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Energy Summary for Aug. 6, 2020

2020-08-06 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 24 cents to $41.95 on the New York Merc, while Brent for October lost eight cents to $45.09 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.62 to WTI, down from a discount of $10.83. Natural gas for September lost two cents to $2.17. The TSX energy index added 1.09 points to close at 81.27.

"Canada is priced to flow." So declared Scotia Capital analyst Michael Loewen in a research note this morning, as he noted that Canadian oil exports to the United States have returned to pre-COVID-19 levels, following a big jump in volumes last week. Exports rose by 496,000 barrels a day to reach a weekly average of 3.78 million barrels a day. Another encouraging sign is pricing. The Canadian-U.S. heavy oil discount averaged a trim $9.35 (U.S.) from mid-April through mid-July, and although it has recently widened toward $12 (U.S.) -- and is forecast to return to a more typical $15 (U.S.) in November -- Mr. Loewen opined, "At this level, we're likely to see nearly all pipeline paths move into the money and rail transportation become economical on a variable cost basis."

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