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Energy Summary for May 3, 2022

2022-05-03 20:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $2.76 to $102.41 on the New York Merc, while Brent for July lost $2.61 to $104.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.52 to WTI, down from a discount of $12.38. Natural gas for June added 47 cents to $7.95. The TSX energy index added 9.27 points to close at 250.02.

Oil sands producer MEG Energy Corp. (MEG) added 96 cents to $20.42 on 9.95 million shares, as it cheered "record" first quarter financials and trumpeted a net profit of $362-million. Production of 101,100 barrels a day was in line with analysts' predictions, while cash flow of $1.87 a share was ahead of analysts' predictions of $1.81 a share. "The first quarter was a record quarter for MEG from both an operational and financial perspective," cheered president and chief executive officer Derek Evans. He added that MEG is just about ready to "initiate share buybacks ... in the second quarter."

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