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Energy Summary for March 28, 2024

2024-03-28 18:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $1.82 to $83.17 on the New York Merc, while Brent for May added $1.39 to $87.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.60 to WTI, down from a discount of $14.50. Natural gas for May added four cents to $1.76. The TSX energy index added 2.34 points to close at 285.13.

With markets closed tomorrow for Good Friday, oil prices notched a mild gain for the shortened week, along with a more than 10-per-cent gain for the quarter. Traders seem confident in signs of strong global demand. On the supply side, OPEC agreed earlier this month to extend its voluntary production cuts to the end of June. The cartel will meet again next Wednesday, April 3, amid expectations that it will leave its production pact unchanged.

Here in Canada, oil sands giant Cenovus Energy Inc. (CVE) added 15 cents to $27.08 on 6.79 million shares. It is preparing to make some changes to its board of directors. In the newly filed circular for its annual shareholder meeting on May 1, Cenovus disclosed that two of its directors will not be standing for re-election to the board, and proposed one new addition.

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