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Energy Summary for June 9, 2022

2022-06-09 20:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 60 cents to $121.51 on the New York Merc, while Brent for August lost 51 cents to $123.07 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.90 to WTI, down from a discount of $18.87. Natural gas for July added 26 cents to $8.96. The TSX energy index lost 2.94 points to close at 282.27.

Oil sands producer Cenovus Energy Inc. (CVE) lost nine cents to $30.70 on 15.7 million shares. Its name has been repeatedly in the headlines this week thanks to chief executive officer Alex Pourbaix, who appeared at the Global Energy Show in Calgary and whose sound bites appeared in outlets such as Reuters, The Globe and Mail and the Financial Post. He aired his thoughts on everything from pipelines to greenhouse gas emissions to global oil supply and demand.

Among other things, Mr. Pourbaix expressed concern that if oil prices rise much further -- say, to $150 (U.S.) a barrel -- the result will be "demand destruction." Higher supplies would help calm prices, but "it takes tens or hundreds of billions of dollars" to increase production substantially, "so I'm a little bit worried that it is going to take a while for the industry to respond," he said. (An industry-wide shortage of rigs and workers is not helping.) For Cenovus's part, Mr. Pourbaix noted that the company (and joint venturer Suncor Energy Inc. (SU: $53.05)) recently decided to go ahead with the West White Rose "megaproject" off the coast of Newfoundland (as announced May 31). West White Rose will provide "among the lowest-GHG [greenhouse gas] barrels of oil worldwide," he boasted.

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