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Energy Summary for Jan. 16, 2020

2020-01-16 19:53 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 71 cents to $58.52 on the New York Merc, while Brent for March added 62 cents to $64.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.20 to WTI, down from a discount of $23.00. Natural gas for February lost four cents to $2.08. The TSX energy index lost a fraction to close at 144.44.

In a shining moment of sanity -- all too rare when it comes to big energy projects -- the Supreme Court of Canada dismissed British Columbia's case against the Trans Mountain pipeline this afternoon, unanimously rejecting the province's bid to control the flow of oil across its borders. The provincial government had already been slapped down by a lower court, which ruled that the interprovincial flow of resources falls under federal jurisdiction. Today, the Supreme Court upheld that ruling, resolving one of the last court challenges to the long-embattled project.

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