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Energy Summary for Jan. 12, 2021

2021-01-12 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 96 cents to $53.21 on the New York Merc, while Brent for March added 92 cents to $56.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.98 to WTI, up from a discount of $15.02. Natural gas for February was unchanged at $2.75. The TSX energy index added 1.99 points to close at 101.48.

Although today's 11-month high in oil prices kept many energy investors in a good mood -- with most energy stocks ending the day higher, from little Cardinal Resources Inc. (CJ) (up nine cents to 98 cents) to oil sands giant Canadian Natural Resources Ltd. (CNQ) (up 31 cents to $34.11) -- one oil pipeline continued to face political frustrations. Enbridge Inc. (ENB: $42.96) has published a response to Michigan Governor Gretchen Whitmer's demand that the company shut down Line 5, a dual-pipeline system that crosses the Straits of Mackinac on its way from Alberta to Ontario. In a word, Enbridge's response to the shutdown order is: No.

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