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Energy Summary for Feb. 18, 2020

2020-02-18 19:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added seven cents to $52.12 on the New York Merc, while Brent for April added 43 cents to $57.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.35 to WTI, up from a discount of $17.60 to WTI. Natural gas for March added 14 cents to $1.98. The TSX energy index added a fraction to close at 130.72.

Nearly two weeks have passed since anti-pipeline activists began to set up crippling rail blockades across Canada, claiming to be acting in support of the handful of Wet'suwet'en Nation protesters who oppose the construction of the Coastal GasLink pipeline in Northern British Columbia. Although the elected representatives of the Wet'suwet'en support the pipeline, as indeed do every single one of the elected band councils along the pipeline's path, such trivialities matter not a whit to today's trendy train-stoppers. Some of them were emboldened enough today to take their fight to the very doorstep of B.C. Premier John Horgan. Members of a green group calling itself Extinction Rebellion Vancouver Island blocked the premier's driveway and (according to the RCMP) "bang[ed] on his door stating they were going to make a citizen's arrest." He had already left for work. It is unconfirmed if the rabble-rousers realized that the premier had somewhere else to be -- delivering a budget. In any event, police arrested three of them. Meanwhile, in Ottawa, Prime Minister Justin Trudeau spoke in the House of Commons about the rail blockades and called for "dialogue and mutual respect" (undoubtedly concepts of dubious familiarity to groups like Extinction Rebellion). Mr. Trudeau insisted that his government is "working hard to find a solution." Coastal GasLink, the national rail companies and everyone else who appreciates a functioning, lawful democracy will just have to wait.

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