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Energy Summary for April 29, 2022

2022-04-29 20:08 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 67 cents to $104.69 on the New York Merc, while Brent for June added $1.75 to $109.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.75 to WTI, down from a discount of $12.65. Natural gas for June added 35 cents to $7.24. The TSX energy index lost 3.54 points to close at 241.72.

The big headline grabber in the Canadian oil patch continued to be Suncor Energy Inc. (SU), which lost $1.04 to $46.18 on 17.9 million shares, giving back some of the $5.07 it added yesterday after catching the eye of the activist hedge fund Elliott Investment Management. As discussed yesterday, Elliott wants Suncor to overhaul its board and conduct a "strategic review" of some non-oil-sands assets (otherwise known as putting them up for sale). Suncor responded non-committally that it "appreciates the views of its shareholders and will take the time to carefully assess [Elliott's] recommendations."

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