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Energy Summary for June 5, 2024

2024-06-05 17:48 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 82 cents to $74.07 on the New York Merc, while Brent for August added 89 cents to $78.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $13.20. Natural gas for July added 17 cents to $2.76. The TSX energy index added a fraction of a point to close at 281.67.

After five straight days of losses, oil prices fought their way higher today, despite bearish U.S. supply and demand data. The U.S. Energy Information Administration (EIA) reported that domestic crude inventories rose by 1.2 million barrels last week, whereas analysts were expecting a decrease of 2.3 million barrels. The report also showed relatively weak demand for this time of year. Gasoline demand last week was just 8.9 million barrels a day, the lowest figure for the final week of May since 2013 (excluding 2020 because of COVID lockdowns). The 20-year average for the final week of May (again excluding 2020) is closer to 9.3 million barrels a day, as consumers head into the typically high-demand summer driving season.

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