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Energy Summary for March 24, 2025

2025-03-24 19:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 83 cents to $69.11 on the New York Merc, while Brent for May added 84 cents to $73.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI, down from a discount of $10.60. Natural gas for April lost seven cents to $3.91. The TSX energy index added 4.14 points to close at 273.81.

The race is on: Prime Minister Mark Carney has called an election for April 28, kicking off a campaign expected to focus on the economy, trade and sovereignty. Mr. Carney has also rolled out a raft of promises -- many aimed at winning over the oil patch, which has been less than thrilled with the policies of the Liberal government under Mr. Carney's predecessor, Justin Trudeau -- to speed up infrastructure and resource projects. These include recognizing provincial reviews and removing duplicative federal assessments, working with the provinces to build "national-interest projects that cross interprovincial boundaries," and developing "national trade and energy corridors" to deliver resources to new markets. Not to be outdone, Conservative rival Pierre Poilievre has laid out his own pitch for "Shovel Ready Zones," areas that will be preapproved for permits for pipelines, LNG (liquefied natural gas) plants and other major projects.

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