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Energy Summary for April 1, 2020

2020-04-01 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 17 cents to $20.31 on the New York Merc, after U.S. President Donald Trump invited oil executives to the White House this Friday to discuss options to support the industry, while Brent for June (the non-U.S. benchmark) tumbled $1.61 to $24.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.00 to WTI, up from a discount of $15.50. Natural gas for April lost five cents to $1.59. The TSX energy index lost 1.24 points to close at 58.88.

That was fast. The Saudi-Russian oil price war that began less than a month ago has felled its first major U.S. shale producer, Whiting Petroleum Corp. (U:WLL). Once considered one of the titans of the U.S. shale industry, Whiting saw its New York Stock Exchange-listed stock plunge 30 U.S. cents to 37 U.S. cents today, after it announced the start of voluntary Chapter 11 bankruptcy proceedings. The stock was worth around $8 (U.S.) a mere three months ago and as much as $371 (U.S.) in 2014 (adjusting for a 1-for-4 rollback in 2017).

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