20:52:42 EDT Wed 30 Sep 2020
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Energy Summary for Sept. 2, 2020

2020-09-02 20:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.25 to $41.51 on the New York Merc, while Brent for November lost $1.15 to $44.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.78 to WTI, unchanged. Natural gas for October lost four cents to $2.49. The TSX energy index lost 1.82 points to close at 78.57.

Oil sands giant Imperial Oil Ltd. (IMO) lost 3 cents to $20.87 on 4.17 million shares, after shutting down production at its Kearl oil sands project because of a third party pipeline outage. The pipeline, which carries diluent that Imperial mixes with its sticky bitumen to facilitate transportation, suffered a leak on Aug. 29. "The impact of the outage and a timeline for restart is unknown at this time," said Imperial. It maintained that it is "ready to ramp up to full production" once the pipeline is back in service.

Imperial's brief press release offered no details about the pipeline, but the operator of the line came forward with more information: Inter Pipeline says it has closed the western segment of its 240,000-barrel-a-day Polaris system following a leak detected near the Fort McMurray airport. The Alberta Energy Regulator (AER) says initial reports indicate a spill of about 550 barrels, with no reported effects on water or wildlife. The cause of the leak is under investigation. A spokesman for Inter Pipeline, Breanne Oliver, told CBC News that the company cannot estimate how long the repairs will take.

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