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Energy Summary for May 24, 2019

2019-05-24 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 72 cents to $58.63 on the New York Merc, while Brent for July added 93 cents to $68.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.35 to WTI, down from a discount of $15.75. Natural gas for June added two cents to $2.60. The TSX energy index added a fraction to close at 143.72.

The oil patch raised a cheer as the B.C. Court of Appeal shot down the provincial government's attempt to introduce legislation that could have effectively killed the Trans Mountain pipeline expansion. The province had wanted to give itself the authority to restrict oil shipments through its borders, using legislation that implicitly targeted Trans Mountain. The federal government has exclusive jurisdiction over interprovincial pipelines, but the B.C. government tried to get around this by arguing that it would not really be regulating the pipeline, but rather the "hazardous" product within, namely crude.

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