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Energy Summary for April 21, 2022

2022-04-21 20:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.60 to $103.79 on the New York Merc, while Brent for June added $1.53 to $108.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, up from a discount of $13.00. Natural gas for May added two cents to $6.96. The TSX energy index lost 8.74 points to close at 235.81.

Oil prices rose, but oil stocks were caught up in a multisector bloodbath, with the TSX posting its worst day in three months. The drop reflected hawkish comments from the U.S. Federal Reserve as it mulls steep increases in interest rates to battle inflation. "I would say that 50 basis points will be on the table for the May meeting," Federal Reserve chairman Jerome Powell told a panel in Washington. Another member, St. Louis Fed president James Bullard, indicated that he would even consider an increase of 75 basis points. Concerns about tightening financial conditions sent all major sectors on the TSX, including energy, into freefall.

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