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Energy Summary for June 10, 2021

2021-06-10 19:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 33 cents to $70.29 on the New York Merc, while Brent for August added 30 cents to $72.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.87 to WTI, up from a discount of $13.93. Natural gas for July added two cents to $3.15. The TSX energy index added a fraction to close at 139.62.

The saga is over. TC Energy Corp. (TRP: $64.17) is really, officially, this-time-we-mean-it walking away from one of the most controversial projects in its history. The company announced after the close yesterday that it has undertaken a "comprehensive review of its options" and has "terminated the Keystone XL pipeline."

The 13-year-old pipeline (and activist flashpoint) has had more than its share of ups and downs. Former U.S. president Barack Obama blocked it, leading TC Energy to file a NAFTA challenge, which it dropped after subsequent president Donald Trump revived the pipeline, only to see the pipeline imperiled once again when current President Joe Biden campaigned on a promise to kill it. A scramble ensued to change Mr. Biden's mind. TC Energy dangled a carrot by promising to make Keystone XL "fully powered by renewable energy," while the government of Alberta -- having already poured $1.5-billion of taxpayer money into the pipeline -- brandished a stick by threatening legal action. Mr. Biden still went ahead and withdrew Keystone XL's permit in January. Five months of "comprehensive review" later, TC Energy is bowing its head and giving up.

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