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Energy Summary for Sept. 21, 2020

2020-09-21 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery plunged $1.80 to $39.31 on the New York Merc, while Brent for November lost $1.71 to $41.44 (all figures in this para U.S.). After last week saw oil prices enjoy their biggest weekly gain since June, a pullback was in order, particularly against a backdrop of a potential supply boost in Libya. The Libyan national oil company has announced a partial lifting of a nearly eight-month force majeure on oil exports. This could result in the country's oil production returning to around 1.1 million barrels a day, nearly 10 times the current level of around 120,000 barrels a day. Here in Canada, Western Canadian Select traded at a discount of $10.65 to WTI, up from a discount of $10.80. Natural gas for October tumbled 21 cents to $1.84. The TSX energy index lost 3.07 points to close at 67.86.

One of today's big headlines came from pipeline giant TC Energy Corp. (TRP), which lost 96 cents to $59.51 on 4.98 million shares, after announcing that president and chief executive officer Russ Girling is retiring at the end of the year. He has been in charge for 10 years. As president and CEO, he led TC Energy through what the company described today as "a period of unprecedented growth and transformation," including the development of a liquids pipelines network, the $13-billion (U.S.) acquisition of Columbia Pipeline Group and other efforts in "delivering tremendous shareholder value." Noticeably absent was any mention of one of TC Energy's highest-profile controversies, the Keystone XL pipeline. Keystone XL is currently (incredibly) celebrating its 12th birthday, with TC Energy having submitted the application to the U.S. State Department in September, 2008. Mr. Girling could hardly have imagined when he was promoted to president and CEO in July, 2010, that the pipeline would still not be built a decade later.

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