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Energy Summary for May 16, 2022

2022-05-16 20:50 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $3.71 to $114.20 on the New York Merc, while Brent for July added $2.69 to $114.24 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.75 to WTI, down from a discount of $13.49. Natural gas for June added 30 cents to $7.96. The TSX energy index added 6.21 points to close at 251.28.

Oil prices soared into the week, buoyed by optimism about Chinese fuel demand. The country's economic capital, Shanghai, has been under harsh COVID lockdowns for the last six weeks, but now city officials have announced a planned lifting of the lockdowns and a return to normal life on June 1. Meanwhile, on the supply side, European Union diplomats expressed optimism that the bloc will reach agreement by the end of the month on a proposed Russian oil embargo. The main holdout is Hungary, which is heavily reliant on Russian oil. The proposal requires unanimous approval.

Here in Canada, Darren Gee's Alberta gas producer, Peyto Exploration & Development Corp. (PEY), added 22 cents to $14.14 on 1.45 million shares, hoisting itself back over $14 after getting as low as $12.87 last Thursday. That was after it released its first quarter financials. These showed relatively few surprises, given the habit of its chief executive officer, Mr. Gee, of releasing monthly operational updates that he calls president's reports. (They retain this label even though Mr. Gee gave away the president's title to chief operating officer J.P. Lachance last year.) Production averaged 101,500 barrels of oil equivalent a day, while cash flow came to $1.17 a share.

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