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Energy Summary for Jan. 22, 2020

2020-01-22 18:59 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.60 to $56.74 on the New York Merc, while Brent for March lost $1.38 to $63.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.75 to WTI, down from a discount of $23.20. Natural gas for February added one cent to $1.91. The TSX energy index lost 1.10 points to close at 139.87.

The oil patch celebrated as TC Energy's long-delayed Keystone XL pipeline cleared not one but two hurdles. Shortly before markets closed today, the U.S. Department of the Interior approved a record of decision allowing TC Energy to build the pipeline across 44 miles of federal land in Montana. "Today's decision is an important milestone in constructing the Keystone XL pipeline and a great day for the common-sense infrastructure improvement in our country," declared Secretary of the Interior David Bernhardt. This approval comes one day after regulators in South Dakota, following contentious hearings that spanned dozens of days over four months, signed off on five water permit applications for Keystone XL. A spokesman for TC Energy told The Associated Press that these are the last permits needed in South Dakota to begin construction.

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