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Energy Summary for April 20, 2021

2021-04-20 19:59 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 94 cents to $62.44 on the New York Merc, while Brent for June lost 48 cents to $66.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.35 to WTI, unchanged. Natural gas for May lost two cents to $2.73. The TSX energy index lost 4.65 points to close at 112.71.

Oil prices may have been down today, but many were able to keep it in perspective: One year ago today brought the worst day for oil prices in history. On April 20, 2020, the WTI benchmark closed at an astonishing minus $37.63 (U.S.) -- its first time ever in the negatives -- while Brent languished at just $25.57. The WTI oddity reflected erratic trading and sheer desperation to exit long positions ahead of the imminent expiry of the May delivery contract. The next day, with the June contract stepping up as that month's benchmark, WTI pulled back into the positives and closed at around $9 (U.S.). It has since climbed into the $60s (U.S.).

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