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Energy Summary for April 19, 2022

2022-04-19 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $5.65 to $102.56 on the New York Merc, while Brent for June lost $5.91 to $107.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.00 to WTI, unchanged. Natural gas for May lost 64 cents to $7.18. The TSX energy index lost 3.47 points to close at 241.17.

Oil prices skidded in the wake of a bearish report from the International Monetary Fund (IMF). The institution has lowered its forecast for global economic growth, citing Russia's invasion of Ukraine and worsening COVID outbreaks in China (which reported its very first COVID deaths in Shanghai, its economic capital, late yesterday). The IMF also issued a warning that inflation is now a "clear and present danger" for many countries. The bleak outlook came on the heels of a similarly gloomy report from the International Energy Agency, which cut its global oil demand forecast last week.

Here in Canada, the first green shoots of the oil patch's first quarter reporting season are starting to sprout. First to go (as usual) was PrairieSky Royalty Ltd. (PSK), down 41 cents to $18.79 on 644,700 shares. While not a direct oil and gas producer, PrairieSky collects royalties from producers across Western Canada, and its numbers provide a useful barometer of industry activity. To hear PrairieSky talk, its corner of the industry is in marvellous health. President and chief executive officer Andrew Phillips boasted about "record Q1 2022 funds from operations" and "record quarterly royalty production revenue."

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