18:08:46 EDT Sat 31 Oct 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for April 22, 2020

2020-04-22 20:10 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $4.72 to $13.78 in volatile trading on the New York Merc, while Brent for June edged up $1.04 to $20.37 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.00 to WTI, up from a discount of $10.75. Natural gas for May added 12 cents to $1.94. The TSX energy index added 4.00 points to close at 65.39.

Canada's ability to store unsold oil could be tapped out "in just a matter of weeks," according to the Canadian Association of Petroleum Producers (CAPP). The country has never developed an extensive emergency crude storage system (unlike, say, the Strategic Petroleum Reserve (SPR) in the United States) because normally the crude that we do not need domestically finds a willing buyer across the border. Now, with demand obliterated and storage space rapidly diminishing across North America, Canada's limited tanks are already threatening to overflow. CAPP estimated the usable storage capacity in Western Canada at 40 million to 45 million barrels (compared with the SPR's roughly 800 million) and said this is already about three-quarters full. Ben Brunnen, CAPP's vice-president of fiscal and economic policy, said the brimming storage volumes "pose a very substantial risk to the survivability of Canada's oil and gas sector."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.