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Energy Summary for June 23, 2020

2020-06-23 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery edged down nine cents to $40.37 on the New York Merc, while Brent for August lost 45 cents to $42.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.05 to WTI, down from a discount of $9.00. Natural gas for July lost two cents to $1.64. The TSX energy index added 1.69 points to close at 79.04.

It was another day, another pipeline panic. The attorney-general of Michigan is seeking a court injunction to shut down Enbridge's dual-leg Line 5 pipeline. This pipeline traverses the Great Lakes and made headlines last week with the discovery that an anchor support had shifted deep beneath the surface. Enbridge closed both underwater sections as an immediate precaution. It reopened the west leg over the weekend, but the east leg, whether the shift occurred, remains closed in the Straits of Mackinac. State attorney-general Dana Nessel has seized on this as a chance to ramp up her battle to have Line 5 permanently shut down. She is asking the court to turn both legs off, pending the results of an independent investigation.

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