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Energy Summary for April 3, 2020

2020-04-03 20:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $3.01 to $28.33 on the New York Merc, while Brent for June added $4.17 to $34.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.23 to WTI, up from a discount of $16.25. Natural gas for May added seven cents to $1.62. The TSX energy index lost 1.24 points to close at 63.15.

Oil prices bounded up for the second day in a row, on reports that OPEC+ is considering large-scale production cuts -- though only if some of the cuts are made by countries outside the alliance. In a series of tweets yesterday, U.S. President Donald Trump claimed to have brokered a deal between Saudi Arabia and Russia to deliver cuts of 10 million to 15 million barrels a day, or an unprecedented 10 to 15 per cent of global supply. Saudi state media then reported that the kingdom has called an emergency OPEC+ meeting to discuss the cuts. The meeting will be held by videoconference on Monday, April 6, according to Russia's RIA news agency.

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