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Energy Summary for Sept. 16, 2020

2020-09-16 19:46 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.88 to $40.16 on the New York Merc, while Brent for November added $1.69 to $42.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $11.25 Natural gas for October lost nine cents to $2.27. The TSX energy index added 2.24 points to close at 72.46.

Nine months after the first shovels hit the ground to build the Trans Mountain pipeline expansion, the project remains on budget and on schedule for completion in late 2022, according to Trans Mountain president and chief executive officer Ian Anderson. "We're making great progress," Mr. Anderson told The Canadian Press. He estimated that the project is currently about 15 per cent complete and should be at 30 per cent by the end of this year.

Moreover, said Mr. Anderson, the existing Trans Mountain pipeline has been doing well despite the effects of COVID-19. He boasted that the line ran at full capacity at the height of the downturn, unlike competing systems such as Enbridge's Mainline. This was attributed to Trans Mountain's ability to reach numerous markets in the United States, internationally and within Canada -- even far across Canada. In June, oil sands player Cenovus Energy Inc. (CVE: $5.74) used Trans Mountain to ship some crude to Burnaby, B.C., where it was then carried by tanker through the Panama Canal to a refinery in Saint John, N.B. Mr. Anderson acknowledged that this particular trip has not been repeated, but nonetheless illustrates Trans Mountain's reach.

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