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Energy Summary for May 31, 2022

2022-05-31 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.50 to $114.67 on the New York Merc, while Brent for July went the opposite direction and added $1.58 to $122.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.00 to WTI, up from a discount of $18.00. Natural gas for July lost 55 cents to $8.15. The TSX energy index lost 7.67 points to close at 269.32.

Oil prices ended May with another monthly gain, notching their sixth monthly rise in a row, the longest winning streak in about a decade. The European Union has announced a landmark agreement to ban about 90 per cent of Russian oil imports by the end of the year. The embargo, designed to punish Russia for its invasion of Ukraine, has been in the works since last month, but faced resistance from Hungary and other countries that are especially reliant on Russian energy. To secure approval, the EU has granted a partial exemption to a Russian pipeline that serves Hungary, Slovakia and the Czech Republic.

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