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Energy Summary for Aug. 25, 2020

2020-08-25 20:43 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 73 cents to $43.35 on the New York Merc, while Brent for October also added 73 cents to $45.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.45 to WTI, down from a discount of $11.35. Natural gas for September lost two cents to $2.49. The TSX energy index added a fraction to close at 83.40.

Oil prices climbed as Hurricane Laura bore down on the U.S. Gulf Coast. Two back-to-back tropical storms, Laura and Marco, already prompted the evacuation of hundreds of offshore oil platforms on Sunday and Monday. Marco made landfall last night but weakened rapidly, while Laura is expected to make landfall tomorrow or Thursday and potentially cause far more damage. In preparation, producers in the Gulf have shut in about 1.5 million barrels a day -- over four-fifths of the regional total -- and refiners including Exxon and Citgo Petroleum have shut down or curtailed operations at their plants. The threat of supply disruptions has pushed oil prices to their highest levels since early March.

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