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Energy Summary for June 26, 2015

2015-06-26 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost seven cents to $59.63 on the New York Merc, while Brent for August added six cents to $63.26 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI ($48.23), up from a discount of $11.55. Natural gas for July lost 7.4 cents to $2.77. The TSX energy index lost 2.19 points to close at 208.77.

The spectre of an energy royalty review in Alberta, which has loomed over producers since the NDP won the provincial election nearly two months ago, started to take shape today after the government appointed Dave Mowat as the chairman of the review advisory panel. Mr. Mowat is the president and CEO of ATB Financial. His appointment follows the government's announcement yesterday that it will double the carbon levy over the next two years. CAPP (the Canadian Association of Petroleum Producers) estimated that this could add $800-million to industry costs over the same period, jeopardizing investment and jobs. It repeated that warning today in a press release responding to Mr. Mowat's appointment. It congratulated Mr. Mowat, but also advised him to keep four principles in mind for the review: "1. A government commitment to a vibrant and competitive oil and gas industry; 2. Confirmation [that] any royalty changes will be forward looking; 3. Be stable and predictable to minimize uncertainty and maximize investment in Alberta; and 4. Consider royalty changes in the context of all the mounting costs from new government policies such as climate change and corporate taxes." There is no timeline for the review.

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