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Energy Summary for March 23, 2020

2020-03-23 19:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 93 cents to $23.36 on the New York Merc, posting a modest gain as the U.S. Federal Reserve unveiled new measures to support the economy amid the COVID-19 pandemic, while Brent for May edged up five cents to $27.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.75 to WTI, unchanged. Natural gas for April stayed unchanged at $1.60. The TSX energy index lost 1.71 points to close at 43.46.

Li Ka-shing's Husky Energy Inc. (HSE) lost 14 cents to $2.87 on 8.53 million shares, after halting construction of its $3.2-billion West White Rose project offshore Newfoundland. It blamed COVID-19. Not even projects 350 kilometres off the coast of the country are safe. Husky's announcement arrived Sunday afternoon, shortly after (though Husky did not mention this) the Canada-Newfoundland and Labrador Offshore Petroleum Board ordered that all non-essential staff be taken off the region's oil rigs indefinitely, as COVID-19 "could create a dangerous situation." Only workers integral to the safe functioning of operations are allowed to stay. For Husky, according to a company official quoted in the CBC, this means that about 650 people working on West White Rose are headed ashore.

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