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Energy Summary for June 18, 2020

2020-06-18 20:34 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 88 cents to $38.84 on the New York Merc, while Brent for August added 80 cents to $41.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.05 to WTI, up from a discount of $9.20. Natural gas for July was unchanged at $1.64. The TSX energy index lost a fraction to close at 77.66.

Calgary's gleaming office buildings continued to empty out, as ever more energy employees packed up their desks. Two additional companies have announced work force reductions, including Enbridge, which was able to steer clear of the dread word layoffs by declaring that hundreds of workers have accepted voluntary buyouts. Enbridge explained to CTV News that it gave the option for workers to choose early retirement, severance, educational or personal leaves of absence, or downgrading to part-time work. "About 800 employees have participated in this program," said the company, adding proudly, "As a result of these actions, we won't need to pursue company-wide layoffs at this time." Whether it will continue with voluntary buyouts, on the other hand, was not specified.

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