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Energy Summary for April 5, 2022

2022-04-05 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.32 to $101.96 on the New York Merc, while Brent for June lost 89 cents to $106.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.19 to WTI, down from a discount of $11.69. Natural gas for May added 32 cents to $6.03. The TSX energy index lost 3.78 points to close at 226.38.

Oil sands giant Suncor Energy Inc. (SU) lost 51 cents to $41.22 on 8.36 million shares, after announcing another proposal aimed at "adjusting our portfolio for fit and focus." The company is putting its wind and solar assets up for sale. It still intends to "accelerate progress toward its objective to be a net-zero company by 2050," but will do so by focusing on hydrogen and renewable energy.

This is the third portfolio adjustment that Suncor has announced in the last six months. Last October, it sold its interest in the Golden Eagle fields in the North Sea to EnQuest for $325-million (U.S.). In February, it added that it would start marketing its Rosebank interest in the North Sea, as well as its Norwegian exploration and production assets, all of which it hopes to sell by the end of this year.

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