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Energy Summary for May 29, 2020

2020-05-29 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery closed out the final trading day of the month by adding $1.78 to $35.49 on the New York Merc, up from $19 at the start of the month, for its largest monthly percentage gain on record (all figures in this para U.S.). This was also the benchmark's first time closing above $35 since Friday, March 6, which was the last trading day prior to the Black-Monday-esque meltdown that started March 9. Brent for July edged up a mere four cents to $35.33 but still logged its best monthly percentage gain since 1999. (Interestingly, today also marks the first time in years that WTI has closed at a premium to Brent, even if that premium is just 16 cents. The last time WTI overtook Brent was during intraday trading in 2015. In general, Brent has traded higher than WTI since 2010.) Here in Canada, Western Canadian Select traded at a discount of $7.50 to WTI, up from a discount of $7.60. Natural gas for July added two cents to $1.85. The TSX energy index lost 1.05 points to close at 78.10.

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