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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 37 cents to $118.50 on the New York Merc, while Brent for August lost 21 cents to $119.51 (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 80 cents to $9.32, closing above $9 for the first time since 2008, on dwindling supplies and blistering temperature forecasts. The TSX energy index added 2.20 points to close at 276.78.

As U.S. natural gas benchmarks raced to a 15-year high, investors turned their attention to gas producers in Canada too, where gas prices trade at a discount to the U.S. market but have nonetheless soared. The spot price for AECO, the Alberta gas benchmark, settled today at $7.21. This is more than double AECO's average $3.37 in 2021 (which itself was a 60-per-cent increase from $2.11 in 2020). One Alberta gas producer, Peyto Exploration & Development Corp. (PEY), today added $1.29 to $16.76 on 2.41 million shares. It got an extra boost from a monthly letter to shareholders published on its website by chief executive officer Darren Gee.

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