08:19:41 EDT Fri 02 Jun 2023
Enter Symbol
or Name

Login ID:

Energy Summary for July 7, 2022

2022-07-07 20:02 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $4.20 to $102.73 on the New York Merc, while Brent for September added $3.96 to $104.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.80 to WTI, unchanged. Natural gas for August added 79 cents to $6.30. The TSX energy index added 9.49 points to close at 220.06.

Oil prices climbed back into the triple digits, rallying after two days of steep losses, as the tug-of-war continued between fears of tight oil markets and fears of a global recession. Meanwhile, international oil major Shell was in a bullish mood as it released a preview of its second quarter financials. It has increased its long-term oil and gas price forecasts and thus expects to reverse up to $4.5-billion (U.S.) in past impairment charges. As well, it boasted that higher refining margins could add more than $1-billion (U.S.) to its profits. Shell will release the full financials on July 28.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.