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Energy Summary for Aug. 12, 2020

2020-08-12 19:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $1.06 to $42.67 on the New York Merc, while Brent for October added 93 cents to $45.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.59 to WTI, up from a discount of $11.79. Natural gas for September lost two cents to $2.15. The TSX energy index added 1.63 points to close at 85.74.

The U.S. Army Corps of Engineers has until the end of the month to assess options to resolve the loss of a key permit for the Dakota Access pipeline, a U.S. federal judge has ordered. The pipeline's future was thrown into doubt last month after the same judge ordered a full shutdown by Aug. 5, citing the need for additional environmental review that could last 13 months, while voiding a permit that allowed part of the line to cross federal property. Although the shutdown order was stayed last week by an appeals court, allowing the line to remain open for now -- pending a more comprehensive appellate decision that could arrive any day -- the appeals court upheld the voiding of the permit. The Corps proposed taking two months to determine the next steps. The judge, however, wants to be briefed in about three weeks, on Aug. 31.

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