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Energy Summary for May 30, 2022

2022-05-30 20:56 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Memorial Day. West Texas Intermediate crude for July delivery added $2.10 to $117.17 in electronic trading on the New York Merc, while Brent for July added $1.83 to $121.26, crossing $120 for the first time since March (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.00 to WTI, unchanged. Natural gas for July lost three cents to $8.70. The TSX energy index added 6.51 points to close at 276.99.

Though trading activity was relatively quiet because of the holiday in the United States, oil prices raced higher as Chinese cities began easing COVID-19 restrictions, raising expectations for an increase in fuel demand. Two districts in the country's capital, Beijing, allowed workers to return to their offices. In the country's economic capital, Shanghai, officials have promised to lift a draconian two-month lockdown on Wednesday.

Here in Canada, oil stocks rose with oil prices. Two of them got an extra lift from Moody's Investors Service. On Friday, the credit rating agency upgraded the ratings of both MEG Energy Corp. (MEG), up 69 cents to $22.65 on 2.56 million shares, and Baytex Energy Corp. (BTE), up 28 cents to $7.16 on 7.8 million shares.

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