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Energy Summary for May 27, 2019

2019-05-27 20:23 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Memorial Day. West Texas Intermediate crude for June delivery added 61 cents to $59.24 in electronic trading on the New York Merc, while Brent for July added $1.47 to $70.16 (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 lost three cents to $2.57. The TSX energy index added 2.49 points to close at 146.21.

The oil patch got an unlikely (if temporary) ally as Green Party Leader Elizabeth May called for Canadians to use Alberta oil rather than foreign oil imports -- but only, of course, until Canadians can wean themselves off fossil fuels altogether. "As long as we are using fossil fuels, we should be using our fossil fuels," came her rather surprising declaration today. She still wants Canada to be off fossil fuels by 2050, with the exception of what the petrochemical industry needs to make plastics, rubber, paint and other such products.

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