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Energy Summary for June 8, 2021

2021-06-08 21:00 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 82 cents to $70.06 on the New York Merc, closing above $70 for the first time since October, 2018, while Brent for August added 73 cents to $72.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.93 to WTI, up from a discount of $14.25. Natural gas for July added six cents to $3.13. The TSX energy index added a fraction to close at 139.36.

The B.C. LNG (liquefied natural gas) industry got a rare dose of encouragement today, after Pembina Pipeline Corp. (PPL: $39.38) agreed to buy a 50-per-cent interest in the proposed Cedar LNG project. Pembina will pay a total $90-million (U.S.). This includes the cost to acquire the interest as well as estimated predevelopment costs over the next two years.

The Cedar project is small but intriguing. It will be a floating terminal, moored in the Douglas Channel on land owned by the Haisla Nation, which owns the other 50 per cent of the project. The estimated construction cost is $3-billion and the output would be three million to four million tonnes of LNG annually. By contrast, the other major LNG project currently in the works in Kitimat, the Shell-backed LNG Canada terminal, would produce about 14 million tonnes of LNG annually and has a price tag of $40-billion. Part of the cost difference stems from LNG Canada's inclusion of TC Energy Corp.'s (TRP) Coastal GasLink, a 670-kilometre pipeline that will deliver gas straight to LNG Canada's door. The Cedar project is designed to piggyback off this by way of a much cheaper eight-kilometre pipeline connecting to Coastal GasLink.

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