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Energy Summary for Jan. 7, 2020

2020-01-07 20:03 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 57 cents to $62.70 on the New York Merc, while Brent for March lost 64 cents to $68.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.78 to WTI, up from a discount of $22.89. Natural gas for February added three cents to $2.16. The TSX energy index lost a fraction to close at 149.32.

"Unceded and sovereign Wet'suwet'en land is under attack," blared the group of anti-pipeline protesters currently trying to "evict" Coastal GasLink and prevent it from building its pipeline in Northern British Columbia. As discussed in yesterday's Energy Summary, the protesters, which comprise the hereditary chiefs of the Wet'suwet'en First Nation and their supporters -- and notably do not include the elected chiefs and councils of the Wet'suwet'en, who support the pipeline -- decided to serve a so-called eviction notice to Coastal GasLink. They also apparently cut down trees to block the road, a violation of the B.C. Supreme Court injunction they received last week ordering them to stop illegally preventing construction. They perceived this ruling as an act of "violence" and are paying it no heed. On their website and on their Facebook page (where they go by the moniker Unist'ot'en Camp, the Unist'ot'en being one of the original Wet'suwet'en clans), the protesters have put out an "international call for a week of solidarity!"

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