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Energy Summary for Jan. 6, 2020

2020-01-06 20:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 22 cents to $63.27 on the New York Merc, while Brent for March reached an intraday high of $70.72, its first time above $70 since May, before closing up 31 cents to $68.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.89 to WTI, up from a discount of $22.95. Natural gas for February added one cent to $2.14. The TSX energy index added 3.23 points to close at 149.51.

Days after being told by a judge to stop illegally blocking construction of the Coastal GasLink pipeline in Northern British Columbia, the hereditary chiefs of the Wet'suwet'en First Nation have dug in and issued an "eviction notice" to all workers "trespassing on unceded Wet'suwet'en territory." As discussed in last Thursday's Energy Summary, a B.C. Supreme Court judge granted Coastal GasLink an interlocutory injunction last week, in response to a long-standing problem with protesters setting up illegal road blockades. The protesters comprise a handful of members of Wet'suwet'en and their supporters. Although Coastal GasLink is supported by the elected chiefs of the Wet'suwet'en, the hereditary chiefs -- whose leadership roles are not codified by law but derive from oral traditions -- remain opposed. (Their united front belies their history of stripping away the titles of hereditary chiefs who step out of line.) While Coastal GasLink would undoubtedly have been expected to heed the court's ruling if it had gone in the hereditary chiefs' favour, the chiefs have no intention of honouring a ruling that does not. They described the ruling as an act of "violence" and have now issued their so-called eviction notice.

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