March 30, 2020

Mar 30 23:03 2020 Print This Article

Oil action is in the news today:

Energy stocks led Canada’s main stock index higher on Monday, despite a plunge in crude prices as the market waits for news of support from Ottawa for the oil and gas industry.

The Toronto Stock Exchange’s S&P/TSX composite index was unofficially up 350.76 points, or 2.76%, at 13,038.50 The index fell as low as 12,548.96 in morning trading.

Nine of the index’s 11 major sectors were higher, paced by the energy sector, which rose 11.9%.

Global oil benchmark Brent crude plunged to its cheapest in almost 18 years on Monday and U.S. crude briefly tumbled below $20 per barrel on growing fears the global coronavirus shutdown could last months and demand for fuel will decline further.…Brent futures fell $2.17, or 8.7%, to settle at $22.76 a barrel, their lowest close since November 2002, while U.S. West Texas Intermediate (WTI) crude fell $1.42, or 6.6%, to $20.09, the lowest close since February 2002.…Economists expect a number of weak reports on the economy to come in through the week. The lowlight will likely be Friday’s jobs report, where economists expect to see the largest fall in the nation’s payrolls since the Great Recession.

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PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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