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Energy Summary for April 27, 2022

2022-04-27 20:01 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 32 cents to $102.02 on the New York Merc, while Brent for June added 33 cents to $105.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, unchanged. Natural gas for May added 42 cents to $7.27. The TSX energy index added 7.64 points to close at 233.46.

Oil prices wobbled but held steady, as fresh supply fears battled with lingering demand fears. Russia has halted gas supplies to Bulgaria and Poland, citing "absence of payments in rubles" (having previously decreed that gas payments must come in rubles now, in an attempt to cushion its currency against sanctions related to its invasion of Ukraine). The European Union denounced the shut-offs as "blackmail." While European tensions simmered, Chinese COVID outbreaks continued to rage, fuelling demand concerns and keeping a lid on prices.

Here in Canada, oil sands producer Cenovus Energy Inc. (CVE) added $2.18 to $23.27 on 26.9 million shares, getting the upstream quarterly earnings season off to a rollicking start. The company released its first quarter financials this morning and trumpeted a net profit of $1.6-billion on revenue of $16.2-billion. It also announced a tripling of its quarterly dividend to 10.5 cents (from 3.5 cents), for a yield of 1.8 per cent.

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