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Energy Summary for June 19, 2024

2024-06-19 18:29 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for the Juneteenth holiday. West Texas Intermediate crude for July delivery lost 10 cents to $81.47 in electronic trading on the New York Merc, while Brent for August lost 24 cents to $85.07 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15 to WTI, up from a discount of $15.50. Natural gas for July added one cent to $2.92. The TSX energy index lost a fraction of a point to close at 275.24.

Oil prices drifted downward during a thin trading day, taking Canadian energy stocks with them. Even Advantage Energy Inc. (AAV) lost nine cents to $10.32 on one million shares, despite the rah-rah raptures of its cheerleading squad, also known as analysts. Many of the analysts' employers are now off restriction following yesterday's closing of an $11-a-share bought deal for $65-million and a convertible debenture offering for $125-million. Advantage is using the proceeds for a Charlie Lake and Montney asset acquisition in Alberta.

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