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Energy Summary for July 10, 2024

2024-07-10 22:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 69 cents to $82.10 on the New York Merc, while Brent for September added 42 cents to $85.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, up from a discount of $14.70. Natural gas for August lost one cent to $2.33. The TSX energy index added 3.53 points to close at 282.57.

Oil prices rallied after three straight days of losses. In its closely watched monthly report, OPEC stuck to its prediction of solidly rising oil demand, reiterating its forecast of a 2.25-million-barrel-a-day increase in 2024 and a 1.85-million-barrel-a-day increase in 2025. (Its figures remain much more bullish than those of the International Energy Agency (IEA) or the U.S. Energy Information Administration (EIA), which are forecasting 2024 increases of 1.1 million barrels a day and 960,000 barrels a day, respectively.) Meanwhile, the EIA reported that U.S. crude inventories fell by 3.4 million barrels last week. Analysts were predicting a smaller drop of 1.1 million barrels.

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