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Energy Summary for July 2, 2020

2020-07-02 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 83 cents to $40.65 on the New York Merc, while Brent for August added $1.11 to $43.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.35 to WTI, unchanged. Natural gas for August added six cents to $1.73. The TSX energy index added 1.16 points to close at 77.61.

Yesterday's Canada Day celebrations did not mark the end of festivities within the oil patch. Today, the Supreme Court of Canada effectively ended the years-long battle over the Trans Mountain pipeline expansion project, dismissing an appeal from four indigenous groups that had sought to block it. As is customary, the court did not give reasons for its decision. This is the latest legal victory notched by Trans Mountain this year. In January, it fended off an assassination attempt by the B.C. government; in February, it won a unanimous ruling in its favour from the Federal Court of Appeal (which in its decision pointed out that 120 out of the 129 potentially affected indigenous groups either actively support the pipeline or do not oppose it); and in March, it saw the Supreme Court dismiss no fewer than five challenges from indigenous and environmental groups. Today's court decision is thought to (finally) mark the end of the legal wrangling.

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