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Energy Summary for April 7, 2020

2020-04-07 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $2.45 to $23.63 on the New York Merc, while Brent for June lost $1.18 to $31.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.89 to WTI, down from a discount of $16.35. Natural gas for May added 12 cents to $1.85. The TSX energy index lost a fraction to close at 64.42.

Alberta is working closely with Ottawa on a federal aid package for the oil patch and hopes to have an announcement "very shortly," said Alberta Energy Minister Sonya Savage, giving a keynote speech this morning at the 2020 Scotiabank CAPP Energy Symposium. (The event is co-held with the Canadian Association of Petroleum Producers -- CAPP -- and is running in a virtual-only format today and tomorrow.) Her comments echoed the "hours, potentially days" promise made by Federal Finance Minister Bill Morneau when discussing the same topic on March 25, a full 13 days ago, a fact that was not lost on Ms. Savage. "It's taken too long," she acknowledged. She described the situation as "complicated," but reassured the conference that she is "not seeing anything at this point to be concerned that there's not a liquidity package coming."

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A great review and I agree with the recommendations. Thanks for posting this article.

Posted by Trammer31 at 2020-04-07 22:30