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Energy Summary for May 31, 2019

2019-05-31 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $3.09 to $53.50 on the New York Merc, closing out the benchmark's worst month since November, while Brent for July lost $2.38 to $64.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.60 to WTI, down from a discount of $16.50. Natural gas for July lost nine cents to $2.45. The TSX energy index lost 1.65 points to close at 142.47.

Oil sands producer Cenovus Energy Inc. (CVE) edged down 18 cents to $11.08 on 6.37 million shares. Though it has not released news in over a month, its president and chief executive officer, Alex Pourbaix, has been busy talking up the company wherever possible. This week alone, he gave an interview to The Globe and Mail, was on BNN, and made an appearance on Goldy Hyder's podcast, Speaking of Business (Mr. Hyder is the president and CEO of the Business Council of Canada). Mr. Pourbaix was happy to share his thoughts on a range of issues affecting the oil patch, from mandatory production curtailments in Alberta (which precluded "a situation where almost the entire industry was going to be wiped out") to the recent Senate committee amendments to Ottawa's Bill C-69 (the proposed environmental review overhaul; Mr. Pourbaix said the amendments removed a lot of "opportunity for mischief" by anti-industry obstructionists).

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