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Energy Summary for June 10, 2024

2024-06-10 19:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $2.21 to $77.74 on the New York Merc, while Brent for August added $2.01 to $81.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.40 to WTI, down from a discount of $13.20. Natural gas for July lost one cent to $2.91. The TSX energy index added 3.81 points to close at 286.11.

Oil prices got off to a rollicking start to the week, buoyed by hopes of strong summer demand. Goldman Sachs predicted in a new report that Brent will rise to $86 (U.S.) during the third quarter (echoing JPMorgan, which predicted last week that Brent will be "back into the high $80s-$90 (U.S.) range by September"). Traders are also watching for tomorrow's monthly market report from OPEC and Wednesday's monthly outlook from the International Energy Agency.

Here in Canada, it was a quiet news day in the oil patch. Oil sands giant Canadian Natural Resources Ltd. (CNQ) added 87 cents to $97.61 on 21.6 million shares, savouring its last day near triple-digit territory ahead of a planned 2-for-1 stock split tomorrow. This is its fourth 2-for-1 split since 2004. The company gave its usual reason -- half boast, half lament -- that its shares were getting just a little too pricey, making it hard for non-institutional investors to buy board lots. It estimated in a SEDAR filing last month that less than 15 per cent of its shares are held by such investors (with the rest being held by institutions such as mutual funds, pension funds and life insurance companies). The split, it hopes, will lead to "increased market liquidity ... and a broader range of share ownership."

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