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Energy Summary for Dec. 3, 2019

2019-12-03 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 14 cents to $56.10 on the New York Merc, while Brent for February lost 10 cents to $60.82 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.56 to WTI, unchanged. Natural gas for January added 11 cents to $2.44. The TSX energy index lost 2.28 points to close at 128.12.

An oil patch starved for pipeline access got a crumb of good news today, as construction crews prepared to put shovels in the ground for the long-delayed Trans Mountain expansion project. "Expansion project pipe is on the ground in Alberta and will be in the ground before Christmas," declared Trans Mountain in a press release this afternoon. It held a special event this afternoon at a construction site in Acheson (just outside Edmonton) to mark the occasion. In attendance were Trans Mountain's president and chief executive officer, Ian Anderson, as well as Alberta Energy Minister Sonya Savage and Canada's Minister of Natural Resources, Seamus O'Regan. Mr. Anderson and Ms. Savage talked up the "pivotal" and "exciting" steps forward for Trans Mountain. Mr. O'Regan was even jollier, declaring: "It's a good day for Alberta. It's a good day for Canada." They wore hard hats and smiled for the cameras. It is a rare day when "Trans Mountain" is a trending news topic for a happy reason, so we will leave it at that.

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