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Energy Summary for June 24, 2024

2024-06-24 18:42 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 90 cents to $81.63 on the New York Merc, while Brent for August added 77 cents to $86.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI, down from a discount of $12.60. Natural gas for July added 10 cents to $2.81. The TSX energy index added 9.36 points to close at 282.92.

Capital spending across Alberta's energy sector rose to a six-year high of $29.5-billion in 2023 and will continue to climb over the coming decade, according to the Alberta Energy Regulator (AER). The AER released its annual Alberta Energy Outlook this morning. The report laid out pricing and supply/demand forecasts for the province's oil, gas and "emerging resources" (hydrogen, geothermal energy, helium and lithium).

Oil sands bitumen remains "the most important driver of energy supply and growth," according to the AER. In 2023, spending in the oil sands came to $13.2-billion, bouncing back from a low of just $7.3-billion in 2020 (though still down from a peak of $33.9-billion in 2014). The AER expects spending to climb to $17-billion in 2033. Production will also rise over this period, although at a relatively slow pace given "continued consolidation of operators and the growing importance of environmental, social and governance criteria."

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