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Energy Summary for May 20, 2022

2022-05-20 20:21 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.02 to $103.23 on the New York Merc, while Brent for July added 51 cents to $112.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.55 to WTI, unchanged. Natural gas for June lost 23 cents to $8.08. The TSX energy index added 1.16 points to close at 253.54.

Oil prices wrapped up another volatile week. For Western Canadian oil producers, the week brought political upheaval too. Notably, Jason Kenney unexpectedly announced his decision to resign as premier of Alberta on Wednesday, after receiving just 51.4 per cent of the votes in a leadership review. The decision was a surprise not because Mr. Kenney was particularly popular -- far from it, with approval rankings among the lowest in the country -- but because he had vowed to stay on even if he won just 50 per cent plus one in the leadership vote. He has now agreed to remain premier until his party picks a new leader.

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