02:03:55 EDT Tue 16 Jul 2019
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Oil Summary
Symbol C : *MKTOIL
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Energy Summary for June 6, 2019

2019-06-06 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 91 cents to $52.59 on the New York Merc, while Brent for August added $1.04 to $61.67 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.31 to WTI, down from a discount of $13.19. Natural gas for July lost five cents to $2.32. The TSX energy index added 1.10 points to close at 138.51.

Alberta's oil production curtailments are likely to stay in place a year longer than forecast, reducing production and cash flow throughout the oil patch, according to Scotia Capital analysts Jason Bouvier and Patrick Bryden. The analysts predicted this morning that the curtailment policy, put in place at the start of this year and supposed to expire by the end, will be extended to the end of 2020. The likely extension reflects setbacks to Enbridge's Line 3 replacement/expansion project. Line 3 was originally scheduled to start operating in late 2019, coinciding with the end of curtailments. In March, however, Enbridge pushed the start-up date into the second half of 2020, and this week the timeline was thrown into further disarray by a Minnesota court's rejection of the project's environmental study.

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