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Energy Summary for May 10, 2022

2022-05-10 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $3.33 to $99.76 on the New York Merc, while Brent for July lost $3.48 to $102.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.81 to WTI, up from a discount of $13.07. Natural gas for June added 36 cents to $7.39. The TSX energy index lost a fraction to close at 235.25.

The oil patch will see a nearly 50-per-cent boost in drilling activity in 2022 relative to 2021, according to the Canadian Association of Energy Contractors (CAOEC -- it uses an old abbreviation containing an O, a callback to when its name included Oilwell). The CAOEC revised its annual drilling forecast this morning and predicted that the industry will drill 6,902 wells across Canada in 2022. That is a sharp increase from its original 2022 forecast of 6,457 wells, announced in November. It would represent a 48-per-cent jump over the 4,648 wells drilled in 2021 and a 109-per-cent increase from 3,293 wells in 2020. While it would fall well short of the 13,089 wells drilled in 2014, this went unmentioned in the press release, with CAOEC chief executive officer Mark Scholz sticking to a cheerful mood and calling for Canada to be "an energy leader for decades to come."

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