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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 48 cents to $86.43 on the New York Merc, while Brent for June lost 79 cents to $90.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI, up from a discount of $15.90. Natural gas for May added six cents to $1.84. The TSX energy index lost a fraction of a point to close at 301.08.

Canada's oil patch entered the week preparing for a popular dog-and-pony show. The industry's main lobby group, the Canadian Association of Petroleum Producers (CAPP), is co-hosting the 2024 BMO Capital Markets & CAPP Energy Symposium tomorrow and Wednesday in Toronto. Participants will include Crescent Point Energy Corp. (CPG: $11.96), Obsidian Energy Inc. (OBE: $11.36), Advantage Energy Ltd. (AAV: $10.13), Greenfire Resources Ltd. (GFR: $8.75) and others.

The event comes as rising oil prices prompt speculation that they could soon reach triple digits. "I think [the possibility of] $100 (U.S.) oil is entirely real," said Bob McNally, founder of Rapidan Energy Group and a former White House adviser, in a Bloomberg Television interview last week. JPMorgan's Natasha Kenva, head of global commodities strategy, echoed this in her own Bloomberg interview, saying the combination of strong global demand and shrinking Russian supply could push prices to $100 (U.S.) in August or September. Not everyone agrees: In a report today, Goldman Sachs pooh-poohed the idea of triple-digit oil, pointing out that OPEC+ plans to unwind some of its production cuts after June 30, which will put downward pressure on prices. The bank said OPEC+ will not want prices to reach "extreme levels" because these encourage the development of non-OPEC+ supplies and OPEC+ does not want to risk losing market share.

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