from a discount of $18.70. Natural gas for March shot up 19 cents to $1.77. The TSX energy index added 6.96 points to close at 253.74.

Natural gas prices soared after one of the biggest gas producers on the continent announced a production cut. The Nasdaq-listed Chesapeake Energy, set to become the largest U.S. gas producer when it completes its merger with Southwestern Energy next quarter, has unveiled its 2024 production guidance, setting a target of 2.65 billion to 2.75 billion cubic feet of gas a day. That compares with its output of 3.47 billion cubic feet a day in 2023.

Chesapeake is not the first U.S. gas producer to announce an output cut -- Antero Resources, Comstock Resources and EQT all did the same last week -- but its announcement has made the biggest splash. Gas prices rebounded off yesterday's 3-1/2-year low of $1.58 (U.S.) to close today at $1.77 (U.S.). Canadian gas producers went along for the ride, with notable gainers including Tourmaline Oil Corp. (TOU), up $2.43 to $59.32, Advantage Energy Ltd. (AAV), up 69 cents to $9.77, and Crew Energy Inc. (CR), up 24 cents to $4.35.

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