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Energy Summary for April 8, 2022

2022-04-08 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $2.23 to $98.26 on the New York Merc, while Brent for June added $2.20 to $102.78 (all figures in this para U.S.). Despite today's rise, both benchmarks ended the week with their third weekly decline in a row. Western Canadian Select traded at a discount of $12.53 to WTI, down from a discount of $12.51. Natural gas for May lost eight cents to $6.28. The TSX energy index added 4.83 points to close at 232.07.

The big news in the sector was the federal budget released by Ottawa yesterday after the close. Among other things, the government vowed to allocate $2.6-billion over the next five years to a tax credit for companies that invest in carbon capture projects. Companies will be able claim 37.5- to 60-per-cent credits for eligible projects, ranging from direct carbon capture to carbon transportation, storage and use. To encourage companies to invest in projects sooner rather than later, the government noted that it will cut the credits in half in 2031.

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