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Energy Summary for Nov. 27, 2019

2019-11-27 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 30 cents to $58.11 on the New York Merc, while Brent for January lost 21 cents to $64.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.65 to WTI, down from a discount of $19.15. Natural gas for January added three cents to $2.50. The TSX energy index added 1.13 points to close at 133.60.

The global liquefied natural gas (LNG) market is getting crowded, but there is still room for clean, green Canadians to muscle our way in. That was the gist of the special briefing held for nearly 150 European investors today in London, at an event organized on behalf of the government of Alberta. The briefing is part of a broader campaign to promote the benefits of Canadian LNG. Research from this briefing, and from a similar one in Tokyo in September, will be presented to Canadian oil and gas executives at a special event in Calgary on Dec. 11.

Today's speakers in London included Mark Young, senior LNG analyst at Evaluate Energy, who described rising competition in crucial Asian and European markets. There were already 20 countries exporting LNG at the end of 2018. Canada is looking to join the list in the 2020s, a decade in which global competition will only get fiercer, with at least 16 non-Canadian LNG projects also scheduled to start exporting. Ten of those 16 projects are in the United States. The U.S. is a key competitor but also a role model, said Mr. Young, noting, "In just its second full year of exports from the east and Gulf coasts, the U.S. shot to the fourth-largest exporter of LNG worldwide in 2018 and also exported to more individual importing nations (29) than any other exporter." (He was quoted in JWN Energy, whose parent company, Glacier Media, helped organize the event.) Mr. Young explained that the U.S. benefits from its proximity to numerous importing countries and the way it structures its sales agreements with buyers and global LNG traders. He concluded that Canadians entering the increasingly crowded LNG market can take encouragement and lessons from the U.S. example.

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