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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 53 cents to $60.93 on the New York Merc, while Brent for June added 25 cents to $67.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.35 to WTI ($52.58), unchanged. Natural gas for June lost 0.4 cent to $2.77. The TSX energy index lost 6.41 points to close at 227.03, its biggest drop in three months.

The Alberta oil patch recoiled at the province's NDP election victory, which brings over four decades of Progressive Conservative rule to an end and sparks uncertainty in an industry already struggling with low oil prices and stalled infrastructure. Incoming premier Rachel Notley has promised to boost corporate income taxes, review energy royalties and stop advocating for pipelines. None of that is good news for the energy industry. In the oil sands, Cenovus Energy Inc. (CVE) lost $1.34 to $20.88, MEG Energy Corp. (MEG) lost $1.85 to $21.07 and Suncor Energy Inc. (SU) lost $1.30 to $37.03. Elsewhere in the province, Peyto Exploration & Development Corp. (PEY) lost $1.38 to $36.90, Bonterra Energy Corp. (BNE) lost $1.55 to $36.90 and Trilogy Energy Ltd. (TET) lost 82 cents to $8.60.

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