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Energy Summary for May 2, 2022

2022-05-02 20:47 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 48 cents to $105.17 on the New York Merc, while Brent for July added 44 cents to $107.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.38 to WTI, up from a discount of $12.75. Natural gas for June added 24 cents to $7.48. The TSX energy index lost a fraction to close at 240.75.

Oil prices crept higher as the European Union reportedly mulled sanctions on Russian crude over Russia's invasion of Ukraine. The EU has been reluctant to take this step so far, considering Europe's heavy reliance on Russian energy imports. Germany was particularly resistant. Today, however, German Economic Minister Robert Habeck told the press that the country has "managed to reach a situation where Germany is able to bear an oil embargo." Hungary and Slovakia are both still opposed and may be granted an exception or a long phase-in period, according to Reuters. The EU is expected to propose the next round of sanctions -- possibly including the oil embargo -- on Wednesday.

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