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by Stockwatch Business Reporter

U.S. markets were closed for Memorial Day. West Texas Intermediate crude for July delivery added 15 cents to $61.68 in electronic trading on the New York Merc, while Brent for July lost four cents to $64.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, down from a discount of $12.00. Natural gas for June lost seven cents to $3.26. The TSX energy index added 1.78 points to close at 259.13.

Oil prices held their ground during thin Memorial Day trading. The holiday marks the unofficial start of the summer driving season. Excluding 2020 as a COVID outlier, oil prices are entering this historically high-demand period at a six-year seasonal low -- a good sign for refiners, although the overall mood remains jumpy amid tariff turmoil from the White House and market-meddling from OPEC+. (Incidentally, the latter will now meet on May 31 rather than June 1 to discuss next month's production quotas, delegates told Reuters. The group has not officially confirmed the change or provided a reason, but the date change is reportedly because of scheduling conflicts.)

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