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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery lost 44 cents to $12.34 on the New York Merc, while Brent for June added 47 cents to $20.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, up from a discount of $8.55. Natural gas for May lost three cents to $1.79. The TSX energy index added 3.01 points to close at 69.70.
"Oil shut-ins are coming fast and furious" -- and so are the estimates of how deep the shut-ins will get. Only a couple of weeks ago, the idea that shut-ins in the oil patch might reach one million barrels a day, or about one-quarter of Western Canadian output, was the height of breathless bearishness. Now it is casually tossed about as the bare minimum. The analysts at Scotia Capital, who made the "fast and furious" comment in an industry research report this morning, opened their report with, "We expect Western Canadian oil shut-ins to top 1.0 million barrels per day to 1.5 million barrels per day in the coming weeks."
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