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Energy Summary for Feb. 24, 2020

2020-02-24 18:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.95 to $51.43 on the New York Merc, while Brent for April lost $2.20 to $56.30 (all figures in this para U.S.). Both benchmarks tumbled after Italy reported a sharp rise in coronavirus cases, marking the largest outbreak outside Asia and fuelling concerns that a protracted pandemic will hurt oil demand around the world. Western Canadian Select traded at a discount of $15.85 to WTI, up from a discount of $16.25. Natural gas for March lost eight cents to $1.83. The TSX energy index lost 5.42 points to close at 126.21.

As if tumbling oil prices and rising coronavirus fears were not enough, the oil patch can now add another project to its ever-lengthening list of shelved investments. Late Sunday, mere days before the federal government was expected to rule on the fate of Teck Resources' $20.6-billion Frontier oil sands mine, Teck withdrew its application, citing "no constructive path forward" for the nearly decade-old project. The withdrawal will mean a writedown for Teck of $1.13-billion.

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