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Energy Summary for June 2, 2020

2020-06-02 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.37 to $36.81 on the New York Merc, while Brent for August added $1.25 to $39.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $6.58 to WTI, unchanged. Natural gas for July added one cent to $1.78. The TSX energy index added 3.63 points to close at 83.20.

Oil prices rose amid optimism that OPEC+ members will extend their previously announced record-setting supply cuts by up to three months. This could happen as soon as two days from now. Technically, the next scheduled OPEC+ meeting is not until June 10 (with OPEC-only members meeting a day earlier on June 9), but some of the delegates want to push the meeting forward to June 4. As of this writing, the official OPEC website still lists the date as next week, but delegates are increasingly hinting that this week is more likely. (Due to COVID-19 restrictions, these are virtual meetings, and thus easier to organize on short notice.)

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