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Energy Summary for June 7, 2024

2024-06-07 18:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery wobbled down two cents to $75.53 on the New York Merc, while Brent for August lost 25 cents to $79.53, both benchmarks notching their third weekly loss in a row (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI, up from a discount of $14.70. Natural gas for July added 10 cents to $2.92. The TSX energy index lost 2.52 points to close at 282.30.

Canadian oil and gas executives banded together for a green-tinged charm offensive in Ottawa. The chief executive officers of Cenovus Energy Inc. (CVE: $26.02), Imperial Oil Ltd. (IMO: $88.89) and Suncor Energy Inc. (SU: $52.25) (as well as representatives of Shell Canada and Enbridge) appeared via videoconference yesterday before a parliamentary committee to discuss efforts to reduce emissions. They said they support a carbon tax but not the proposed federal emissions cap.

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