06:21:21 EDT Wed 24 Jul 2024
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Energy Summary for July 5, 2024

2024-07-05 19:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 90 cents to $83.16 on the New York Merc, while Brent for September lost 89 cents to $86.54 (all figures in this para U.S.). Even with today's drop, both benchmarks notched their fourth weekly gain in a row. Western Canadian Select traded at a discount of $14.90 to WTI, up from a discount of $16.90. Natural gas for August lost six cents to $2.32. The TSX energy index added 7.06 points to close at 283.22.

Oil sands giant Suncor Energy Inc. (SU) lost $1.93 to $51.48 on 7.38 million shares, after shutting in one of its largest projects as a wildfire precaution. The Firebag project, which produces 215,000 barrels a day (out of Suncor's total production of around 835,000 barrels a day in the first quarter), is curtailing output in response to a wildfire burning about eight kilometres away, according to a Reuters report that was subsequently confirmed by a Suncor spokesman. The spokesman said the company will keep Firebag "in a state that maintains readiness to resume full operations as soon as possible."

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