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Energy Summary for Aug. 19, 2020

2020-08-19 20:34 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 38 cents to $42.93 on the New York Merc, while Brent for October lost nine cents to $45.37 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.75 to WTI, unchanged. Natural gas for September added one cent to $2.43. The TSX energy index lost a fraction to close at 83.53.

Oil production in Canada will recover over the balance of 2020, but not enough to offset the massive curtailments of the first half, according to a new forecast from the Canada Energy Regulator (CER). The CER expects Canadian oil production to average 4.38 million barrels a day this year, a 6.6-per-cent decrease from last year's average of 4.69 million barrels a day. The drop of course reflects the global oil price downturn and COVID-19 pandemic. At the worst part of the downturn in May, according to the CER's data, Canada's monthly oil output was just 3.96 million barrels a day in May, a 19-per-cent drop from 4.88 million barrels a day just two months earlier in February. It will take time to recover. Although Canada will not see 4.88 million barrels a day again in 2020, the CER is expecting a gradual rise from this month onward, reaching 4.47 million barrels a day in December.

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