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Energy Summary for April 18, 2022

2022-04-18 20:49 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $1.26 to $108.21 on the New York Merc, while Brent for June added $1.46 to $113.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.00 to WTI, unchanged. Natural gas for May shot up 52 cents to $7.82, continuing its rapid rise toward $8 for the first time since 2008. The TSX energy index added 6.88 points to close at 244.64.

Fotis Kalantzis and Rick McHardy's Alberta-focused Spartan Delta Corp. (SDE) added $1.35 to $12.48 on a heavier-than-usual 1.61 million shares. The excitement likely reflects flattering analyst attention -- notably from Cormark Securities' Garett Ursu, who hiked his price target today to $22.50 from $20 -- but the company did have a bit of news to share. It announced that its shareholders elected six nominees to its board of directors at its annual meeting last Thursday.

Up until recently, there were eight nominees up for election, so recently that Spartan listed all eight in its management information circular last month. Two directors, Steve Lowden and Elliot Weissbluth, abruptly stepped down at the start of this month. They had both joined the board in March, 2021. That was when Spartan bought Inception Exploration, a private Montney producer backed by Areti Energy. Areti became Spartan's largest shareholder and was allowed to nominate two directors. It chose Mr. Lowden, Inception's chairman, and Mr. Weissbluth, one of Inception's directors.

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