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Energy Summary for June 24, 2020

2020-06-24 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $2.36 to $38.01 on the New York Merc, retreating decisively below $40 on bearish U.S. storage data, while Brent for August lost $2.32 to $40.31 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.95 to WTI, up from a discount of $9.05. Natural gas for July lost four cents to $1.60. The TSX energy index lost 3.03 points to close at 76.01.

Amid "signs of stabilization," one analyst is making the case for large-cap Canadian oil and gas stocks. Citi analyst Prashant Rao said the oil patch reacted quickly to the downturn, slashing spending, shutting in production, and suspending dividends and buybacks. Now a recovery appears to be in progress. "While we maintain a modest preference for more integrated operators [with both production and refining operations], oil price is recovering, potentially tipping us towards more upstream exposure ahead," mused Mr. Rao. Based on his updated oil and gas price forecasts, he is boosting his estimates of companies' cash flow per share in 2020 and 2021.

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