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Energy Summary for June 18, 2024

2024-06-18 18:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.23 to $81.57 on the New York Merc, while Brent for August added $1.08 on $85.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.50 to WTI, down from a discount of $13.40. Natural gas for July added 12 cents to $2.91. The TSX energy index lost a fraction of a point to close at 271.93.

Oil prices rose for the second day in a row, having fully recovered from their early June swoon to close at their highest levels since April. Traders even shrugged off a bearish BofA warning that global oil demand is "on the rocks" and has not been keeping pace this year with global supplies, which could lead prices to "buckle." Oil bulls remain confident that a high-demand summer driving season will help wipe out the supply surplus. Another season starting to make its presence felt is hurricane season. The U.S. National Hurricane Center, which recently predicted above-average hurricane activity this year, issued tropical storm warnings today for parts of the Gulf of Mexico, raising concerns of weather-related disruptions to U.S. oil and gas output.

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