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Energy Summary for Jan. 15, 2020

2020-01-15 19:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 42 cents to $57.81 on the New York Merc, while Brent for March lost 49 cents to $64.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.00 to WTI, unchanged. Natural gas for February lost seven cents to $2.12. The TSX energy index lost 1.48 points to close at 144.51.

The oil patch enjoyed a rare double dose of good news on the pipeline front, as activity ramped up on not one but two pipeline developments. In Northern British Columbia, the Coastal GasLink pipeline "continues to progress [on] construction," according to an update on the project's website. The number of workers hired to undertake clearing, grading, accommodations establishment and other activity topped 1,000 this month, despite vocal opposition to the pipeline by some local indigenous protesters. B.C. Premier John Horgan stated this week that the protesters do not have veto power over a project that has received all required legal and regulatory approvals. "The courts have confirmed that this project can proceed, and it will proceed. The rule of law must prevail," Mr. Horgan told reporters on Monday.

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