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Energy Summary for July 14, 2020

2020-07-14 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 19 cents to $40.29 on the New York Merc, while Brent for September added 18 cents to $42.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.95 to WTI, down from a discount of $8.01. Natural gas for August added one cent to $1.75. The TSX energy index added 3.05 points to close at 76.96.

In its widely watched monthly report, and its first report assessing oil markets in 2021, OPEC forecast a record rise in global oil demand next year. The cartel sees demand spiking by seven million barrels a day in 2021. That will not be enough, however, to make up for this year's forecast demand drop of 8.95 million barrels a day (a slight improvement over last month's figure of 9.1 million barrels a day). OPEC further noted that its 2021 forecast includes no further downside risks. "This assumes that COVID-19 is contained, especially in major economies," said OPEC. (Meanwhile, amid spiralling COVID-19 case counts in the United States, California has reimposed lockdowns on businesses including bars, museums, cinemas and dine-in restaurants.)

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