Crude prices over the course of August demonstrated quite a bit of flux as concerns over the spread of the delta variant hampered optimism in the markets and drove WTI prices down to ~$62/bbl. The market has since rebounded as hurricane season took a significant amount of offshore production offline in North America and decreasing inventory levels came back into the fold. As a result, pricing has increased since mid August and continues to be strong into September.
Mirroring the volatility experienced in commodity prices, the Sequeira OFS index and TSX energy index declined to start August followed by a recovery to end the month.
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