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Energy Summary for May 12, 2022

2022-05-12 19:52 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 42 cents to $105.71 on the New York Merc, while Brent for July lost six cents to $107.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.47 to WTI, unchanged. Natural gas for June added 10 cents to $7.74. The TSX energy index lost 3.00 points to close at 235.86.

Oil prices wobbled as OPEC reduced its global demand forecast for the second month in a row. In the latest version of its closely watched monthly report, OPEC predicted that global oil demand will rise by just 3.36 million barrels a day in 2022, a decrease of 310,000 barrels a day from its prior forecast (which itself was a drop of 480,000 barrels a day from the forecast before that). OPEC cited "ongoing geopolitical developments in Europe, as well as COVID-19 pandemic restrictions."

Within the sector, international producer Vermilion Energy Ltd. (VET) lost 69 cents to $23.35 on 4.33 million shares, as investors yawned off its first quarter financials. The numbers came in largely as expected, considering that Vermilion already gave investors a preliminary look at them last month (including production of 86,200 barrels a day and cash flow of about $2.40 a share). Net earnings of $1.75 a share, however, came in below analysts' predictions of $1.87 a share, buffeted by hedging losses.

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