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Energy Summary for July 7, 2020

2020-07-07 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery edged down one cent to $40.62 on the New York Merc, while Brent for September lost two cents to $43.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.34 to WTI, up from a discount of $8.88. Natural gas for August added five cents to $1.88. The TSX energy index lost 1.99 points to close at 75.26.

The surge of optimism did not last long. Mere days after TC Energy Corp. (TRP: $56.88) celebrated the start of construction on the Alberta leg of its Keystone XL pipeline, the U.S. Supreme Court has delivered a fresh setback to the southern leg. Yesterday after the close, the Supreme Court denied the Army Corps of Engineers' request to reinstate a key water crossing permit for the pipeline. This permit was revoked in April by a federal judge in Montana, who ruled that the Army Corps failed to adequately consider the effects on endangered species. TC Energy will need a valid permit for all future construction across the hundreds of rivers and streams along the pipeline's route. (To be clear, this would be one big, nationwide permit, not hundreds of individual mini-permits to cover each and every little trickle. TC Energy simply cannot build across the trickles until it gets the regulatory go-ahead.)

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