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Energy Summary for March 23, 2021

2021-03-23 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery plunged $4.02 to $57.54 on the New York Merc, while Brent for May lost $4.08 to $60.54 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.40 to WTI, up from a discount of $11.18. Natural gas for April lost two cents to $2.56. The TSX energy index lost 4.64 points to close at 111.99.

Oil prices tumbled on fresh supply-and-demand concerns after Europe's biggest oil consumer, Germany, extended strict COVID-19-related lockdowns to April 18 in order to "break the exponential growth of the third wave," said Chancellor Angela Merkel. France and Italy are also facing extended lockdowns, while vaccination rates in many parts of Europe continue to lag the United States. "The road to oil demand appears to be full of obstacles," sighed Bjornar Tonhaugen, head of oil markets at Rystad Energy (quoted in Bloomberg). Bob Yawger, director of energy futures at Mizuho, added: "The German situation kicked it off, but there's a lot of crude oil out there. ... We are awash in oil."

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