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Energy Summary for Aug. 14, 2020

2020-08-14 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 23 cents to $42.01 on the New York Merc, while Brent for October lost 16 cents to $44.80 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.25 to WTI, unchanged. Natural gas for September shot up 17 cents to $2.36. The TSX energy index added a fraction to close at 85.18.

Spending in Alberta's upstream oil and gas sector is headed for its lowest annual level in at least 14 years, according to a new report from ATB Financial. The provincial Crown corporation began tracking and forecasting the spending tally in 2006. Originally, the 2020 total was expected to be roughly the same as last year -- which was already more than one-third below the 10-year average -- but now ATB has lowered the 2020 forecast to $16.6-billion, a $7.1-billion or 30-per-cent decrease from 2019 and the lowest level since the data series began over a decade ago. For context, the 10-year average is about $39.4-billion. The new 2020 total will be less than half that.

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