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Energy Summary for April 12, 2022

2022-04-12 20:33 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $6.31 to $100.60 on the New York Merc, while Brent for June added $6.16 to $104.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.64 to WTI down from a discount of $12.59. Natural gas for May added four cents to $6.68. The TSX energy index added 5.45 points to close at 231.52.

Oil prices headed higher, with WTI re-entering the triple digits, after Russian President Vladimir Putin said peace talks with Ukraine are at a "dead end." The European Union is continuing to mull further sanctions on Russia over its invasion of Ukraine, including potential sanctions on Russian energy. OPEC has claimed that such a scenario could lead to one of the worst oil supply shocks in history. It warned the EU yesterday that it would be "nearly impossible" to replace Russia's energy supplies if sanctions take them off the market.

Closer to home, energy stocks rose with oil prices. U.S. Bakken producer Enerplus Corp. (ERF) added 47 cents to $16.49 on 2.37 million shares, as it strove to impress investors at today's "Bakken Update," a live presentation and webcast focusing on its favourite play. It started promoting the event nearly a month ago. The event today included 90 minutes of speeches, including a question-and-answer session, as well as a 48-page document chock full of charts, graphs and smiling photos of management.

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