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Energy Summary for April 8, 2020

2020-04-08 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $1.46 to $25.09 on the New York Merc, while Brent for June added 97 cents to $32.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.82 to WTI, down from a discount of $16.89. Natural gas for May lost seven cents to $1.78. The TSX energy index added 2.68 points to close at 67.10.

With one day to go before an emergency OPEC+ meeting to discuss production cuts of 10 million to 15 million barrels a day, questions -- and divisions -- linger over the non-OPEC+ countries that may be asked to join in the cuts. Speaking today at an energy conference hosted by Scotiabank and the Canadian Association of Petroleum Producers, president Tim McKay of Canadian Natural Resources Ltd. (CNQ: $19.15) said he "could support" a production-cutting commitment from Canada, as long as it is "broad-based" and applied fairly across the industry. This opinion is shared by chief executive officer Alex Pourbaix of Cenovus Energy Inc. (CVE: $4.11), who called the idea "reasonably prudent." Opposing any cuts is chief financial officer Daniel Lyons of Imperial Oil Ltd. (IMO: $18.07), who told the conference that the market works better without government intervention. These are in line with the positions that each of those companies took when the government of Alberta introduced mandatory production curtailments at the beginning of 2019.

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