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Energy Summary for June 7, 2022

2022-06-07 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 91 cents to $119.41 on the New York Merc, while Brent for August added $1.06 to $120.57, closing above $120 for the first time since March (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.81 to WTI, down from a discount of $18.54. Natural gas for July added 80 cents to $9.32. The TSX energy index added 6.47 points to close at 283.25.

Oil prices headed higher as headlines around the world brought fears of ever-tightening supplies. In Norway, over 800 offshore oil and gas workers (or nearly one in 10) are threatening to launch a strike on Sunday if state-brokered mediation fails. Meanwhile, Libya's largest oil field, El Sharara, has had its production halted (again) after reportedly being stormed by gunmen. In more diplomatic channels, the U.S. government is complaining that Iran's demands on lifting sanctions are hindering progress on an updated nuclear deal. (Such a deal, according to analysts, would allow Iran to increase its oil exports and add around one million barrels a day to global supplies.)

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