00:19:47 EDT Thu 29 Oct 2020
Enter Symbol
or Name

Login ID:

Energy Summary for Feb. 12, 2020

2020-02-12 19:57 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.23 to $51.17 on the New York Merc, while Brent for April added $1.78 to $55.79 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.15 to WTI, up from a discount of $18.31. Natural gas for March added five cents to $1.84. The TSX energy index added 1.27 points to close at 131.42.

Oil benchmarks wobbled, but ultimately ended higher, as traders sifted through mixed headlines and acted on the ones they liked best. China reported its lowest daily number of new coronavirus cases since January, fuelling optimism that Chinese oil demand will start to improve. OPEC, however, slashed its oil demand outlook dramatically today, citing the coronavirus outbreak as a "major factor" in the decision. The cartel is now forecasting that global demand will rise by just 990,000 barrels a day in 2020, down from the prior forecast of 1.22 million. "The impact of the coronavirus outbreak on China's economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020," warned OPEC. The Chinese government was having none of that pessimism. "[China has] the ability and confidence not only to defeat the epidemic, but also to accomplish the set of goals and tasks for economic and social development," declared Chinese President Xi Jinping. The official death toll from the coronavirus outbreak is 1,115, with over 44,600 confirmed cases.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.