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Energy Summary for April 2, 2020

2020-04-02 20:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery shot up $5.01 to $25.32 on the New York Merc, a record 25-per-cent gain, while Brent for June spent a glorious couple of hours in $30 land (even reaching an intraday high of $32.21) before closing up $5.20 to $29.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.25 to WTI, down from a discount of $15.00. Natural gas for May lost four cents to $1.55. The TSX energy index added 5.51 points to close at 64.39.

For a shining moment, markets forgot the economic ravages of the COVID-19 pandemic, and oil prices soared higher on hopes of an imminent end to the Saudi-U.S. oil price war. U.S. President Donald Trump said on Twitter that he had talked to Saudi Crown Prince Mohammed bin Salman and expects that the Crown Prince and Russia's Vladimir Putin will shortly announce a deal to cut production by "10 million barrels [a day], and maybe substantially more." Saudi state media is reporting that the kingdom is calling an emergency meeting of oil producers.

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