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Energy Summary for April 6, 2021

2021-04-06 20:00 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 68 cents to $59.33 on the New York Merc, while Brent for June added 59 cents to $62.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.82 to WTI, down from a discount of $9.79. Natural gas for May lost five cents to $2.46. The TSX energy index added 1.14 points to close at 118.66.

"Our industry still has its best days ahead of it." "I'm really optimistic about where the energy sector is going." Fuel demand this summer could be "off the charts." These were just some of the cheers chanted today at the 2021 Scotiabank CAPP Energy Symposium, an annual two-day event put on by Scotiabank and the Canadian Association of Petroleum Producers (CAPP). Presenters included CAPP president and chief executive officer Tim McMillan (who said the first of the above quotations), Alberta Energy Minister Sonya Savage (who said the second), and various corporate executives (one of whom said the third). Many pointed to signs of optimism in the oil patch. These include rising oil production and prices, higher gas demand, and increasingly bullish investment forecasts.

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