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Energy Summary for Sept. 24, 2020

2020-09-24 19:43 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 38 cents to $40.31 on the New York Merc, while Brent for November added 17 cents to $41.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.65 to WTI, up from a discount of $10.75. Natural gas for October added 12 cents to $2.25. The TSX energy index added a fraction to close at 67.83.

The big news in the oil patch was yesterday afternoon's Throne Speech. Reactions were mixed. "Over all, the tone was positive," opined Mark Scholz, president and chief executive officer of the Canadian Association of Oilwell Drilling Contractors (CAODC). He said he found it "encouraging to hear the government acknowledge how important Canadian energy truly is." Alberta Premier Jason Kenney very much disagreed, declaring that in a nearly 7,000-word Throne Speech, "not one word recognized the crisis facing Canada's largest industry -- the energy sector." Mr. Kenney's Saskatchewan counterpart, Premier Scott Moe, echoed the criticisms, saying the speech "wasn't there in support of the energy industry continuing as one of the most sustainable energy industries in the world. Those would have been words that would have been supportive."

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