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Energy Summary for April 6, 2020

2020-04-06 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $2.26 to $26.08 on the New York Merc, while Brent for June lost $1.06 to $33.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.35 to WTI, down from a discount of $16.23. Natural gas for May added 11 cents to $1.73. The TSX energy index added 1.82 points to close at 64.97.

Oil prices slid as Saudi Arabia and Russia, each blaming the other for the original collapse of OPEC+ talks last month, delayed an emergency OPEC+ meeting that was originally scheduled to be held today. They were reportedly going to discuss a production cut of 10 million to 15 million barrels a day, according to U.S. President Donald Trump, who claimed late last week to have brokered the possible deal. Any production cuts were said to be contingent on the participation of other countries. Canada could well be one of the participating countries, although realistically the key players at the table are Saudi Arabia, Russia and the United States. In any case, today's meeting is no more. The new plan is to hold the meeting on Thursday.

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