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Energy Summary for March 19, 2024

2024-03-19 19:54 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 75 cents to $83.47 on the New York Merc, while Brent for May added 49 cents to $87.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.60 to WTI, up from a discount of $17.40. Natural gas for April added four cents to $1.74. The TSX energy index added 1.33 points to close at 277.49.

Oil prices enjoyed another day of gains, taking Canadian energy stocks along for the ride. The Canadian energy patch also got a boost from comments by Alberta Premier Danielle Smith, who said in a press interview that the Trans Mountain pipeline expansion is on track for completion at the end of May, with first exports to follow in June. (Trans Mountain would not confirm these dates and merely reiterated past disclosure about "an anticipated in-service date in the second quarter.") One energy stock merits a special mention: Oil sands giant Canadian Natural Resources Ltd. (CNQ) climbed into the triple digits for the first time ever, setting an intraday high of $100.52 (even if it later edged back down to settle at $99.74).

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