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Energy Summary for March 16, 2020

2020-03-16 19:05 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery plunged $3.03 to $28.70 on the New York Merc, breaking below $30 for the first time since 2016 on coronavirus chaos, while Brent for May lost $3.80 to $30.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.15 to WTI, up from a discount of $14.25. Natural gas for April lost five cents to $1.82. The TSX energy index lost 11.71 points to close at 52.80.

The Canadian oil and gas industry is in for a 60-per-cent drop in cash flow and the lowest number of wells in a half-century. These are just some of the dismal numbers crunched out by the ARC Energy Research Institute, in new preliminary economic modelling that seeks to measure the current double whammy of oil price wars amid a global pandemic. The think-tank, based in Calgary -- which this weekend declared a state of local emergency over the COVID-19 outbreak -- was previously forecasting that the industry would generate about $50-billion in cash flow and drill around 5,000 wells. Now it has slashed those numbers to $18-billion and 2,500 wells.

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