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Energy Summary for June 3, 2022

2022-06-03 19:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $2.00 to $118.87 on the New York Merc, while Brent for August added $2.11 to $119.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.54 to WTI, down from a discount of $18.01. Natural gas for July added three cents to $8.52. The TSX energy index added a fraction to close at 274.58.

Oil prices ended another volatile week with another weekly gain. China allowed major cities to emerge from lockdowns, while OPEC+ agreed to an extra production boost. Neither could calm markets jittery over the EU's Russian energy ban, another big drop in U.S. inventories and (as of today) a potential strike of hundreds of offshore oil workers in Norway.

Here in North America, U.S. shale producer Enerplus Corp. (ERF) added 78 cents to $20.19 on 3.59 million shares, going above $20 for the first time since 2014. It had no news today, but it did get a lovely mention this morning from RBC analyst Greg Pardy. The analyst said his recent chat with chief executive officer Ian Dundas "reinforced our confidence in the company's outlook, execution, balance sheet strength and commitment to shareholder returns."

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