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Energy Summary for May 6, 2022

2022-05-06 20:07 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.51 to $109.77 on the New York Merc, while Brent for July added $1.49 to $112.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.81 to WTI, down from a discount of $12.74. Natural gas for June lost 74 cents to $8.04. The TSX energy index added a fraction to close at 254.08.

Oil prices ended the week higher for the second week in a row, for their first back-to-back weekly gain in two months. The European Union is continuing to push for the phased-in ban of Russian oil imports that it proposed this week (though some member countries are pushing back, and the proposal will require unanimous approval). This is offsetting concerns about slowing Chinese demand as the country continues to impose harsh COVID lockdowns. Meanwhile, yesterday's OPEC+ meeting was one of the shortest on record, with the group sticking to its plan of gradual monthly production boosts.

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