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Energy Summary for Jan. 25, 2022

2022-01-25 20:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $2.29 to $85.60 on the New York Merc, while Brent for March added $1.93 to $88.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.00 to WTI, up from a discount of $13.70. Natural gas for February added two cents to $4.05. The TSX energy index added 6.46 points to close at 186.99.

The U.S. energy sector notched another multibillion-dollar deal, as Chesapeake Energy agreed to buy the private Chief Oil & Gas in Pennsylvania's Marcellus gas play for $2.6-billion (U.S.). They were not the first to crack the billion-dollar mark in 2022 -- Texas players Desert Peak and Falcon Minerals agreed last week to merge in a deal worth $1.9-billion (U.S.) -- but they continue an impressive streak of U.S. energy deals. Analytics firm Enverus reported last week that total upstream deals in the U.S. energy sector reached $66-billion (U.S.) in 2021. That is a 25-per-cent jump over 2020, though it remains below the pre-COVID (2015 to 2019) average of $72-billion (U.S.).

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