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Energy Summary for Aug. 26, 2020

2020-08-26 20:45 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery edged up four cents to $43.39 on the New York Merc, while Brent for October lost 22 cents to $45.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.50 to WTI, down from a discount of $11.45. Natural gas for September lost three cents to $2.46. The TSX energy index lost 1.88 points to close at 81.52.

Job losses continued to rain down on the battered energy sector, as Norway's Equinor announced sweeping layoffs across the United States, Canada and Britain to cope with weakened oil prices. A spokesman for Equinor told Reuters that the company will reduce the employee count in those countries by 20 per cent and the contractor count by around 50 per cent. The spokesman said he could not specify the actual number of employees and contractors that could be affected. Equinor had a total of around 21,000 employees at the end of 2019, and its U.S. office is its second largest after Norway.

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