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Energy Summary for June 30, 2022

2022-06-30 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $4.02 to $105.76 on the New York Merc, while Brent for August lost $1.45 to $114.81 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.25 to WTI, unchanged. Natural gas for August plunged $1.08 to $5.42, on bearish U.S. storage data. The TSX energy index lost 4.03 points to close at 228.97.

Oil prices took a dive today, but still closed out the first half of 2021 with a gain of roughly one-third relative to the start of the year, when they were still in the $70s (U.S.). The climb reflects ever-tightening supplies. In a largely symbolic move, at its monthly meeting today, OPEC+ agreed to a production boost of 648,000 barrels a day in August. This is only a mild increase over its previous commitment to boost production in August by 432,000 barrels a day. The group gave no clues about its plans for September and will make that decision when it holds its next meeting on Aug. 3.

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