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Energy Summary for July 9, 2024

2024-07-09 18:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 92 cents to $81.41 on the New York Merc, while Brent for September lost $1.09 to $84.66 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI, up from a discount of $14.80. Natural gas for August lost three cents to $2.34. The TSX energy index lost 4.59 points to close at 279.04.

Oil prices remained under pressure despite an optimistic report from the U.S. Energy Information Administration (EIA). In the latest version of its closely watched Short-Term Energy Outlook, the EIA forecast sizable increases in global oil demand, predicting a jump of 1.1 million barrels a day for 2024 (unchanged from last month's report) and 1.8 million barrels a day for 2025 (up from last month's forecast of 1.5 million). With global inventories continuing to tighten, the EIA now sees Brent averaging $86 (U.S.) in 2024 and $88 (U.S.) in 2025 (up from $84 (U.S.) and $85 (U.S.), respectively). These figures include an expected average of $89 (U.S.) in the second half of 2024 and $91 (U.S.) in the first quarter of 2025.

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