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Energy Summary for June 19, 2020

2020-06-19 20:31 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 91 cents to $39.75 on the New York Merc, while Brent for August added 68 cents to $42.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.85 to WTI, up from a discount of $9.05. Natural gas for July added three cents to $1.67. The TSX energy index lost a fraction to close at 77.16.

A former oil bear is giving the bulls something to cheer about, with heady predictions of triple-digit crude prices. "The chances of [Brent] oil going toward $100 (U.S.) at this point are higher than three months ago," Christyan Malek, JPMorgan's head of EMEA (Europe, Middle East and Africa) oil and gas research, told CNN. Mr. Malek has spent the last several years bearish on oil. (One of his more noteworthy calls came in April, 2014, when oil was around $100 (U.S.) and rising. Mr. Malek -- then at Nomura International -- began predicting that it would soon fall below $80 (U.S.). He held firm even as oil kept rising over the next two months. A few months after that, prices collapsed below $80 (U.S.) for the first time since 2010, and with the exception of a brief period in 2018, they have remained below $80 (U.S.) -- far, far below -- ever since.)

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