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by Stockwatch Business Reporter
Canadian markets eased back after the Canada Day long weekend, while U.S. markets were closed today for Independence Day. West Texas Intermediate crude for August delivery added $2.23 to $110.66 in electronic trading on the New York Merc, while Brent for September added $1.87 to $113.50 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.25 to WTI, up from a discount of $18.40. Natural gas for August added 15 cents to $5.88. The TSX energy index added 6.14 points to close at 235.11.
The Canadian oil patch made headlines heading into the second half of the year, as a new Bank of Canada survey found that oil and gas companies are keeping a tight lid on spending, despite soaring prices. "Investment in new projects and sites is less robust than it was in previous commodity price booms," reported Bank of Canada. It found that oil and gas companies are setting aside just 40 per cent of this year's estimated cash flow for capital spending, compared with an average of more than 100 per cent in the prior nine years. (The high point was 149 per cent in 2013 and the low point was 60 per cent in 2021.)
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