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Energy Summary for July 6, 2020

2020-07-06 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 31 cents to $40.63 on the New York Merc, while Brent for September added 30 cents to $43.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.88 to WTI, unchanged. Natural gas for August added eight cents to $1.83. The TSX energy index lost a fraction to close at 77.25.

The oil patch had a weekend of ups and downs. This should have been the first weekend of the 2020 Calgary Stampede, kicking off Friday with a parade featuring floats, marching bands and cowboys on horseback waving to thousands of parade-goers. The COVID-19 pandemic put an end to the parade -- and the rodeo, the exhibition and the various other plans of the 100,000 daily visitors to this annual event -- and forced the cancellation of the Stampede for the first time in its 100-year history. Calgarians did their best to stay in the spirit of things, holding fireworks on Friday night, daily drive-through pancake breakfasts and other socially distanced events to fill the gap. "You can't cancel Stampede spirit," Dana Peers, president and chairman of the Calgary Stampede Board, bravely told The Canadian Press. It was still the quietest July opening weekend in Stampede Park in a century.

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