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by Stockwatch Business Reporter

U.S. markets were closed for Juneteenth. West Texas Intermediate crude for July delivery added 94 cents to $77.54 in electronic trading on the New York Merc, while Brent for August added 72 cents to $80.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.20 to WTI, down from a discount of $14.00. Natural gas for July lost four cents at $3.20. The TSX energy index added 2.54 points to close at 383.26.

Brent oil prices eked out a gain today, but notched a sizable weekly loss (WTI's shortened week ended yesterday with a loss). Traders continue to monitor fragile U.S.-Iran peace negotiations. Assuming that traffic through the Strait of Hormuz goes back to normal levels over the coming months, Citi sees oil prices reaching $60 (U.S.) to $65 (U.S.) by the first quarter of 2027, said the bank in a new research note.

Early 2027 could also bring a final investment decision on a "basin-opener" of a project in Atlantic Canada. The $14-billion Bay du Nord project off the coast of Newfoundland has received an updated recoverable reserve estimate as its lead operator, Norway's Equinor, mulls an investment decision early next year and first oil in 2031. Equinor's management unveiled the reserve report at a capital markets day presentation this week. It now sees Bay du Nord -- which lies 500 kilometres offshore and would be Canada's first deepwater oil project -- holding 550 million recoverable barrels, up from prior estimates of 430 million and well above initial estimates of 300 million.

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