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Energy Summary for Oct. 29, 2020

2020-10-29 19:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.22 to $36.17 on the New York Merc, while Brent for December lost $1.47 to $37.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.25 to WTI, unchanged. Natural gas for December shot up 30 cents to $3.30. The TSX energy index lost a fraction to close at 63.42.

Oil prices took another tumble as COVID-19 cases climbed. In a striking (if unsurprising) illustration of the downcast mood, ExxonMobil did something for the first time in nearly four decades: It decided that this year will not include a dividend hike. Its final dividend announcement of 2020 arrived last night and kept the quarterly payout intact. This will be the first year since 1982 that the U.S. oil giant has not raised its dividend. Separately, Exxon announced plans to cut 1,900 U.S. jobs, and on top of all that, it marked an unhappy milestone commemorated in the following Globe and Mail headline this morning: "ExxonMobil's fading star: no longer the biggest U.S. energy company." Wind and solar powerhouse NextEra Energy has surpassed it.

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