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Energy Summary for April 13, 2020

2020-04-13 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 35 cents to $22.41 on the New York Merc, while Brent for June added 26 cents to $31.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.06 to WTI, down from a discount of $17.98. Natural gas for May lost one cent to $1.72. The TSX energy index lost a fraction to close at 65.26.

After four days of tense negotiations, OPEC+ agreed on Sunday to cut production by a record 9.7 million barrels a day for the months of May and June. (The group was originally thinking 10 million, and said as much on Thursday, but Mexico balked at the last minute.) The cuts will begin easing in July but will remain in some form or other until April, 2022. Saudi Arabia said some G20 countries outside OPEC+ have also agreed to reduce output (by an estimated 3.7 million barrels a day) and to buy oil for their strategic reserves (rather than sending it into the market), effectively bringing the total level of near-term cuts to around 19 million barrels a day.

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