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Energy Summary for Feb. 24, 2021

2021-02-24 20:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.78 to $63.45 on the New York Merc, while Brent for April added $1.89 to $67.26 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.95 to WTI, up from a discount of $11.40. Natural gas for April lost one cent to $2.87. The TSX energy index added 2.36 points to close at 115.81.

The chorus of bullish oil calls is growing louder. "I will not be surprised if we see $80 (U.S.) a barrel in summer or before year-end and above $100 (U.S.) a barrel in the next 18 to 24 months," declared Hayal Ahmadzada, chief trading officer of Socar Trading, in an interview with Bloomberg. (Prices refer to the Brent oil benchmark.) His optimism comes mere days after Goldman Sachs, in a weekend research note, forecast that oil will hit $75 (U.S.) in the third quarter of this year, up from its previous forecast of $65 (U.S.). Shortly after that, Bank of America's Francisco Blanch proclaimed that prices could reach $100 (U.S.) by 2026.

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