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Energy Summary for May 9, 2022

2022-05-09 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery plunged $6.68 to $103.09 on the New York Merc, while Brent for July lost $6.45 to $105.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.07 to WTI, down from a discount of $12.81. Natural gas for June plummeted $1.01 to $7.03. The TSX energy index lost 17.94 points to close at 236.14.

Oil prices tumbled into the week, contributing to a broad decline that saw the S&P/TSX Composite Index slide to its lowest level in more than three months, while the S&P 500 hit its lowest level in more than a year. Pundits pinned the blame on everything from Chinese COVID lockdowns to the war in Ukraine to U.S. Federal Reserve policy. "I've been in the markets for 25 years and I've never seen anything like this," Danielle DiMartino, chief executive officer and chief strategist of the U.S. research firm Quill Intelligence, told CNN. She added, "It's violent, not just volatile."

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