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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery lost 43 cents to $39.27 on the New York Merc, while Brent for August lost 56 cents to $41.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.50 to WTI, unchanged. Natural gas for August added four cents to $1.75. The TSX energy index lost a fraction to close at 76.45.
June 30 marks the end of the second quarter, the end of the first half of the year and, for many oil and gas companies, the end of their extended review periods for credit facility redeterminations. The spring banking review season typically starts in April, but in the wake of the COVID-19 pandemic and the related support programs being offered by the government, many banks opted to extend the deadlines. Some are still doing so; Bonterra Energy Corp. (BNE: $1.36) and Painted Pony Energy Ltd. (PONY: $0.47) both announced after the close that their bankers have postponed their reviews past June 30 (to July 15 and July 30, respectively). For many others, however, it is now time for the axe to fall.
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