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Energy Summary for Sept. 28, 2020

2020-09-28 20:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 35 cents to $40.60 on the New York Merc, while Brent for November added 51 cents to $42.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.75 to WTI, down from a discount of $10.65. Natural gas for November lost four cents to $2.10. The TSX energy index added 2.40 points to close at 68.58.

Alberta's struggling oil sands companies raised eyebrows as U.S. President Donald Trump said he would approve a $17-billion (U.S.) crude-by-rail export route from the oil sands to Alaska. "It is my honor to inform you that I will be issuing a Presidential Permit for the A2A Cross-Border rail," wrote Mr. Trump on Twitter. (Projects that cross the U.S. border are required to obtain presidential permits.) The Alberta-to-Alaska or A2A rail project was first proposed in 2015 by Sean McKoshen, a Canadian infrastructure financier who saw the line as a way to move landlocked oil to foreign markets, while carrying freight in the opposite direction. Each one-way trip would be about 2,570 kilometres (1,600 miles).

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