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Energy Summary for Nov. 21, 2019

2019-11-21 21:00 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.47 to $58.58 on the New York Merc, while Brent for January added $1.57 to $63.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.15 to WTI, down from a discount of $18.90. Natural gas for December added one cent to $2.57. The TSX energy index added 1.26 points to close at 133.77.

The end of Alberta's mandatory curtailment policy on oil production could be coming sooner than expected. "We hope it is going to finish by this time next year at the latest," Premier Jason Kenney told Reuters yesterday in Houston. That would be more than a month ahead of the current scheduled end date of Dec. 31, 2020. Originally, of course, the policy was supposed to be lifted on Dec. 31, 2019, a date chosen to line up roughly with the completion of Enbridge's Line 3 expansion. The idea was that supply and transportation capacity would be in better sync by then. Line 3 was delayed earlier this year, however, and the government announced in August that the policy would have to be extended to the end of 2020.

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