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Energy Summary for April 9, 2020

2020-04-09 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery reached an intraday high of $28.36 before reversing course and closing down $2.33 to $22.76 on the New York Merc, while Brent for June got up to $36.43 before closing down $1.36 to $31.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.98 to WTI, down from a discount of $17.82. Natural gas for May lost five cents to $1.73. The TSX energy index lost 1.31 points to close at 65.79.

Oil prices wobbled and fell, even as major oil producers agreed to bury their differences and slash global output, in an effort to stabilize a market crippled by a virus-fuelled collapse in demand. Members of OPEC+ held an emergency meeting today and outlined a deal to curb production by 10 million barrels a day for at least two months. The group will also seek cuts of as much as five million barrels a day from Group of 20 countries, although it has not yet specified whether this G20 contribution is a condition of implementing the OPEC+ cuts. (G20 oil ministers are holding an emergency meeting tomorrow.) It is also not clear at this point whether the baseline for the cuts is from first quarter production levels, before the price war, or from the elevated April numbers.

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