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Energy Summary for Sept. 17, 2020

2020-09-17 20:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 81 cents to $40.97 on the New York Merc, while Brent for November added $1.08 to $43.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.75 to WTI, up from a discount of $11.20 Natural gas for October tumbled 23 cents to $2.04. The TSX energy index lost a fraction to close at 71.51.

Producers in the North Dakota Bakken breathed a sigh of relief upon hearing that the Dakota Access pipeline, the largest pipeline moving oil out the play, is likely safe from a shutdown this year. A newly filed federal court schedule indicates that the court will not be prepared to rule on halting the pipeline until late December at the earliest. As discussed in yesterday's Energy Summary, a district judge had ordered a shutdown in July, saying the pipeline needed a lengthy environmental review. This order was stayed by a higher court until it can decide whether a shutdown is really necessary. According to the new filing, late December -- more specifically, at some point after Dec. 18 -- is the earliest time that the court feels it will be able to make the decision after reviewing all the relevant documentation. Producers using this line can now relax for a few months. Canadian producers in the North Dakota Bakken include Enerplus Corp. (ERF: $2.68) and PetroShale Inc. (PSH: $0.125).

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