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Energy Summary for May 5, 2022

2022-05-05 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 45 cents to $108.26 on the New York Merc, while Brent for July added 76 cents to $110.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.74 to WTI, down from a discount of $12.57. Natural gas for June added 37 cents to $8.78. The TSX energy index lost 2.30 points to close at 253.71.

Quarterly earnings season chugged on, with today bringing financials from some of Canada's largest energy companies. Oil sands giant Canadian Natural Resources Ltd. (CNQ), down $1.72 to $81.90 on 4.88 million shares, trumpeted a doubling in its net profit to $3.1-billion (compared with $1.3-billion a year earlier). The number $3.1-billion also appeared elsewhere in the press release: Chief financial officer Mark Stainthorpe patted the company on the back for returning $3.1-billion to shareholders so far this year, in the form of dividends ($1.6-billion) and share buybacks ($1.5-billion).

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